Mereo BioPharma Group PLC (MREO) is leading oncology and rare diseases-related biopharmaceutical company. The main product candidate of the company is etigilimab (OMP-313M32) for the prevention of tumors. Another lead product of the company used for the prevention of late-line ovarian cancer is navicixizumab. The two rare diseases candidates of MREO include alvelestat (prevent Alpha-1 antitrypsin deficiency or AATD) and setrusumab (prevent osteogenesis imperfecta).
The price of MREO stock on December 22, 2021, was $1.61 with a slight decline of 2.42%. On December 23, 2021, at the last check in the pre-market, the stock price showed an increase of 0.62%.
Events and Happenings
On December 22, 2021, MREO and The University of Alabama at Birmingham reported top-line results from Phase 1b/2 trials evaluating alvelestat, an innovative and orally active Neutrophil Elastase suppressor in severely infected COVID-19 patients. On December 13, 2021, MREO reported that it presented the data from the preliminary patients in a sponsored clinical study of alvelestat after hematopoietic stem cell transplantation. The results were presented at the 63rd Annual Meeting of the American Society of Hematology.
On November 30, 2021, MREO announced positive results in terms of the product efficacy, safety, and biomarker data on patients from Phase 2 clinical trials of anti-TIGIT antibody, etigilimab, in amalgamation with nivolumab. On November 09, 2021, MREO reported that top management of the company presented at two investor conferences i.e., Jefferies London Healthcare Conference on November 17 and 33rd Annual Piper Sandler Virtual Healthcare Conference on November 22.
On October 26, 2021, MREO reported that FDA had awarded Orphan Drug Designation to alvelestat for the prevention of AATD. On October 13, 2021, MREO, OIFE, and OIF reported the conclusion of patient enrollment in the data gathering to study the effect of Osteogenesis Imperfecta (OI) had on patients and families. The survey concluded with up to 2200 patient responses and the study will be helpful in diagnosis and treatment. The findings will be published in 2022.
On October 01, 2021, MREO and Ultragenyx Pharmaceutical announced that the findings from Phase 2 trials on secondary endpoint of setrusumab were presented at the 2021 Annual Meeting of the American Society for Bone and Mineral Research.
Key Financials
On November 8, 2021, MREO reported the six-month financial outcomes ended on June 30, 2021. Some of the key highlights are as follows
Revenue
The revenue collected for the six-month period was £36 million.
Basic and Diluted Loss
Basic profit per share for the six-month period 2021 was £0.02 (with nil diluted profit) against the basic and diluted loss per share for the same period prior year was £1.05.
Total Assets
The total assets of the company for six months in 2021 were £144 million.
Conclusion
As the company announced the positive findings from the recent clinical trials of the product, the stock price began to surge phenomenally. The analysts are suggesting the aforementioned increase to be the result of the company’s strong and investor-friendly strategies and collaborations.
