Mereo BioPharma Group plc Update on Offering & Application to List on Nasdaq (1577M)
April 26 2018 - 1:01AM
UK Regulatory
TIDMMPH
RNS Number : 1577M
Mereo BioPharma Group plc
26 April 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE EU MARKET ABUSE REGULATION (596/2014).UPON THE PUBLICATION OF
THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN
Mereo BioPharma Group plc
("Mereo" or the "Company" or the "Group")
Mereo BioPharma Update on Global Offering and Application to
List its ADSs on the Nasdaq Global Market
London, April 26, 2018 - Mereo BioPharma Group plc (AIM: MPH), a
multi-asset biopharmaceutical company focused on the acquisition,
development and commercialisation of innovative therapeutics that
aim to improve outcomes for patients with rare and specialty
diseases, announces today that the Company has withdrawn the global
offering and postponed its proposed listing of its American
Depositary Shares ("ADSs") on the Nasdaq Global Market that was
previously announced on April 9, 2018. The Company believes that
current market conditions are not conducive for an offering on
terms that would be in the best interests of its shareholders.
The Company remains well funded, with a net cash, short-term
deposits and short-term investment balance of GBP52.5 million at
December 31, 2017. This provides a strong cash runway to deliver
the next key clinical programme milestones and corporate
objectives.
The development of the Company's clinical assets remains on
track. In December 2017, the Company reported positive top-line
data from its completed phase 2 dose-ranging clinical trial for
BCT-197 for the treatment of acute exacerbations of chronic
obstructive pulmonary disease and we are subsequently making good
progress in partnering discussions. In March 2018, the Company
reported positive top-line data from its phase 2b dose-ranging
clinical trial for BGS-649, a once a week oral treatment for
hypogonadotropic hypogonadism (HH) in obese men. The development of
the Company's two other clinical assets, BPS-804, a novel antibody
the Company is developing as a treatment for osteogenesis
imperfecta (OI), and AZD-9668, for patients with severe AATD, also
remains on track.
Dr Denise Scots-Knight, Chief Executive Officer of Mereo
BioPharma Group plc commented:
"We received positive feedback and strong levels of
institutional interest during the offering process. However,
challenging stock market conditions have led our Board to take the
decision to withdraw our global offering and postpone our proposed
listing of ADSs on Nasdaq in the interests of our existing
shareholders.
We are making good progress in the clinic and have reported
positive data from both our BCT-197 and BGS-649 clinical programmes
over the last few months. Subsequently we are also progressing
BCT-197 partnering discussions. We remain well funded and are
confident in the future development and potential value of our
pipeline."
For Further Enquiries:
Mereo BioPharma Group plc +44 (0)333 023 7319
Denise Scots-Knight, Chief Executive Officer
Richard Jones, Chief Financial Officer
Nominated Adviser and Joint Broker
Cantor Fitzgerald Europe +44 (0)20 7894 7000
Phil Davies
Will Goode
Joint Broker
RBC Capital Markets +44 (0)20 7653 4000
Rupert Walford
Laura White
UK Public Relations Advisor to Mereo Biopharma
FTI Consulting +44 (0)20 3727 1000
Ben Atwell
Simon Conway
Brett Pollard
US Public Relations Advisor to Mereo Biopharma
Burns McClellan +01 (0) 212 213 0006
Lisa Burns
Steven Klass
About Mereo
Mereo is a multi-asset biopharmaceutical company focused on the
acquisition, development and commercialization of innovative
therapeutics that aim to improve outcomes for patients with rare
and specialty diseases. The portfolio consists of four
clinical-stage product candidates, each of which were acquired from
large pharmaceutical companies: BPS-804 for the treatment of
osteogenesis imperfecta; AZD-9668 for the treatment of severe
alpha-1 antitrypsin deficiency; BCT-197 for the treatment of acute
exacerbations of chronic obstructive pulmonary disease ("AECOPD");
and BGS-649 for the treatment of hypogonadotropic hypogonadism
("HH") in obese men. Each of the Company's product candidates has
generated positive clinical data for Mereo's target indication or
in a related indication. The Company's strategy is to selectively
acquire product candidates that have already received significant
investment from pharmaceutical companies and that have substantial
preclinical, clinical and manufacturing data packages. Since
inception the Company has commenced large, randomized,
placebo-controlled Phase 2 clinical trials for three of the product
candidates and announced positive top-line results from its Phase 2
clinical trial of BCT-197 as an acute therapy for patients with
AECOPD in December 2017 and positive top-line data from its Phase
2b dose-ranging study with BGS-649 for the treatment of HH.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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