Rare diseases pharmaceutical company Mereo BioPharma Group said annul losses deepened on the back of higher R&D spending.
Pre-tax losses amounted to £47.0m, compared to losses in the prior year of £33.7m.
'This has been a pivotal period for Mereo,' chief executive Denise Scots-Knight said.
'We announced positive top-line data with BCT-197 for AECOPD, our first significant clinical study read-out since the company's inception in mid-2015.
'Together with the positive BGS-649 data announced earlier this week, we have now successfully completed two substantial Phase 2 studies on our specialty pharma product candidates and initiated a Phase 2b study with BPS-804, our orphan disease product candidate for osteogenesis imperfecta in adults.'
'We also demonstrated the sustainability of our business model with the in-licensing of AZD-9668 from AstraZeneca for the rare disease Alpha-1 Antitrypsin Deficiency.'
'We continue to review a large number of opportunities to further diversify our portfolio, and look forward to reporting further significant progress and initiating additional clinical studies in 2018.'