(Alliance News) - Mereo BioPharma Group PLC on Tuesday reported a widened annual loss but hailed its "substantial operational progress" during 2019.
The London-based biopharmaceutical firm generated no revenue in 2019, like in the year prior. Its pretax loss stretched to GBP41.1 million from GBP37.3 million.
Chief Executive Officer Denise Scots-Knight said: "We are very pleased with the substantial operational progress we have made throughout 2019 and, particularly, over the past several months."
2019 was a year during which Mereo completed an all-stock merger with OncoMed Pharmaceuticals Inc.
"Successful integration of OncoMed has allowed us to broaden our asset base and significantly strengthen our cash position, enabling us to progress beyond our key clinical milestones," Mereo said.
Mereo shares were 2.3% lower at 38.60 pence each in London on Tuesday afternoon. The stock is down just 5.9% so far in 2020, having rebounded from a March low of 18.00p.
By Eric Cunha; ericcunha@alliancenews.com
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