TIDMMPH
RNS Number : 8809H
Mereo BioPharma Group plc
27 March 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER
THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON PUBLICATION OF
THIS ANNOUNCEMENT THIS INFORMATION IS NOW CONSIDERED IN THE PUBLIC
DOMAIN.
Business Update and Directorate Change
London and Redwood City, Calif., March 27, 2020 - Mereo
BioPharma Group plc (NASDAQ: MREO, AIM: MPH) "Mereo" or "the
Company", a clinical-stage biopharmaceutical company focused on
rare diseases, today provided a general business update, including
a current assessment of the impact of the coronavirus disease
(COVID-19) pandemic on the business. The Company also announced a
directorate change.
Business Update
The Company has provided an update on the setrusumab and
alvelestat development programs in light of the current COVID-19
pandemic:
The Company's foremost concerns are to respect both the health
of the osteogenesis imperfecta ("OI") and alpha-1 antitrypsin
deficiency patient communities and clinical trial participants, as
well as the pressures that healthcare systems are currently facing
due to the COVID-19 pandemic.
Current activities on setrusumab for the potential treatment of
OI are focussed on preparations for the Phase 3 pediatric trial,
which the Company is intending to start in 2H 2020. The Company
currently expects no change to this timeline. Mereo's Phase 2b
ASTEROID study in OI is fully recruited with topline results
previously announced in November 2019. Patients who enrolled in
this study are in a one-year follow up post treatment extension
phase.
The Company's Phase 2 alvelestat trial recruits individuals with
alpha-1 antitrypsin deficiency-related lung disease, who are
potentially at greater risk from COVID-19 exposure . As a result,
recruitment into Mereo's Phase 2 alpha-1 antitrypsin deficiency
study will be delayed, with topline data now expected in 2021.
Directorate Change
The Company also announced that current Mereo Board member Mr.
Michael Wyzga, who is based in the U.S., will become Interim Chief
Financial Officer following the departure of Mr. Richard Jones, the
Company's Chief Financial Officer (CFO) who has informed the Board
that he will be leaving the Company to pursue other opportunities.
Mr. Jones will remain in his position as CFO with the Company for a
transitionary period up to 5 months. As the Company continues to
expand its investor base in the U.S. following the listing of the
Company's American Depositary Shares ("ADSs") on NASDAQ in April
2019, Mereo intends to commence a search for a new CFO to be based
in the U.S.
"Following our listing on NASDAQ and our ongoing plan to expand
our U.S. investor base, we recognise the importance of being closer
to our U.S. stakeholders and have decided to move the CFO function
to the U.S. following Richard's departure," said Dr. Denise
Scots-Knight, Chief Executive Officer of Mereo. "We are very
pleased to have Michael oversee the transition."
Peter Fellner, Chairman of the Board of Directors of Mereo
BioPharma, said: "On behalf of the Board, I would like to thank
Richard for his contributions to Mereo over the past three years,
during which time we have made significant clinical and operational
progress, including our acquisition of OncoMed, which has resulted
in Mereo's ADSs being listed on NASDAQ in addition to our existing
listing on AIM. We wish Richard all the best in his future
endeavours."
Mr. Wyzga previously served as President and Chief Executive
Officer and a member of the Board of Directors of Radius Health,
Inc. Prior to that he served in various senior management positions
at Genzyme Corporation, including as Chief Financial Officer from
July 1999 until November 2011. In addition to be a being
non-executive board director at Mereo, Mr. Wyzga is also a member
of the Board of Directors of Exact Sciences Corporation and
LogicBio and serves as the Chairman of the Board of Directors of
Gensight Biologics S.A. and X4 Biologics.
About Mereo BioPharma
Mereo BioPharma is a biopharmaceutical company focused on the
development and commercialization of innovative therapeutics that
aim to improve outcomes for patients with rare diseases. Mereo's
strategy is to selectively acquire product candidates for rare
diseases that have already received significant investment from
pharmaceutical and large biotechnology companies and that have
substantial preclinical, clinical and manufacturing data packages.
Mereo's lead rare disease product candidate, setrusumab, has
completed a Phase 2b dose-ranging study in adults with osteogenesis
imperfecta ("OI"). Mereo's second lead product candidate,
alvelestat, is being investigated in a Phase 2 proof-of-concept
clinical trial in patients with alpha-1 antitrypsin deficiency
("AATD"). Mereo's broader pipeline consists of three additional
clinical-stage product candidates; acumapimod for the treatment of
acute exacerbations of chronic obstructive pulmonary disease
("AECOPD"), leflutrozole for the treatment of hypogonadotropic
hypogonadism ("HH") in obese men, and etigilimab ("Anti-TIGIT") for
patients with advanced or metastatic solid tumors.
Additional Information
The person responsible for arranging the release of this
information on behalf of the Company is Charles Sermon, General
Counsel.
Forward-Looking Statements
This Announcement contains "forward-looking statements." All
statements other than statements of historical fact contained in
this Announcement are forward-looking statements within the meaning
of Section 27A of the United States Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the United
States 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 Company's 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 Company's 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 Company's historical
experience and its present expectations or projections. The
foregoing factors and the other risks and uncertainties that affect
the Company's business, including those described in its Annual
Report on Form 20-F, Reports on Form 6-K and other documents filed
from time to time by the Company with the United States Securities
and Exchange Commission (the "SEC") and those described in other
documents the Company may publish from time to time should be
carefully considered. 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.
Mereo BioPharma Contacts:
Mereo +44 (0)333 023 7300
Denise Scots-Knight, Chief Executive Officer
Cantor Fitzgerald Europe (Nominated Adviser
and Broker to Mereo ) +44 (0)20 7894 7000
Phil Davies
Will Goode
Burns McClellan (US Public Relations Adviser
to Mereo) +01 (0) 212 213 0006
Lisa Burns
Steve Klass
FTI Consulting (UK Public Relations Adviser
to Mereo ) +44 (0)20 3727 1000
Simon Conway
Ciara Martin
Investors investors@mereobiopharma.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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