27 Feb 2017

Continued significant progress on all programmes

London, 27 February 2017 – Mereo BioPharma Group plc (AIM: MPH), a clinical stage, UK-based, biopharmaceutical company focused on rare and specialty diseases, is pleased to announce its audited preliminary results for the year ended 31 December 2016.

Operational Highlights

  • Phase 2 dose-ranging study initiated with acumapimod (BCT-197) for treatment of the underlying inflammation in patients with acute exacerbations of COPD in H1 2016
  • Phase 2b dose-confirmation study initiated with BGS-649 for the treatment of hypogonadotropic hypogonadism in obese men in H1 2016 and a six month safety extension study was initiated in Q4 2016. The Group is on track to report interim analysis in March 2017
  • Obtained Orphan Drug Designation in the US and the EU for BPS-804 as a treatment for osteogenesis imperfecta
  • Positive Phase 1 drug-drug interaction study with acumapimod and azithromycin
  • Strengthened intellectual property across the portfolio

Financial Highlights

  • Admitted to the AIM market of the London Stock Exchange on 9 June 2016 following a private placement raising a further £14.8 million of capital in addition to the £56.5 million drawn down earlier in the year from the previous financing round bringing the total raised since July 2015 to £91.3 million
  • Balance sheet remains strong, with cash and cash equivalents balance at 31 December 2016 of £53.6 million

Post period highlight

  • Three abstracts accepted for presentation as posters at the American Thoracic Society May 2017
  • BPS-804 accepted for EMA Adaptive Pathways programme, potentially enabling earlier patient access
  • Richard Jones was appointed as Chief Financial Officer and we are also pleased to announce the appointment of Jerome Dauvergne as Head of Pharmaceutical Development

 

"This year we have made significant progress on all three of our programmes with two now well advanced in the clinic and the third set to enter a pivotal study. We remain focused on executing against our strategy, delivering data on our current programmes and continuing to build our portfolio of differentiated, late stage products over time."

Dr Denise Scots-Knight Chief Executive Officer of Mereo BioPharma Group plc

For Further Enquiries:

Mereo BioPharma Group plc

+44 (0)333 023 7319

Denise Scots-Knight, Chief Executive Officer

 

Richard Jones, Chief Financial Officer

 

Nominated Adviser and Joint Broker

Cantor Fitzgerald Europe

+44 (0)20 7894 7000

Phil Davies

 

Will Goode

 

Joint Broker

RBC Capital Markets

+44 (0)20 7653 4000

Rupert Walford

 

Laura White

 

Financial Advisor

Evercore

+44 (0)20 7268 2718

Julian Oakley

 

Tom Watson

 

Public Relations Adviser to Mereo

FTI Consulting

+44 (0)20 3727 1000

Ben Atwell

 

Simon Conway

 

Brett Pollard

 

 

About Mereo

Mereo is a UK-based biopharmaceutical company focused on the development of innovative medicines that aim to address unmet medical needs in rare and specialty disease areas and improve patient quality of life. The Company seeks to selectively acquire development-stage product candidates with demonstrated clinically meaningful data from large pharmaceutical companies and to rapidly progress these product candidates to subsequent value inflection points. 

Mereo combines the operational discipline and efficiency of a small company with the financial resources to conduct comprehensive clinical studies. The Company has the option to directly commercialise products, for example in orphan diseases, in addition to partnering or divesting its products. 

Mereo’s initial portfolio consists of three mid-late stage clinical assets that were acquired from Novartis in July 2015. BPS-804 is being developed for the prevention of fractures resulting from osteogenesis imperfecta (brittle bone disease); acumapimod (BCT-197), is being developed to treat inflammation in patients with an AECOPD; and BGS-649 is a once-weekly pill to restore normal testosterone levels in men with hypogonadotropic hypogonadism. 

In H1 2016 the Company initiated a Phase 2 study with acumapimod and a Phase 2b study with BGS-649. Mereo expects to commence the first pivotal trial for BPS-804 during H1 2017. Additional product opportunities, from a range of large pharmaceutical and biotechnology companies, are under active evaluation.