Mereo Biopharma rises on FDA "fast track" status for cancer drug

Mereo BioPharma

07/10/2019 14:00

** U.S.-listed shares of drug developer  MREO.O   MPHM.L  up
7.8% at $3.17 before the bell after its cancer drug was granted
"fast track" status by the U.S. FDA  urn:newsml:reuters.com:*:nGNXbM8CLH
    ** Trading among top pct gainer across all indexes
    ** More than 14k shares traded premarket, 1.4x their 50-day
moving avg
    ** FDA's "fast track" status for the drug, navicixizumab, is
for the treatment of high grade ovarian, primary peritoneal or
fallopian tube cancer 
    ** The drug is one of the two products the co had acquired
through its merger with OncoMed Pharmaceuticals earlier this
year; currently undergoing second phase of early-stage trial
    ** Fast track status is designated to develop and review
drugs to treat serious conditions with an unmet medical need
    ** Up to Friday's close, stock had more than halved YTD

 (Reporting by Trisha Roy in Bengaluru)
 ((trisha.roy@thomsonreuters.com))