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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mereo BioPharma Group PLC | NASDAQ:MREO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.25% | 3.99 | 3.98 | 3.99 | 4.00 | 3.925 | 3.97 | 112,839 | 16:16:26 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2022
Commission File Number: 001-38452
MEREO BIOPHARMA GROUP PLC
(Translation of registrants name into English)
4th Floor, One Cavendish Place,
London, W1G 0QF, United Kingdom
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
First Quarter 2022 Financial Information
As of March 31, 2022, Mereo BioPharma Group plc (the Company) had cash and short-term deposits of £84.9 million ($111.4 million). Net cash burn during the first quarter of 2022 amounted to £9.4 million ($12.4 million). The Company expects its existing cash and short-term deposits will enable it to fund its currently committed clinical trials, operating expenses and capital expenditure requirements into 2024.
The Companys current business plan and cash flow forecasts consider (i) ongoing research and development efforts which are focused on etigilimab, the Companys oncology product candidate, and on its rare disease product candidates, setrusumab and alvelestat, (ii) general corporate funding requirements, and (iii) the £3.8 million convertible loan note instrument with Novartis pursuant to which it issued 3,841,479 unsecured convertible loan notes and warrants to purchase 1,449,614 ordinary shares, exercisable until February 2023 and February 2025, respectively.
The contents of this Report on Form 6-K are incorporated by reference in the Companys registration statement on Form F-3 (File No. 333-258495).
Forward-Looking Statements
This Report on Form 6-K contains forward-looking statements. All statements other than statements of historical fact contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the 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 Companys 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 Companys 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 Companys historical experience and its present expectations or projections. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Companys 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 9, 2022
MEREO BIOPHARMA GROUP PLC | ||
By: | /s/ Christine Fox | |
Name: Christine Fox | ||
Title: Chief Financial Officer |
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