TIDMMPH
RNS Number : 7721I
Mereo BioPharma Group plc
15 December 2020
Mereo BioPharma Provides Update on AIM Delisting and Continued
Listing of its ADSs on Nasdaq, and Provides Update on agreements
with Silicon Valley Bank and Kreos Capital
London and Redwood City, Calif., December 15, 2020 - Mereo
BioPharma Group plc (NASDAQ: MREO, AIM: MPH) ("Mereo" or "the
Company"), a clinical stage biopharmaceutical company focused on
oncology and rare diseases, today provided a further update with
respect to the cancellation of admission of its Ordinary Shares to
trading on AIM and the continued listing of its ADSs on Nasdaq, as
originally announced on November 11, 2020.
As previously announced, the last day of trading of the
Company's Ordinary Shares on AIM will be December 17, 2020 and the
proposed AIM Delisting will be effective from 7.00 am London time
on December 18, 2020. Mereo will retain the listing of its ADSs on
the Nasdaq Global Market under ticker symbol MREO. Following the
AIM Delisting, the Company's American Depositary Shares ("ADSs")
will remain listed, and only be tradeable on Nasdaq.
Further information about the process to convert Ordinary Shares
into ADSs was provided in the announcement and circular published
by the Company on November 11, 2020, and is also available on the
Company's website at www.mereobiopharma.com/AIM-Delisting
Following the AIM Delisting, N+1 Singer will cease to act as
nominated adviser and broker to the Company.
Capitalised terms used but not defined in this announcement are
the same as those included in the announcement made on November 11,
2020.
Mereo further announced that, in connection with ongoing
discussions relating to the adjustment to certain warrant
instruments dated August 21, 2017 (the "2017 Warrant Instrument")
and October 1, 2018 (the "2018 Warrant Instrument" )(together the
"Warrant Instruments") between the Company and Silicon Valley Bank
and Kreos Capital V (UK) Limited (the "Lenders"), as announced in
the Company's interim financial results statement issued on
September29, 2020, the Company has today issued additional warrants
giving each of the Lenders the right to subscribe for 621,954
ordinary shares at a price of US$0.4144 per share, currently
equivalent to approximately 0.3% of the issued share capital of the
Company (the "2020 Warrants").
The 2020 Warrants are an adjustment to the Warrant Instruments
and accordingly those warrants issued to each Lender will be
apportioned between the 2017 Warrant Instrument and 2018 Warrant
Instrument in the number of 469,575 and 152,379 respectively for
each Lender and will be subject to the same final exercise date as
all prior warrants issued to the Lenders thereunder being August
21, 2027 for the 2017 Warrant Instrument and October 1, 2028 for
the 2018 Warrant Instrument.
Mereo also announced today that the loan entered into between
the Company and the Lenders pursuant to a loan agreement dated
September 28, 2018 has now been repaid in full.
About Mereo BioPharma
Mereo BioPharma is a biopharmaceutical company focused on the
development and commercialization of innovative therapeutics that
aim to improve outcomes for oncology and rare diseases. Mereo's
lead oncology product candidate, etigilimab (Anti-TIGIT), has
completed a Phase 1a dose escalation clinical trial in patients
with advanced solid tumors and has been evaluated in a Phase 1b
study in combination with nivolumab in select tumor types. The
company recently announced initiation of a Phase 1b/2 study of
etigilimab in combination with an anti-PD-1/PDL-1 in a range of
different tumor types. Mereo's rare disease product portfolio
consists of setrusumab, which has completed a Phase 2b dose-ranging
study in adults with osteogenesis imperfecta (OI), as well as
alvelestat, which is being investigated in a Phase 2
proof-of-concept clinical trial in patients with alpha-1
antitrypsin deficiency (AATD) and in a Phase 1b/2 clinical trial in
COVID-19 respiratory disease.
Forward-Looking Statements
This Announcement contains "forward-looking statements." All
statements other than statements of historical fact contained in
this Announcement 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 involve assumptions that could cause
actual results to differ materially from the Company's historical
experience and its present expectations or projections.
These forward-looking statements are subject to risks and
uncertainties, including, among other things, those described in
the Company's latest Annual Report on Form 20-F, Reports on Form
6-K and other documents filed from time to time by the Company with
the United States Securities and Exchange Commission. The Company
wishes to caution investors 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 forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
required by law.
Additional Information
The person responsible for arranging the release of this
information on behalf of the Company is Charles Sermon, General
Counsel.
Mereo BioPharma Contacts:
Mereo +44 (0)333 023 7300
Denise Scots-Knight, Chief Executive Officer
N+1 Singer (Nominated Adviser and Broker
to Mereo) +44 (0)20 7496 3081
Phil Davies
Will Goode
Burns McClellan (US Investor Relations
Adviser to Mereo) +01 212 213 0006
Lisa Burns
Lee Roth
FTI Consulting (UK Public Relations Adviser
to Mereo) +44 (0)20 3727 1000
Simon Conway
Ciara Martin
Investors investors@mereobiopharma.com
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END
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December 15, 2020 13:22 ET (18:22 GMT)
Mereo Biopharma (LSE:MPH)
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