By Chris Wack

 

Mereo BioPharma Group Plc (MREO) American depositary shares rose 28% to $2 premarket after the company said it has entered into a $5 million convertible equity financing with Novartis Pharma AG (NVS).

The biopharmaceutical company said it also entered into a securities purchase agreement to issue up to $28 million of its ordinary shares exchangeable for ADSs, including a $3 million initial purchase, with Aspire Capital Fund LLC, a Chicago-based institutional investor.

Mereo said proceeds from these transactions will likely be used for general corporate purposes, including clinical trial activity and working capital.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

February 10, 2020 07:52 ET (12:52 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
Mereo BioPharma (NASDAQ:MREO)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Mereo BioPharma Charts.
Mereo BioPharma (NASDAQ:MREO)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Mereo BioPharma Charts.