Mereo BioPharma Announces Financial Results for the Year Ended December 31, 2019
June 16 2020 - 7:00AM
Mereo BioPharma Group plc (NASDAQ: MREO, AIM: MPH), “Mereo” or “the
Company”, a clinical-stage biopharmaceutical company focused on
oncology and rare diseases, today announced financial results for
the 12 months ended December 31, 2019.
“We are very pleased with the substantial operational progress
we have made throughout 2019 and particularly, over the past
several months,” said Dr. Denise Scots-Knight, Chief Executive
Officer of Mereo. “We announced earlier this month that we have
taken the strategic decision to focus on advancing etigilimab, (an
“Anti-TIGIT”) for the treatment of solid tumors, alongside our rare
disease portfolio including setrusumab for osteogenesis imperfecta,
which we plan to partner prior to the initiation of a pivotal Phase
3 study, and alvelestat for alpha-1 antitrypsin deficiency which is
in an ongoing Phase 2 proof-of-concept study. Coupled with the
completion of a $70 million financing earlier this month, we
believe we are entering a transformational period for Mereo and are
extremely well positioned to execute on our strategy.”
2019 and Recent Financial Highlights
- Cash resources¹ of £16.3 million as at December 31, 2019
(December 31, 2018 £27.5 million). Since the year end, Mereo has
raised £60.8 million in Private Placements, £3.8 million from a
convertible equity financing and £3.2 million from licensing.
- Loss after tax for the 12-month period of £35.3 million (2018:
£32.0 million) or 39 pence per ordinary share (2018: 45pence per
ordinary share).
- Net cash used in operating activities for the year ended
December 31, 2019 of £45.9 million (full year 2018: £23.1
million).
¹ Cash resources is defined as the aggregate of cash and
short-term deposits and short-term investments.
An electronic copy of Mereo’s annual report and accounts will be
made available today on the Company's website
www.mereobiopharma.com. In addition, a copy of the Form 20-F has
been filed with the SEC. This press release does not constitute an
offer to sell or the solicitation of an offer to buy securities,
and shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that jurisdiction.
About Mereo BioPharmaMereo BioPharma is a
biopharmaceutical company focused on the development and
commercialization of innovative therapeutics that aim to improve
outcomes for patients with oncology and rare diseases. Mereo's
strategy is to selectively acquire product candidates for oncology
and rare diseases that have already received significant investment
from pharmaceutical and large biotechnology companies and that have
substantial preclinical, clinical and manufacturing data packages.
Mereo's lead oncology product candidate, etigilimab, an anti-TIGIT,
has completed a Phase 1a and Phase 1b for a range of solid tumor
types and the second product candidate, navicixizumab, for ovarian
cancer has been licensed to Oncologie Inc. for up to $300M in
milestone payments. Mereo's lead rare disease product candidate,
setrusumab, has completed a Phase 2b dose-ranging study in adults
with osteogenesis imperfecta ("OI") and a pivotal Phase 3 study
design in paediatrics has been agreed with the FDA and EMA. Mereo's
second lead product candidate, alvelestat, is being investigated in
a Phase 2 proof-of-concept clinical trial in patients with alpha-1
antitrypsin deficiency ("AATD"). Mereo plans to form a strategic
partnership for setrusumab prior to initiation of the paediatric
pivotal study.
Additional InformationThe person responsible
for arranging the release of this information on behalf of the
Company is Charles Sermon, General Counsel.
Forward-Looking StatementsThis communication
contains “forward-looking statements.” All statements other than
statements of historical fact contained in this communication are
forward-looking statements within the meaning of Section 27A of the
United States Securities Act of 1933, as amended (the “Securities
Act”), and Section 21E of the United States Securities Exchange Act
of 1934, as amended (the “Exchange Act”). Forward-looking
statements usually relate to future events and anticipated
revenues, earnings, cash flows or other aspects of our operations
or operating results. Forward-looking statements are often
identified by the words “believe,” “expect,” “anticipate,” “plan,”
“intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,”
“outlook” and similar expressions, including the negative thereof.
The absence of these words, however, does not mean that the
statements are not forward-looking. These forward-looking
statements are based on the Company’s current expectations, beliefs
and assumptions concerning future developments and business
conditions and their potential effect on the Company. While
management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting the Company will be those that it
anticipates.
All of the Company’s forward-looking statements involve known
and unknown risks and uncertainties (some of which are significant
or beyond its control) and assumptions that could cause actual
results to differ materially from the Company’s historical
experience and its present expectations or projections. The
foregoing factors and the other risks and uncertainties that affect
the Company’s business, including those described in its Annual
Report on Form 20-F and other documents filed from time to time by
the Company with the United States Securities and Exchange
Commission and those described in other documents the Company may
publish from time to time should be carefully considered. The
Company wishes to caution you not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof.
The Company undertakes no obligation to publicly update or revise
any of our forward-looking statements after the date they are made,
whether as a result of new information, future events or otherwise,
except to the extent required by law.
Mereo BioPharma Contacts:
Mereo |
+44 (0)333 023
7300 |
Denise Scots-Knight, Chief
Executive Officer |
|
|
|
Cantor Fitzgerald
Europe (Nominated Adviser and Broker to
Mereo) |
+44 (0)20 7894
7000 |
Phil Davies |
|
Will Goode |
|
|
|
Burns McClellan (US
Public Relations Adviser to Mereo) |
+01 (0) 212 213
0006 |
Lisa Burns |
|
Steve Klass |
|
|
|
FTI Consulting (UK
Public Relations Adviser to
Mereo) |
+44 (0)20 3727
1000 |
Simon Conway |
|
Ciara Martin |
|
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|
Investors |
investors@mereobiopharma.com |
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