Mereo BioPharma Regains Compliance with Nasdaq Minimum Bid Price Requirement
May 08 2023 - 12:46PM
Mereo BioPharma Group plc (NASDAQ: MREO) (“Mereo” or the
“Company”), a clinical-stage biopharmaceutical company focused on
rare diseases, today announced that it received written
confirmation from the Nasdaq Stock Market LLC ("Nasdaq")
that it had regained compliance with the minimum bid price
requirement under the Nasdaq Listing Rules for continued Nasdaq
listing, and is now compliant with applicable listing standards for
continued Nasdaq listing. To regain compliance with
the applicable Nasdaq Listing Rule, the Company was required
to maintain a minimum closing bid price of $1.00 or more
for at least 10 consecutive trading days, which was achieved
on May 5, 2023.
As previously announced, on November 2,
2022, the Company reported that it had received notification from
Nasdaq on November 1, 2022, that, for the previous thirty
consecutive business days, the bid price for the Company’s American
Depositary Shares (the "ADSs") had closed below the
minimum $1.00 per share requirement for continued
listing. On May 8, 2023, the Company received written
notification from the Nasdaq Listings Qualifications
Department that the ADSs had, for the last 10 consecutive
business days, a closing bid price at $1.00 per share or
greater, and accordingly had regained compliance with the
applicable Nasdaq Listing Rule.
About Mereo BioPharmaMereo
BioPharma is a biopharmaceutical company focused on the development
of innovative therapeutics for rare diseases. The Company has
developed a robust portfolio of clinical stage product candidates.
The Company has two rare disease product candidates, setrusumab for
the treatment of osteogenesis imperfecta (OI) and alvelestat for
the treatment of severe alpha-1-antitrypsin deficiency-associated
lung disease (AATD-LD) and Bronchiolitis Obliterans Syndrome (BOS).
The Company’s partner, Ultragenyx Pharmaceutical, Inc., has
initiated a pivotal Phase 2/3 pediatric study in young adults (5-25
years old) for setrusumab in OI and expects to initiate a study in
pediatric patients (<5 years old) in the first half of 2023. The
partnership with Ultragenyx includes potential milestone payments
of up to $254 million and royalties to Mereo on commercial sales in
Ultragenyx territories. Mereo has retained EU and UK commercial
rights and will pay Ultragenyx royalties on commercial sales in
those territories. Alvelestat has received U.S. Orphan Drug
Designation for the treatment of AATD, Fast Track designation from
the FDA, and positive data were reported from a Phase 2
proof-of-concept study in North America, Europe and the UK. In
addition to the rare disease programs, Mereo has two oncology
product candidates in clinical development. Etigilimab (anti-TIGIT)
has completed enrollment in a Phase 1b/2 basket study evaluating
its safety and efficacy in combination with an anti-PD-1 in a range
of tumor types including three rare tumors and three gynecological
carcinomas - cervical, ovarian, and endometrial; Navicixizumab, for
the treatment of late line ovarian cancer, has completed a Phase 1
study and has been partnered with OncXerna Therapeutics, Inc. in a
global licensing agreement that includes payments of up to $300
million in milestones and royalties.
Forward-Looking StatementsThis
press release contains “forward-looking statements.” All statements
other than statements of historical fact contained in this press
release are forward-looking statements within the meaning of
Section 27A of the United States Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the United States
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
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 assumptions that
could cause actual results to differ materially from the Company’s
historical experience and its present expectations or projections.
Such risks and uncertainties include, among others, the
uncertainties inherent in the clinical development process; the
Company’s reliance on third parties to conduct and provide funding
for its clinical trials; the Company’s dependence on enrollment of
patients in its clinical trials; and the Company’s dependence on
its key executives. You should carefully consider the foregoing
factors and the other risks and uncertainties that affect the
Company’s business, including those described in the “Risk Factors”
section of its latest Annual Report on Form 20-F, reports on Form
6-K and other documents furnished or filed from time to time by the
Company with the Securities and Exchange Commission. The Company
wishes to caution you 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 of our forward-looking statements after the date they are made,
whether as a result of new information, future events or otherwise,
except to the extent required by law.
Mereo BioPharma Contacts: |
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Mereo |
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+44 (0)333 023 7300 |
Denise Scots-Knight, Chief Executive Officer |
|
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Christine Fox, Chief Financial Officer |
|
|
Burns McClellan (Investor Relations Adviser to
Mereo) |
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+01 646 930 4406 |
Lee Roth |
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Investors |
|
investors@mereobiopharma.com |
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