LONDON (Alliance News) - Mereo BioPharma Group PLC said Wednesday it continues to make progress on "all fronts" after narrowing its interim loss.
For the six months to June 30, the pharmaceutical company posted a pretax loss of GBP19.4 million compared to GBP27.3 million a year ago.
Mereo's research & development expenses were halved to GBP10.9 million from GBP21.4 million last year, due to a phasing down of costs associated with two phase two studies, the company said.
As it is a clinical stage biopharmaceutical company, BioPharma did not record any revenue for the half-year.
"Finally, we remain well-funded in the short term but continue to evaluate the opportunity to access a wider pool of longer-term equity capital by an offering and listing of American depository shares in the US on NASDAQ at an appropriate time," the company said.
Mereo shares were trading down 3.2% at 304.80 pence each Wednesday.