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Mereo BioPharma losses deepen on finance charges

By BFN News | 02:46 PM | Tuesday 29 September, 2020


Oncology and rare diseases focused Mereo BioPharma posted a deeper first-half loss owing to a jump in finance charges. Pre-tax losses for the six months through June amounted to £126.1 million, compared to losses of £18.7 million year-on-year and included £97.6 million of finance charges. Mereo BioPharma said the charges mainly related to changes in the fair value of embedded derivatives, due to the re-measurement of the conversion feature of a loan note issued as part of a private placement. They were also related changes in the fair value of warrants in connection to the private placement and interest on bank debt. Operating losses amounted to £16.7 million, compared to operating losses of £18.8 million year-on-year, amid a fall in R&D spending. The company said it was on track to initiate a phase 1b/2 clinical trial of etigilimab for the treatment of solid tumors in the fourth quarter of 2020. Enrolment had resumed in a phase 2 study of alvelestat in Alpha-1 antitrypsin deficiency. The company also had initiated a placebo-controlled Phase 1b/2 clinical trial in Covid-19 respiratory disease. Partnering discussions continued for a portfolio of clinical-stage programs including setrusumab for osteogenesis imperfecta. At 2:46pm: (LON:MPH) Mereo Biopharma Group Ltd share price was 0p at 44.5p Story provided by StockMarketWire.com

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