Mereo BioPharma Group plc (NASDAQ:MREO) changed 7.62% to recent value of $2.26. The stock transacted 704398 shares during most recent day however it has an average volume of 197.78K shares. It spotted trading -73.35% off 52-week high price. On the other end, the stock has been noted 109.26% away from the low price over the last 52-weeks.
On Jan. 13, 2020, Mereo BioPharma Group plc (NASDAQ:MREO) disclosed a global license agreement (the License Agreement) for the development and commercialization of navicixizumab, an anti-DLL4/VEGF bispecific antibody currently being evaluated in an ongoing Phase 1b study in combination with paclitaxel in patients with advanced heavily pretreated ovarian cancer. Navicixizumab previously completed a Phase 1a monotherapy study in patients with various types of refractory solid tumors and is one of two product candidates Mereo acquired through its 2019 merger with OncoMed Pharmaceuticals In October 2019, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to navicixizumab and has agreed in principle on the design of a study that could potentially support accelerated approval for navicixizumab in a heavily pretreated, platinum-resistant ovarian cancer patient population.
Under the terms of the License Agreement, Oncologie will receive an exclusive worldwide license to develop and commercialize navicixizumab. Mereo will receive an upfront payment of $4 million with an additional payment of $2 million conditional on a CMC (Chemistry, Manufacturing and Controls) milestone. Oncologie will be responsible for all future research, development and commercialization of navicixizumab. Additionally, Mereo will be eligible to receive up to $300 million in future clinical, regulatory and commercial milestones, tiered royalties ranging from the mid-single-digit to sub-teen percentages on global annual net sales of navicixizumab, as well as a negotiated percentage of sublicensing revenues from certain sublicensees.
The company has 19.59M of outstanding shares and 15.28M shares were floated in the market. The price moved ahead of 13.10% from the mean of 20 days, 0.14% from mean of 50 days SMA and performed -29.10% from mean of 200 days price. Company’s performance for the week was -12.40%, 33.20% for month and YTD performance remained -31.10%.