Crocker Ventures Invests $3.3 Million in Merrimack Pharmaceuticals $60-Million F Round.Investment from Merrimack chairman Gary Crocker Gary John Crocker (born May 16, 1962, Bulawayo) is a former Zimbabwean cricketer who played in 3 Tests and 6 ODIs from 1992 to 1993. He played in Zimbabwes first ever Test match at Harare in 1992. brings total Crocker Ventures investment in the company to approximately $9 million SALT LAKE CITY -- Crocker Ventures, a privately held Utah-based investment firm focused on early-stage biotechnology and other life science investments, today announced that it has deployed $3.3 million in a $60 million F round for Merrimack Pharmaceuticals completed in June 2008. The most recent investment brings Crocker Ventures' total investment in Merrimack to approximately $9 million. "We are delighted to have the continued support of our institutional partners, and to gain an additional set of high quality investors, particularly in light of the current economic environment in which very few biotech private equity rounds are being completed - especially of this size," said Gary Crocker, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Crocker Ventures and chairman of the board for Merrimack Pharmaceuticals. "It is a direct reflection of the value we see in Merrimack's multiple-drug oncology and autoimmune pipeline and the investment community's confidence in the management team's ability to bring these drugs to market." Merrimack has a diverse group of investors, with most of its funding coming from a number of prominent national hedge and biotech-oriented mutual funds. Crocker Ventures is the largest in a consortium of leading Utah-based investors in Merrimack. "I am delighted with the rapid maturation of Merrimack Pharmaceuticals from the start-up phase to a company with a robust pipeline of therapeutic drug candidates," said Crocker. "It is an extraordinary experience being involved with a company with such truly disruptive market and therapeutic potential." Merrimack's scientific and business model builds on a novel approach to drug discovery, design and development called "Network Biology" - which utilizes advanced computational modeling, protein engineering and unique knowledge of biochemical pathways to guide the company's research & development efforts. Merrimack's initial compound, MM-093, a late stage therapeutic with potential to treat multiple autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause , is in Phase 2 clinical trials phase 2 clinical trial Phase 2 study. See Phase study. for rheumatoid arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. and autoimmune uveitis uveitis Inflammation of the uvea, the middle coat of the eyeball. Anterior uveitis, involving the iris or ciliary body (containing the muscle that adjusts the lens) or both, can lead to glaucoma and blindness. . The company's Network Biology approach is yielding a growing pipeline of oncology therapies. About Crocker Ventures Crocker Ventures is a privately-held early-stage biotech/life science investment firm created by prominent serial life science entrepreneur Gary Crocker. Crocker's multifaceted career includes experience as current chairman of Merrimack Pharmaceuticals; founder and CEO of Research Medical, a leading publicly-traded cardiac surgery Cardiac surgery is surgery on the heart and/or great vessels performed by a cardiac surgeon. Frequently, it is done to treat complications of ischemic heart disease (for example, coronary artery bypass grafting), correct congenital heart disease, or treat valvular heart disease company sold to Baxter International Baxter International Inc. (NYSE: BAX), is a global healthcare company with 48,000 employees and 2006 sales of US$10.4 billion. Its headquarters is in Deerfield, Illinois. in 1997; co-founder of TheraTech, a leader in trans-dermal drug delivery technologies sold to Watson Pharmaceuticals in 1999; chairman of ARUP Laboratories, one of the nation's largest diagnostic reference laboratories; principal negotiator of the acquisition of Sorenson Research by Abbott in 1980; and a seven-year board member of the Federal Reserve Branch of San Francisco. Crocker has been inducted into the University of Utah The University of Utah (also The U or the U of U or the UU), located in Salt Lake City, is the flagship public research university in the state of Utah, and one of 10 institutions that make up the Utah System of Higher Education. Science Hall of Fame, serves as a director of the University's Research Foundation and has been selected as Utah Entrepreneur of the Year by both Ernst & Young and the MountainWest Capital Network. Crocker Ventures has made investments in a variety of early-stage biotech, diagnostics and medical device companies, including Merrimack Pharmaceuticals, Interleuken Genetics, MedTech and Rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. Laboratories. About Merrimack Pharmaceuticals Merrimack Pharmaceuticals, Inc. is a biotechnology company focused on the discovery, design and development of novel treatments for diseases in the areas of autoimmunity and cancer. Its lead compound, MM-093, is currently in clinical development to treat patients with rheumatoid arthritis or with autoimmune uveitis. MM-093 is an investigational drug and has not been approved by the U.S. Food and Drug Administration or any international regulatory agency regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . The company's proprietary Network Biology discovery platform, developed with the help of leading scientists from MIT MIT - Massachusetts Institute of Technology and Harvard, enables the high-throughput profiling of protein networks as a basis for improved validation, lead identification and speed in the development of innovative and effective therapeutics. Merrimack is a privately-held company based in Cambridge, Massachusetts. For additional information, please visit http://www.merrimackpharma.com. |
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