29th Apr 2019 12:05
LONDON (Alliance News) - Mereo BioPharma Group PLC on Monday said its loss narrowed in 2018 following the completion of several product trials.
The clinical stage biopharmaceutical company reported pretax loss of GBP37.3 million for 2018 compared to GBP47.0 million loss a year prior, as research & development expenses dropped by 34% to GBP22.7 million from GBP34.6 million.
The company explained that lower costs reflected the reduced clinical trial activity focused on its two rare product development programmes and the completion of clinical trials for its two non-rare disease products.
Administrative expenses, however, increased by 17% to GBP12.5 million from GBP10.7 million in 2017.
"I am very pleased with the progress we have made in business development and in advancing our programs further into the clinic, with the hope of providing better treatment options for patients suffering from rare diseases," said Chief Executive Denise Scots-Knight.
Looking ahead, the company said it expects 2019 to be a transformational year, as i expects to list on Nasdaq to diversify its shareholder base.
Mereo shares were trading 8.7% higher on Monday at 125.00 pence each.
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