Transition Therapeutics Announces Results of Clinical Study of ELND005 in Agitation and Aggression in Patients with Alzheimer's Disease

TORONTO, June 24, 2015  - Transition Therapeutics Inc. ("Transition" or the "Company") (NASDAQ: TTHI, TSX: TTH) announced that a Phase 2/3 clinical study of neuropsychiatric drug candidate ELND005 did not meet its primary efficacy endpoint.  In the study, both the treatment and placebo groups showed a significant, but similar, reduction in agitation and aggression relative to baseline.  There was a greater than expected reduction in agitation and aggression observed in the placebo group as measured in weeks 4, 8 and 12 in the study.   The safety and tolerability profile of ELND005 was consistent with previous studies in AD at the 250mg bid dose. 

U.S. FDA Grants Priority Review for MM-398 New Drug Application

PDUFA date set for October 24, 2015
Merrimack seeking U.S. marketing approval of MM-398 for the treatment of patients with metastatic pancreatic cancer who have been previously treated with gemcitabine-based therapy
European Medicines Agency accepts Baxalta's Marketing Authorization Application for review

CAMBRIDGE, Mass. and DEERFIELD, Ill., June 25, 2015-- Merrimack Pharmaceuticals, Inc. (MACK) and Baxalta Incorporated, a wholly-owned subsidiary of Baxter International Inc (BAX), today jointly announced that the New Drug Application (NDA) for MM-398 (irinotecan liposome injection), also known as "nal-IRI," has been accepted for review by the U.S. Food and Drug Administration (FDA).  Merrimack is seeking U.S. marketing approval of MM-398 for the treatment of patients with metastatic adenocarcinoma of the pancreas who have been previously treated with gemcitabine-based therapy.

Cleveland BioLabs Enters Into Private Placement Agreement With Strategic Investor for $25 Million Equity Financing

BUFFALO, NY--(Jun 25, 2015) -  Cleveland BioLabs, Inc. (NASDAQ: CBLI) today announced that it has entered into a securities purchase agreement with David Davidovich, a venture capital investor, for the sale of 6,459,948 unregistered common shares at a price of $3.87 per share for an aggregate of $25 million. The offering represents a 35% premium to the closing market price of $2.86 on June 23, 2015 and a 21% premium to the trailing 60-day volume weighted average price, as reported by Bloomberg. The parties expect to close the transaction on or about July 6, 2015.

The Company also announced that NASDAQ has granted the Company's request for a financial viability exception to the shareholder approval requirements otherwise applicable to this transaction. The Audit Committee of the Company's Board of Directors, which is comprised solely of independent, disinterested directors, approved the Company's reliance on the NASDAQ financial viability exception. In accordance with NASDAQ requirements, the Company will mail a letter to stockholders notifying them of its intention to close the transaction without obtaining approval from its stockholders.