As a part of the broader R&D strategy, which is to improve the cash runaway rate and focus on a set of systems biology-derived oncology candidates, Merrimack Pharm $MACK announced downsizing 22% of its workforce, including President & CEO Robert Mulroy, who has resigned with an immediate effect. The company expects to save $200mn in operating costs over the next two years and have enough cash to fund operations for at least next 12 months as a result of the decision. It will record a one-time charge of $4.5 to $5mn in severance related expenses. Gary Crocker, who served as chairman, will take over as interim President and CEO until a permanent replacement is found.