Mereo BioPharma to Trade on AIM -- Update
June 06 2016 - 5:11AM
Dow Jones News
(Adds comment from CEO.)
By Jana Simmons
LONDON--Mereo BioPharma Group PLC, a U.K.-based
biopharmaceutical company, on Monday announced plans to start
trading on AIM this week and said it has raised an additional 14.8
million pounds ($21.5 million).
The company raised GBP11.35 million through a private placement
of ordinary shares at a price of GBP2.21 each and received a cash
investment by existing shareholder Novartis by way of a convertible
loan for GBP3.46 million.
Mereo, which plans to buy clinical-stage pharmaceutical product
candidates from large pharmaceutical companies, said it expects its
shares to start trading on AIM on June 9. The company already
acquired three product candidates from Novartis in July 2015.
"We are very excited to be joining AIM, allowing the Company to
take the next logical step towards realizing our vision of becoming
a leading speciality biopharma company," said Chief Executive
Denise Scots-Knight. "Our strategy is to build, over time, a
diverse portfolio, and having publically-traded shares, will
provide additional flexibility to secure the next product
candidates."
RBC Capital Markets is acting as global coordinator, private
placement agent and broker, and Cantor Fitzgerald Europe is acting
as nominated adviser, private placement agent and broker. Evercore
is financial adviser to the company.
Write to Jana Simmons at jana.simmons@wsj.com
(END) Dow Jones Newswires
June 06, 2016 04:56 ET (08:56 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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