Merrimack gains on MM-398 trial update

Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) rose $0.50 (24%) to $2.56 on Thursday after disclosing in its 3Q13 financial results that because overall survival (OS) events are "occurring later than forecasted" it does not expect to report data from the Phase III NAPOLI-1 trial evaluating MM-398 for metastatic pancreatic cancer until 2Q14. The company previously said it planned to report top-line data in 4Q13 or 1Q14. The trial enrolled about 405 patients who previously failed treatment with gemcitabine. Merrimack is developing the nanoparticle liposome formulation of irinotecan with PharmaEngine Inc. (GreTai:4162), which has rights in Taiwan. ...