LONDON (Alliance News) - Mereo BioPharma Group PLC said on Thursday it has decided to postpone its proposed listing of American depository shares on the Nasdaq Global Market.
Mereo said the decision was taken as it believes current market conditions are not conducive for an offering.
The company remains well funded, it said, with net cash at GBP52.5 million at the end of 2017, and the development of its clinical assets remains on track.
Chief Executive Denise Scots-Knight said: "We received positive feedback and strong levels of institutional interest during the offering process. However, challenging stock market conditions have led our Board to take the decision to withdraw our global offering and postpone our proposed listing of ADSs on Nasdaq in the interests of our existing shareholders.
"We are making good progress in the clinic and have reported positive data from both our BCT-197 and BGS-649 clinical programmes over the last few months. Subsequently we are also progressing BCT-197 partnering discussions. We remain well funded and are confident in the future development and potential value of our pipeline."
Shares were down 2.4% on Thursday at 323.99 pence each.