Mereo BioPharma Announces Pricing of $50 Million Underwritten Registered Direct Offering of American Depository Shares, Priced At-the-Market
14 Junho 2024 - 8:50AM
Mereo BioPharma Group plc (NASDAQ: MREO) (“Mereo” or the
“Company”), a clinical-stage biopharmaceutical company focused on
rare diseases, today announced the pricing of an underwritten
offering of 12,531,300 of its American Depositary Shares (“ADSs”).
Each ADS is being sold at a price of $3.99 per ADS in an
underwritten registered direct offering priced at-the-market under
Nasdaq rules. The gross proceeds from the offering, before
deducting underwriting discounts and commissions and offering
expenses, are expected to be approximately $50.0 million. Each ADS
represents five ordinary shares of Mereo. The net proceeds of this
offering are expected to be used to fund the setrusumab program,
including supply and pre-launch activities in Europe, and for
working capital and other general corporate purposes. The offering
is expected to close on or about June 17, 2024, subject to the
satisfaction of customary closing conditions.
Participants in the offering include new
investors Frazier Life Sciences, Deerfield Management, and
Perceptive Advisors, and existing Mereo shareholders, including
Rubric Capital Management, Rock Springs Capital, and Janus
Henderson Investors along with other leading healthcare-focused
institutional investors.
Jefferies, Leerink Partners and Cantor are
acting as joint book-running managers for the offering.
A shelf registration statement on Form S-3 (File
No. 333-279433) relating to the offering of the ADSs described
above was declared effective by the Securities and Exchange
Commission (“SEC”) on May 22, 2024. The offering is being made only
by means of a prospectus supplement and the accompanying prospectus
that form a part of the registration statement. A final prospectus
supplement relating to and describing the terms of the offering
will be filed with the SEC and will be available on the SEC’s
website at www.sec.gov. When available, copies of the final
prospectus supplement and accompanying prospectus relating to these
securities may also be obtained by sending a request to: Jefferies
LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by
email at prospectus_department@jefferies.com; Leerink Partners LLC,
Attention: Syndicate Department, 53 State Street, 40th Floor,
Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105 or by
email at syndicate@leerink.com; or Cantor Fitzgerald & Co.,
Attention: Capital Markets, 110 East 59th Street, 6th Floor, New
York, New York 10022, or by email at prospectus@cantor.com.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any of these
securities, nor will there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale is not permitted.
About Mereo BioPharma
Mereo BioPharma is a biopharmaceutical company
focused on the development of innovative therapeutics for rare
diseases. The Company has two rare disease product candidates,
setrusumab for the treatment of osteogenesis imperfecta (OI) and
alvelestat primarily for the treatment of severe alpha-1
antitrypsin deficiency-associated lung disease (AATD-LD). The
Company’s partner, Ultragenyx Pharmaceutical, Inc., has completed
enrollment in the Phase 3 portion of a pivotal Phase 2/3 pediatric
study in young adults (5 to 25 years old) for setrusumab in OI and
in the Phase 3 study in pediatric patients (2 to <7 years old)
in the first half of 2024. The partnership with Ultragenyx includes
potential additional milestone payments of up to $245 million and
royalties to Mereo on commercial sales in Ultragenyx territories.
Mereo has retained EU and UK commercial rights and will pay
Ultragenyx royalties on commercial sales in those territories.
Setrusumab has received orphan designation for osteogenesis
imperfecta from the EMA and FDA, PRIME designation from the EMA and
has pediatric disease designation from the FDA. Alvelestat has
received U.S. Orphan Drug Designation for the treatment of AATD and
Fast Track designation from the FDA. Following results from
ASTRAEUS and ATALANTa in AATD-lung disease, the Company has aligned
with the FDA and the EMA on the primary endpoints for a Phase 3
pivotal study which if successful could enable full approval in
both the U.S. and Europe.
Forward-Looking Statements
This press release contains “forward-looking
statements” that involve substantial risks and uncertainties. All
statements other than statements of historical fact contained
herein are forward-looking statements within the meaning of Section
27A of the United States Securities Act of 1933, as amended, and
Section 21E of the United States Securities Exchange Act of 1934,
as amended. 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. Such risks
and uncertainties include, among others, the uncertainties inherent
in the clinical development process; the Company’s reliance on
third parties to conduct and provide funding for its clinical
trials; the Company’s dependence on enrollment of patients in its
clinical trials; and the Company’s dependence on its key
executives. You should carefully consider the foregoing factors and
the other risks and uncertainties that affect the Company’s
business, including those described in the “Risk Factors” section
of its Annual Report on Form 10-K, as well as discussions of
potential risks, uncertainties, and other important factors in the
Company’s subsequent filings with the Securities and Exchange
Commission. 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 |
|
|
Christine Fox, Chief Financial Officer |
|
|
|
|
Burns McClellan (Investor Relations Adviser to
Mereo) |
|
+01 646 930 4406 |
Lee Roth |
|
|
Investors |
|
investors@mereobiopharma.com |
Mereo BioPharma (NASDAQ:MREO)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Mereo BioPharma (NASDAQ:MREO)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024