Mereo BioPharma ADSs Up 28% on Equity Financing From Novartis
February 10 2020 - 8:07AM
Dow Jones News
By Chris Wack
Mereo BioPharma Group Plc (MREO) American depositary shares rose
28% to $2 premarket after the company said it has entered into a $5
million convertible equity financing with Novartis Pharma AG
(NVS).
The biopharmaceutical company said it also entered into a
securities purchase agreement to issue up to $28 million of its
ordinary shares exchangeable for ADSs, including a $3 million
initial purchase, with Aspire Capital Fund LLC, a Chicago-based
institutional investor.
Mereo said proceeds from these transactions will likely be used
for general corporate purposes, including clinical trial activity
and working capital.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 10, 2020 07:52 ET (12:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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