Why Merrimack Pharmaceuticals (MACK) Shares Are Plunging Today - Ipsen (OTC:IPSEF), Merrimack Pharmaceuticals (NASDAQ:MACK)

Merrimack Pharmaceuticals Inc's MACK partner announced that Ipsen SA IPSEY reported a primary analysis of the results of the Phase 3 trial of Onivyde (irinotecan liposomal injection)for second-line small cell lung cancer (SCLC).
The study did not meet the primary endpoint of overall survival in patients treated with Onivyde versus topotecan.
However, a doubling of the secondary endpoint of objective response rate (ORR) in favor of Onivyde was observed.
The safety and tolerability of Onivyde were consistent with its already-known safety profile, and no new safety concerns emerged.
The clinical study results will be communicated with the regulatory agency."
Ipsen indicated in its update that it would analyze the data further before making decisions about the next steps.
"We will continue to monitor updates from Ipsen regarding the SCLC program," said Gary Crocker, Chairman, and CEO of Merrimack Pharmaceuticals.
Ipsen expects to publicly report its top-line data from its continuing Phase 3 study of Onivyde in first-line pancreatic ductal adenocarcinoma before the end of 2022.
Price Action: MACK shares are down 13.30% at $4.32 during the market session on the last check Wednesday.

Merrimack Pharma-Ipsen's Cancer Drug Fails In Overall Survival Measure