Mereo posts net loss in 6 months, £36.1m of cash resources

Mereo posts net loss in 6 months, £36.1m of cash resources

September 17, 2019 Off By Dino Mustafić

Mereo BioPharma has reported £16.2m net loss after tax for the six-month period for 2019, the company said in a press release announcing conference call.

Mereo BioPharma’s first half of 2019 has been notable for the positive six-month data for its Phase 2b trial testing setrusumab as a treatment for OI, said Denise Scots-Knight, Chief Executive of Mereo.

“We are entering another exciting period with the 12-month data from this study expected in Q4 2019 and proof-of-concept data from our Phase 2 study for alvelestat in severe alpha-1 antitrypsin deficiency expected in mid-2020,” Scots-Knight has said.

“While our mission remains to provide new therapies for undertreated, chronically debilitating and life-limiting rare diseases, the proposed evaluation of alvelestat in the orphan disease bronchiolitis obliterans syndrome also strengthens our respiratory focus. We continue to advance discussions with potential partners to optimize the value of our broader product portfolio,” she said.

In this period, the company has had positive outcome meetings with FDA for Acumapimod for Acute Exacerbations of Chronic Obstructive Pulmonary Disease (AECOPD), and avicixizumab (OMP-305B83) for Advanced Platinum-Resistant Ovarian Cancer.

In April 2019, Mereo completed a merger with OncoMed Pharmaceuticals, Inc. (OncoMed), acquiring two clinical stage oncology programs — navicixizumab and etigilimab.