Mereo BioPharma raises £15m for brittle bone disease treatment
Updated : 12:50
Mereo BioPharma has raised £15m from an equity placing in order to accelerate development of a treatment for brittle bone disease in children.
The AIM-listed company raised about £15m from a placing of 5.04m shares, which was 7.8% of Mereo’s share capital, at a price of 297.5p each.
The new shares will be admitted to trade on AIM on 4 April and following admission, the company will have 69.38m shares in issue.
The funds raised will be used to accelerate and expand the development of BPS-804, Mereo’s treatment for children with osteogenesis imperfecta, commonly known as brittle bone disease.
Shares in Mereo BioPharma were up 0.84% to 300p at 0942 BST.