Merrimack Pharmaceuticals Inc. said early Monday it’s Chief Executive Officer Robert Mulroy has resigned as the company also moves to cut 22% of its workforce in a major restructuring effort. The reduction in personnel–expected to be completed by Dec. 3–is an effort to prioritize Merrimack’s research and development of products and strengthen its financial runway. Merrimack also plans to cut $200 million in expected costs over the next two years.. As of Jan. 31 Merrimack had 426 employees and the company said in a news release the cuts will not impact the commercial team. Merrimack board Chairman, Gary Crocker will serve as interim CEO as the company looks for a replacement. Merrimack shares are down nearly 20% in the year to date, underperforming the S&P 500 Index which is up 6%.
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