Business Update and Directorate Change
27 March 2020 - 11:00PM
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 StatementsThis
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 |
|
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|
Investors |
investors@mereobiopharma.com |
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