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Mereo BioPharma to raise at least £15M for drug research

Mereo BioPharma Group PLC said it would undertake a placing to raise a minimum of £15 million to fund the development of its BPS-804 drug.

BPS-804 is being developed to treat osteogenesis imperfecta, a rare genetic disorder characterized by fragile bones that break easily.

The U.K.-based company intends to use the proceeds to fund a pediatric phase 2b study for BPS-804 to treat osteogenesis imperfecta patients aged 5 to 18 years.

Cantor Fitzgerald Europe and RBC Capital Markets are acting as joint book runners for the placement.