Mereo BioPharma Shares Up 26% After Securing Up to $33 Million in Funding
February 10 2020 - 11:19AM
Dow Jones News
By Chris Wack
Mereo BioPharma Group Plc (MREO) American depositary shares rose
26% to $1.97 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 11:04 ET (16:04 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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