News February 11 2020

Mereo BioPharma raise money to back Phase III trials

Mereo BioPharma has entered into a $5m convertible equity financing with Novartis and a $28m securities purchase agreement with Aspire Capital Fund.

Orphan drug specialist Mereo BioPharma Group plc (London) raised $5m from Novartis Pharma AG and  entered into a Securities Purchase Agreement to issue up to $28m of American Depositary Shares (ADSs), including a $3 million initial purchase, with Aspire Capital Fund, LLC to push pivotal Phase III trials of its lead setrusumab in US patients with osteogenesis imperfecta.The EMA supports the initiation of a planned pivotal peadiatric Phase III study in Europe on the basis of the previously approved pediatric investigational plan.