Mereo BioPharma ADSs Up 28% on Equity Financing From Novartis

Mereo BioPharma Group Plc American depositary shares rose 28% to $2 premarket after the company said it has entered into a $5 million convertible equity financing with Novartis Pharma AG (NVS).
The biopharmaceutical company said it also entered into a securities purchase agreement to issue up to $28 million of its ordinary shares exchangeable for ADSs, including a $3 million initial purchase, with Aspire Capital Fund LLC, a Chicago-based institutional investor.
Mereo said proceeds from these transactions will likely be used for general corporate purposes, including clinical trial activity and working capital.

https://www.marketscreener.com/MEREO-BIOPHARMA-GROUP-PLC-56171672/news/Mereo-BioPharma-ADSs-Up-28-on-Equity-Financing-From-Novartis-29969906/