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Mereo BioPharma Complete $70 fundraising

June 2020

Mereo BioPharma Complete $70 fundraising

Mereo BioPharma, which is dual listed on NASDAQ and AIM, is a biopharmaceutical company focused on the development and commercialisation 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 tumours and has been evaluated in a Phase 1b study in combination with nivolumab in select tumour 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”).

Highlights of the transaction

  • Private placement completed raising $70.0 million (£56.0 million) before expenses.
  • New Ordinary Shares and Convertible Loan Notes issued provide the Company with the certainty of receiving the full amount of the proceeds of the private placement at closing.
  • 89,144,630 new Ordinary Shares have been placed at the Issue Price to raise $19.4 million (£15.5 million) before expenses, utilising share authorities granted on 2 June 2016 and 19 June 2019 and issued on a non-pre-emptive basis.
  • Convertible Loan Notes have been issued in an aggregate principal amount $50.6 million (£40.5 million) to complete the Fundraising.
  • Price per Placing Share of 17.4 pence.
  • Investors have received conditional Warrants to subscribe for further Ordinary Shares in an aggregate number equal to 50 percent of both the new Ordinary Shares purchased by that investor in the Placing and the Ordinary Shares issuable upon conversion of the Convertible Loan Notes purchased by that investor in the Fundraising, with an exercise price of 34.8 pence ($0.44) each. The Warrants will be capable of being exercised for a period of 3 years after the date on which the Resolutions are passed

The Perivan shareholder and investor communications team were delighted to work closely with the Company’s advisers, on the Placing documentation which resulted in a successful fundraising completed in June 2020.

Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed ended funds

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