Mereo BioPharma Prices Offering Of $50 Mln Of American Depositary Shares

(RTTNews) - Mereo BioPharma Group Plc (MREO), a company focused on rare diseases, on Friday announced the pricing of an underwritten registered direct offering of 12.531 million of its American Depositary Shares or ADSs at $3.99 per ADS.

The gross proceeds from the offering, to be closed on or about June 17, are expected to be around $50 million.

The company intends to use the net proceeds to fund the setrusumab program, including supply and pre-launch activities in Europe, for working capital, and other general corporate purposes. Each ADS represents five shares of Mereo.