Mereo BioPharma Group Plc (MREO), a company specializing in rare diseases, announced on Friday the pricing of an underwritten registered direct offering, comprising 12.531 million American Depositary Shares (ADSs) at $3.99 per ADS.
The offering, which is anticipated to close around June 17, is expected to generate gross proceeds of approximately $50 million.
The company plans to allocate the net proceeds towards funding the setrusumab program, including supply chain and pre-launch activities in Europe, as well as for working capital and other general corporate purposes. Each ADS represents five shares of Mereo.
