Mereo BioPharma Group plc (NASDAQ: MREO) is thrilled to announce that the Listing Qualifications Department of the Nasdaq Stock Market has granted approval for the transfer of its American Depositary Shares (“ADSs”) from the Nasdaq Global Market to the Nasdaq Capital Market. This transfer will become effective on May 3, 2023, and marks a major milestone for the clinical-stage biopharmaceutical company, which is focused on rare diseases.
The Company’s ADSs, trading under the ticker symbol “MREO”, remain unaffected by the move to the Nasdaq Capital Market. This transition was only possible due to the Company meeting the market value of publicly held shares requirement and other requirements for initial listing, except for the bid price requirement. Thus, the Company’s ADSs continue to be traded in the same manner as the Nasdaq Global Market.
The Company is delighted to announce that, following its transfer to the Nasdaq Capital Market, it has regained compliance with Nasdaq Listing Rule 5450(a)(1), which requires that the bid price of its ADSs meet or exceed $1.00 per ADS for at least ten consecutive business days.
After surpassing this benchmark on May 5, 2023, the Company will receive an official written notification from Nasdaq confirming its compliance status.
About Mereo BioPharma
Mereo BioPharma is a biopharmaceutical company that is revolutionizing the development of innovative therapeutics for rare diseases. With a robust portfolio of clinical stage product candidates, the company is moving towards a brighter future for those suffering from rare diseases.
Two of the company’s rare disease product candidates, setrusumab for the treatment of osteogenesis imperfecta (OI) and alvelestat for the treatment of severe alpha-1-antitrypsin deficiency-associated lung disease (AATD-LD) and Bronchiolitis Obliterans Syndrome (BOS), are currently in development.
Ultragenyx Pharmaceutical, Inc. has initiated a pivotal Phase 2/3 pediatric study in young adults (5-25 years old) for setrusumab in OI, and is set to initiate a study in pediatric patients (<5 years old) in the first half of 2023.
In addition, alvelestat has received U.S. Orphan Drug Designation for the treatment of AATD, Fast Track designation from the FDA, and positive data were reported from a Phase 2 proof-of-concept study. To further its development of rare disease therapeutics, Mereo is also exploring oncology, with