Mereo BioPharma: Jumps on financing deals with Novartis, Aspire Capital

Mereo BioPharma

10/02/2020 14:17

** U.S.-listed shares of Mereo BioPharma  MREO.O  jump 30%
to $2 premarket; stock third highest pct gainer across U.S.
exchanges
    ** Co entered $5 mln convertible equity financing with
Novartis  NOVN.S   urn:newsml:reuters.com:*:nGNX6Nt5l7
    ** MREO also entered agreement with institutional investor
Aspire Capital Fund LLC to issue up to $28 mln of co's ordinary
shares exchangeable for American Depositary Shares, including a
$3 mln initial purchase
    ** Proceeds to be used to fund clinical trial activity,
working capital requirements and other general corporate
purposes
    ** Up to Friday's close, stock had fallen 52% YTD

 (Reporting by Saumya Sibi Joseph in Bengaluru)
 ((saumya.joseph@thomsonreuters.com))