- Oncology and rare diseases focused Mereo BioPharma booked a deeper annual loss as R&D and other costs weighed.

Pre-tax losses for the year through December amounted to £41.1m, compared to losses of £37.3m on-year.

Chief executive Denise Scots-Knight said the company was very pleased with 'the substantial operational progress we have made throughout 2019 and particularly, over the past several months'.

Mereo BioPharma had last month decided to focus on advancing etigilimab, for the treatment of solid tumors, alongside its rare disease portfolio.

'Coupled with the completion of a $70M financing earlier this month, we believe we are entering a transformational period for Mereo and are extremely well positioned to execute on our strategy,' Scots-Knight said.

At 9:27am: [LON:MPH] Mereo Biopharma Group Ltd share price was 0p at 39.5p

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