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Greenwood Village, Colorado, March 31, 2021 (GLOBE NEWSWIRE) — March 31, 2021 – Global Healthcare REIT, Inc. (Currently in a rebranding effort to Selectis Health, Inc.) (OTC: GBCS) (“Selectis” or the “Company”) today reported net income for the fourth quarter of 2020 of $1.3 million, or $0.05 per diluted share, and $2.93 million, or $.11 per diluted share, for the full year 2020. Total revenue increased 202% to $20.93 million for the full year 2020 compared to $6.93 million for 2019.

FOURTH QUARTER HIGHLIGHTS

• Record revenue of $5,626,471 in Q420 versus revenue of $2,051,382 in Q419, a growth rate of 174% year-over-year;
• Net Income of $1,296,988 in Q420 versus net income (loss) of ($1,049,237) in Q419, a growth rate of 224% year-over-year;
• Earnings per Share of $.05 per share in Q420 versus net income (loss) of ($.04) per share in Q419, a growth rate of 225% year-over-year;
• Company’s Board of Directors approved the repurchase for redemption of 104,715 shares of common stock for $26,178 or $0.25 per share in a privately negotiated transaction. The redemption has been completed and the shares of common stock cancelled;
• Implemented rebranding to Selectis Health;
• Addition of new CFO, Brandon Thall;
• Completion of the 29 Bed Acquisition of Fairland Family Care.

YEAR-END 2020 HIGHLIGHTS

• Record revenue for the Year-End 2020 of $20,928,698 versus revenues of $6,929,988 in 2019, a growth rate of 202% year-over-year;
• Net Income of $2,925,820 for the Year-End 2020 versus net income (Loss) of ($891,614) in 2019, a growth rate of 428% year-over-year;
• Earnings Per Share for the Year-End 2020 of $0.11 per share basic and diluted versus (Loss) of ($0.03) in 2019, a growth rate of 467%.
• Net increase in cash of $2,985,790 to a cash balance of $3,978,303 including restricted cash for the fourth quarter, a 301% percent increase from Year-End 2019 of $992,513;
• Court approved operations transfer agreement to the Company’s wholly owned subsidiary Global Eastman, LLC as the operator of the Dodge Eastman facility;
• Company received a line of credit of $500,000 and a construction loan of $750,000 to be used for renovation and capital investment in its Park Place facility from Southern Bank, both loans carry an interest rate of 4.75% on the principal balance;
• Company’s Board of Directors approved the repurchase for redemption of 548,146 total shares of common stock for $101,563 or at an average cost of $0.185 per share in privately negotiated transactions. The redemptions have been completed and the shares of common stock cancelled;
• Purchased $402,000 of 13% mezzanine debt notes owed by Goodwill Hunting, LLC;
• Purchase of 86 bed Quapaw Higher Call acquisition.

“The Covid-19 pandemic presented historic headwinds to the healthcare industry and the Company in 2020. During the year, we implemented innumerable special protocols at our facilities to ensure our residents continued to have access to a higher quality of care. Despite significant challenges, I am proud to announce that we also delivered excellent financial results highlighted by record revenue and net income in both the fourth quarter and fiscal 2020 for our stakeholders,” said Lance Baller, CEO of Selectis Health. “For the majority of 2020, we were able to avoid much of the Covid-19 exposure that many of our competitors experienced. However, in early December, we did see an significant increase in cases in all our facilities. While conditions have improved, we anticipate a relatively flat first quarter of 2021. The successful rollout of the Covid-19 vaccines is helping to provide a well-deserved tailwind to our business, and the healthcare industry in general. We are determined to remain vigilant in our efforts to deliver safe, effective care to our residents. Additionally, as we continue to transition our business model and increase our footprint of healthcare facilities, we expect to deliver stronger financial performance across our entire portfolio in the coming year. We are pleased with the foundation of improved financial metrics and patient care that we laid for the Company in 2020. We expect to build on these successes in 2021.”

Total Revenue

For the year ended December 31, 2020, total revenue increased 202% to $20.93 million, compared to $6.93 million for the comparable period in 2019. The higher total revenue reflects our focus on our transition to our healthcare business model.

Net Income

For the year ended December 31, 2020, net income was $2.93 million, or $0.11 per diluted share, compared to a net loss of $(892 thousand), or a loss of ($0.03) per diluted share, for the full year 2019.

For the full year 2020, the Company’s EPS was $0.11 and normalized after-tax margin was 16.1%.

General and Administrative Expense Ratio

For the year ended December 31, 2020, the G&A ratio was 2.0% compared to 31.3% in 2019. The full year 2020 normalized G&A ratio was 10.2%. This improvement reflects disciplined cost management and the benefits of scale produced by the Company’s growth.

Balance Sheet

Cash and investments at the Company amounted to $4.00 million as of December 31, 2020, compared to $1.02 million as of December 31, 2019.

In 2020, the Company’s Board of Directors approved the repurchase for redemption of 548,146 shares of common stock for $101,563 at an average cost of $0.1853 per share in privately negotiated transactions. The redemptions have been completed and the shares of common stock cancelled.

Cash Flow

Operating cash flow for the year ended December 31, 2020, amounted to $3.98 million, compared to $992.5 thousand for December 31, 2019, an increase of 301%. This is primarily due to strong operating results, cash flow timing in 2020, and the net impact of timing differences in governmental receivables and payables.

Conference Call

Management will host a conference call to discuss Selectis Health’s fourth quarter and year-end 2020 results at 11:00 a.m. Eastern Daylight Time on Thursday, April 1, 2021. The number to call for the interactive teleconference is (877) 407-0789 and the confirmation number is 13718277. A telephonic replay of the call will be available after 2:00 p.m. Eastern Daylight Time on the same day through Thursday April 8, 2021., by dialing (844) 512-2921 and entering the confirmation number 13718277.

SUMMARY OF FOURTH QUARTER AND YEARD-END 2020 RESULTS

GLOBAL HEALTHCARE REIT, INC.

CONSOLIDATED BALANCE SHEETS

(AUDITED)

		December 31, 2020				December 31, 2019
ASSETS
Property and Equipment, Net		$	38,238,367			$	36,394,587
Cash and Cash Equivalents			3,567,437				641,215
Restricted Cash			410,866				351,298
Accounts Receivable, Net			1,931,569				1,188,100
Investments in Debt Securities			24,387				24,387
Intangible Assets			–				15,258
Goodwill			1,076,908				379,479
Prepaid Expenses and Other			682,949				883,839
Total Assets		$	45,932,483			$	39,878,163
LIABILITIES AND EQUITY
Liabilities
Debt, Net of discount of $452,593 and $493,353, respectively		$	38,129,600			$	36,954,184
Debt – Related Parties, Net of discount of $3,234 and $0, respectively			1,121,766				1,025,000
Accounts Payable and Accrued Liabilities			3,196,178				1,241,573
Accounts Payable – Related Parties			9,900				32,156
Dividends Payable			7,500				7,500
Derivative Liability			–				–
Lease Security Deposit			251,600				251,100
Total Liabilities			42,716,544				39,511,513
Commitments and Contingencies
Equity
Stockholders’ Equity
Preferred Stock:
Series A – No Dividends, $2.00 Stated Value, Non-Voting; 2,000,000 Shares Authorized, 200,500 Shares Issued and Outstanding			401,000				401,000
Series D – 8% Cumulative, Convertible, $1.00 Stated Value, Non-Voting; 1,000,000 Shares Authorized, 375,000 Shares Issued and Outstanding			375,000				375,000
Common Stock – $0.05 Par Value; 50,000,000 Shares Authorized, 26,866,379 and 27,441,040 Shares Issued and Outstanding at June 30, 2020 and December 31, 2019, respectively			1,343,319				1,372,052
Prepaid Stock Compensation			–				–
Additional Paid-In Capital			10,331,065				10,385,417
Accumulated Deficit			(9,036,400	)			(11,962,220	)
Total Global Healthcare REIT, Inc. Stockholders’ Equity			3,413,984				571,249
Noncontrolling Interests			(198,045	)			(204,599	)
Total Equity			3,215,939				366,650
Total Liabilities and Equity		$	45,932,483			$	39,878,163

GLOBAL HEALTHCARE REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(AUDITED)

		Twelve Months Ended								Three Months Ended
		December 31,								December 31,
		2020				2019				2020				2019
Revenue
Rental Revenue		$	2,112,459			$	3,267,644			$	483,555			$	478,424
Healthcare Revenue			18,816,239				3,662,344				5,142,916				1,572,958
Total Revenue			20,928,698				6,929,988				5,626,471				2,051,382
Expenses
General and Administrative			2,088,722				1,298,593				365,569				407,562
Property Taxes, Insurance and Other Operating			13,384,322				2,760,227				4,626,520				1,163,392
Provision for Bad Debt			292,529				155,833				62,730				155,833
Acquisition Costs			207,899				62,882				(2,047	)			56,111
Depreciation			1,580,300				1,351,810				405,401				381,976
Total Expenses			17,553,772				5,629,345				5,458,173				2,164,874
Income (Loss) from Operations			3,374,926				1,300,643				168,298				(113,492	)
Other (Income) Expense
Gain on Warrant Liability			–				(2,785	)			–				–
(Gain) Loss on Extinguishment of Debt			(1,727,349	)			–				(1,646,949	)			–
(Gain) Loss on Sale of Investments			–				(1,069	)			–				–
Gain on Proceeds from Insurance Claim			–				(158,161	)			–				165,857
Loss on Write-Off of Note Receivable			–				250,000				–				250,000
Interest Income			(465	)			(56,012	)			–				(29,764	)
Interest Expense			2,140,366				2,136,701				507,364				541,338
Total Other (Income) Expense			412,552				2,168,674				(1,139,585	)			927,431
Net Income (Loss)			2,962,374				(868,031	)			1,307,883				(1,040,923	)
Net Loss Attributable to Noncontrolling Interests			(6,554	)			6,417				(3,395	)			(814	)
Net Income (Loss) Attributable to Global Healthcare REIT, Inc.			2,955,820				(861,614	)			1,304,488				(1,041,737	)
Series D Preferred Dividends			(30,000	)			(30,000	)			(7,500	)			(7,500	)
Net Income (Loss) Attributable to Common Stockholders		$	2,925,820			$	(891,614	)		$	1,296,988			$	(1,049,237	)
Per Share Data:
Net Income (Loss) per Share Attributable to Common Stockholders:
Basic		$	0.11			$	(0.03	)		$	0.05			$	(0.04	)
Diluted		$	0.11			$	(0.03	)		$	0.05			$	(0.04	)
Weighted Average Common Shares Outstanding:
Basic			27,247,531				27,282,385				26,916,460				27,441,040
Diluted			27,630,031				27,282,385				27,298,960				27,441,040

Forward Looking Statements

This earnings release and the Company’s accompanying oral remarks contain forward-looking statements regarding its 2021 guidance, as well as its plans, expectations, and the Company’s expectations regarding future developments. Actual results could differ materially due to numerous known and unknown risks as well as uncertainties. These risks and uncertainties are discussed under the headings “Forward-Looking Statements,” and “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and also in its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020, and September 30, 2020, which are on file with the SEC. Additional information will also be set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

These reports can be accessed under the investor relations tab of the Company’s website or on the SEC’s website at sec.gov. Given these risks and uncertainties, the Company can give no assurances that its forward-looking statements will prove to be accurate, or that any other results or developments projected or contemplated by its forward-looking statements will in fact occur, and the Company cautions investors not to place undue reliance on these statements. All forward-looking statements in this release represent the Company’s judgment as of the date of this release, except as otherwise required by law, the Company disclaims any obligation to update any forward-looking statement to conform the statement to actual results or changes in its expectations.

For Further Information Contact:
Brandon Thall
[email protected]

TORONTO, CHICAGO and MONTREAL, March 31, 2021 (GLOBE NEWSWIRE) — Medexus Pharmaceuticals Inc. (the “Company” or “Medexus”) (TSXV: MDP) (OTCQX: MEDXF) (Frankfurt: P731) is pleased to report that the Company’s non-executive directors were permitted to make a one-time, irrevocable election, to receive restricted share units (“RSUs”) in lieu of cash director fees for the 2021 calendar year and all non-executive directors have made such election.

The RSUs will be issued in accordance with the Company’s 2018 omnibus equity incentive plan and on the first day following each quarter-end, with the number of RSUs determined by reference to the cash fees that would otherwise be payable to the applicable director, and the volume-weighted average trading price of the Company’s common shares. The RSUs will vest immediately and entitle the applicable holder to receive one common share of the Company at a price of $0.01 per common share.

About Medexus Pharmaceuticals Inc.

Medexus is a leading innovative and rare disease company with a strong North American commercial platform. From a foundation of proven best in class products we are building a highly differentiated company with a portfolio of innovative and high value orphan and rare disease products that will underpin our growth for the next decade. The Company’s vision is to provide the best healthcare products to healthcare professionals and patients, through our core values of Quality, Innovation, Customer Service and Teamwork. Medexus Pharmaceuticals is focused on the therapeutic areas of auto-immune disease, hematology, and allergy. The Company’s leading products are: Rasuvo™ and Metoject®, a unique formulation of methotrexate (auto-pen and pre-filled syringe) designed to treat rheumatoid arthritis and other auto-immune diseases; IXINITY®, an intravenous recombinant factor IX therapeutic for use in patients 12 years of age or older with Hemophilia B – a hereditary bleeding disorder characterized by a deficiency of clotting factor IX in the blood, which is necessary to control bleeding; and Rupall®, an innovative prescription allergy medication with a unique mode of action.

For more information, please contact:

Ken d’Entremont, Chief Executive Officer
Medexus Pharmaceuticals Inc.
Tel.: 905-676-0003
E-mail: [email protected]

Roland Boivin, Chief Financial Officer
Medexus Pharmaceuticals Inc.
Tel.: 514-344-8765
E-mail: [email protected]

Investor Relations (U.S.):
Crescendo Communications, LLC
Tel: +1-212-671-1020
Email: [email protected]

Investor Relations (Canada):
Tina Byers
Adelaide Capital
Tel: 905-330-3275
E-mail: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

MONTRÉAL, March 31, 2021 (GLOBE NEWSWIRE) — Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (TSX & NYSE:OR) announces that its Annual Information Form, Consolidated Annual Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2020 have been filed with Canadian securities regulatory authorities.  Osisko has also filed its Annual Report on Form 40-F for the year ended December 31, 2020 with the U.S. Securities and Exchange Commission.  Copies of these documents may be obtained via www.sedar.com, www.sec.gov (for the Form 40-F) or www.osiskogr.com.

Shareholders may also receive a hard copy of the Consolidated Annual Financial Statements without charge upon request to Osisko’s Investor Relations Department, 1100 av. des Canadiens-de-Montréal, Suite 300, P.O. Box 211, Montreal, Québec, Canada H3B 2S2, or to [email protected].

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 150 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.

Osisko’s head office is located at 1100 Avenue des Canadiens-de Montréal, Suite 300, Montréal, Québec, H3B 2S2. 

For further information please contact Osisko Gold Royalties Ltd:

Heather Taylor
Vice President, Investor Relations
Tel. (514) 940-0670 x105
[email protected] 

— Ultragenyx Collaboration and License Agreement for Setrusumab in Osteogenesis Imperfecta —
— Further Strengthened Management Team —
— OncXerna Global Licensing Agreement for Navicixizumab —
— Strengthened Balance Sheet through Public and Private Financings and Business Development Transactions —

LONDON and REDWOOD CITY, Calif., March 31, 2021 (GLOBE NEWSWIRE) — Mereo BioPharma Group plc (NASDAQ: MREO) (“Mereo” or the “Company”), a clinical-stage biopharmaceutical company focused on oncology and rare diseases, today announced financial results and for the year ended December 31, 2020 and provided an update on recent corporate highlights.

“Despite the challenging landscape presented by the ongoing pandemic, this past year has been one of continued execution for Mereo, and I believe that 2020 was a highly successful and exciting year for the Company,” said Dr. Denise Scots-Knight, Chief Executive Officer of Mereo. “We were able to further strengthen our partnering portfolio with licensing agreements for setrusumab and navicixizumab, with significant milestone payments tied to each deal. Our internal pipeline has continued to progress with etigilimab currently in a Phase 1b/2 basket study and alvelestat in a Phase 2 POC study for patients with AATD as well as a Phase 1 study in patients with COVID-19. Since the beginning of 2020, we successfully raised a total of $183 million (£138 million) through a combination of private placements, convertible loan notes and most recently a public offering in February 2021. The proceeds from these financing events, coupled with the upfront payments under the setrusumab and navicixizumab licensing agreements, will fund the continued advancement of our clinical programs and allow us to continue focusing on execution of our clinical and operational development strategies. As we look toward 2021, I believe that the Company is well positioned to deliver on multiple milestones and build upon the momentum we generated in 2020 as we continue to advance to our goal of becoming a leading biopharmaceutical company developing innovative therapeutics to improve outcomes for patients with rare diseases and select oncology indications.”

Recent Product Highlights and Developments

Etigilimab (OMP-313M32)

• Initiated Phase 1b/2 basket study in combination with an anti-PD-1 in a range of tumor types
• Initial data expected second half 2021

Alvelestat (MPH-966)

• Ongoing Phase 2 trial in 165 patients with AATD
• Data expected in late 2021
• Initiated Phase 1 study for the treatment of COVID-19 – data expected second half 2021

Setrusumab (BPS-804)

• Rare pediatric disease designation in September 2020
• Announced partnership with Ultragenyx for the development of setrusumab for the treatment of patients with OI in December 2020

Navicixizumab (OMP-305B83)

• In January 2020 completed a global license agreement with OncXerna Therapeutics (formerly Oncologie, Inc.) for the further development and commercialization of navicixizumab.

Corporate Updates

Strengthened Management team

• John Lewicki, PhD appointed Chief Scientific Officer, and Ann Kapoun, PhD appointed SVP Translational R&D, June 2020
• Christine Fox appointed Chief Financial Officer, and Heidi Petersen appointed SVP Regulatory Affairs, October 2020
• Suba Krishnan, M.D. appointed Senior Vice President of Clinical Development, November 2020

Delisted From AIM

• Officially delisted from the AIM market of the London Stock Exchange on December 18, 2020
• The Company’s American Depositary Shares (“ADSs”) remain listed, and are only tradeable on Nasdaq

Upcoming Events

• Needham Healthcare Conference, April 12-15, 2021
• Jefferies Healthcare Conference, June 1-4, 2021

Full Year 2020 Financial Results

Full year 2020 research and development expenses were £16.3 million, compared to £23.6 million in 2019. R&D expenses relating to setrusumab decreased by £6.0 million, or 44%. The decrease was driven primarily by the completion of the adult Phase 2b study which reported top-line data in November 2019, with a further update in January 2020. Following the licensing and collaboration agreement with Ultragenyx, future ongoing development costs for setrusumab are expected to decrease significantly. R&D expenses relating to alvelestat remained consistent, reflecting the ongoing Phase 2 proof-of-concept study. R&D expenses relating to leflutrozole decreased by £1.0 million, or 88%, due to the completion of the Phase 2b study in 2019 and limited activity in 2020 following the completion of the study. Similarly, there were no ongoing studies for acumapimod in 2020 and this resulted in a decrease in R&D expenses for acumapimod of £0.3 million, or 72%. Partially offsetting the decrease, R&D expenses relating to etigilimab increased by £0.3 million, or 34%. The increase was driven primarily by the costs associated with preparing for the open label Phase 1b/2 basket study in combination with an anti-PD-1 in a range of tumor types. We expect the costs related to the etigilimab program to increase significantly in 2021.

Administrative expenses increased by £5.3 million, or 33%, from £15.9 million in 2019 to £21.2 million in 2020. The increase was primarily due to incremental legal and professional fees associated with various transactions during the year. Professional and legal fees increased from £1.7 million to £6.9 million in 2019 and 2020, respectively. The increase reflects transaction costs associated with the June 2020 Private Placement and the cancellation of admission of our ordinary shares to trading on the AIM market of London Stock Exchange in December 2020, along with higher costs associated with the Nasdaq listing and managing a larger business in two jurisdictions following the acquisition of Mereo BioPharma 5, partially offset by intellectual property related costs as a result of lower activity associated with setrusumab. Employee-related costs increased by £1.5 million to £7.3 million in 2020 primarily due to the expansion of our management team in 2020 compared to 2019. Premises-related costs increased by £1.7 million in 2020 primarily due to transaction costs associated with renegotiation of our office lease in Redwood City. This was partially offset by a gain on lease modification of £0.9 million. Offsetting these increases were lower travel-related costs, which decreased by £0.5 million from 2019 due to COVID-19 travel restrictions.

Net loss attributable to equity holders for the year 2020 was £163.6 million, compared to a net loss of £34.8 million in 2019, reflecting an operating loss of £37.6 million, a loss of £109.8 million due to changes in the fair value of financial instruments and a £10.9 million loss on disposal of intangible assets.

Total ordinary shares outstanding at December 31, 2020 were approximately 339 million shares. Total ADSs outstanding at December 31, 2020 were approximately 67.7 million, with each ADS representing five ordinary shares of the Company.

Cash and short-term deposits totaled £23.5 million as of December 31, 2020. Mereo anticipates that its current cash and short-term deposits, which includes the upfront payment received under the collaboration and license agreement with Ultragenyx and our recently completed public offering in February 2021, will extend the Company’s runway into 2024.

About Mereo BioPharma

Mereo BioPharma is a biopharmaceutical company focused on the development and commercialization of innovative therapeutics that aim to improve outcomes for oncology and rare diseases. The Company has developed a portfolio of six clinical stage product candidates. Mereo’s lead oncology product candidate, etigilimab (Anti-TIGIT), has recently advanced into an open label Phase 1b/2 basket study evaluating Anti-TIGIT in combination with an anti-PD-1 in a range of tumor types including three rare tumors and a number of gynecological carcinomas including cervical, ovarian and endometrial carcinomas. The Company’s second oncology product, navicixizumab, for the treatment of late line ovarian cancer, has completed a Phase 1 study and has been partnered with OncXerna Therapeutics, Inc., formerly Oncologie, Inc. The Company has two rare disease product candidates: alvelestat for the treatment of severe Alpha-1 antitrypsin deficiency (AATD), which is being investigated in an ongoing Phase 2 proof-of-concept study in the U.S. and Europe, for which the Company expects to report top line data in late 2021, and setrusumab for the treatment of osteogenesis imperfecta (OI). Following the completion of the Company’s Phase 2b ASTEROID study, the Company met with both the FDA and the European Medicines Agency (EMA) to discuss the principles of a design of a single Phase 2/3 registrational pediatric study in OI. In September 2020, the FDA granted Rare Pediatric Disease designation to setrusumab for the treatment of OI. In December 2020, the Company signed a license and collaboration agreement for setrusumab in OI with Ultragenyx Pharmaceutical Inc.

Forward-Looking Statements

This press release contains “forward-looking statements.” All statements other than statements of historical fact contained in this press release are forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates.

All of the Company’s forward-looking statements involve known and unknown risks and uncertainties some of which are significant or beyond its control and involve assumptions that could cause actual results to differ materially from the Company’s historical experience and its present expectations or projections. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company’s business, including those described in the “Risk Factors” section of its latest Annual Report on Form 20-F, reports on Form 6-K and other documents furnished or filed from time to time by the Company with the SEC. The Company wishes to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

Mereo BioPharma Contacts:
Mereo	+44 (0)333 023 7300
Denise Scots-Knight, Chief Executive Officer
Christine Fox, Chief Financial Officer
Burns McClellan (Investor Relations Adviser to Mereo)	+01 212 213 0006
Lee Roth
Investors	[email protected]

Consolidated Statement of Comprehensive Loss

	Year ended December 31,
	2020	2019	2018
	£’000s	£’000s	£’000s
Research and development expenses	(16,347)	(23,608)	(22,703)
Administrative expenses	(21,222)	(15,909)	(11,775)
Operating loss	(37,569 )	(39,517 )	(34,478 )
Net income recognized on acquisition of subsidiary	–	1,035	–
Finance income	44	377	307
Finance costs	(6,383)	(4,371)	(3,807)
Changes in the fair value of financial instruments	(109,849)	875	716
Loss on disposal of intangible assets	(10,872)	–	–
Net foreign exchange (loss)/gain	(1,821)	483	(44)
Loss before tax	(166,450 )	(41,118 )	(37,306 )
Taxation	2,822	6,274	5,277
Loss attributable to equity holders of the parent	(163,628 )	(34,844 )	(32,029 )
Other comprehensive loss – items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations	349	(499)	–
Other comprehensive loss, net of tax	349	(499 )	–
Total comprehensive loss attributable to equity holders of the parent	(163,279 )	(35,343 )	(32,029 )
Basic and diluted loss per share	(0.48 )	(0.39 )	(0.45 )

Consolidated Balance Sheet

	Year Ended December 31,
	2020	2019
Assets	£’000s	£’000s
Non-current assets
Property, plant and equipment	1,573	11,558
Intangible assets	31,648	44,456
	33,221	56,014
Current assets
Prepayments	1,619	2,111
R&D tax credits	2,818	10,426
Other taxes recoverable	804	979
Other receivables	1,016	572
Cash and short-term deposits	23,469	16,347
	29,726	30,435
Total assets	62,947	86,449
Equity and liabilities
Non-current liabilities
Provisions	1,216	1,449
Interest-bearing loans and borrowings	16,142	5,373
Warrant liability	50,775	131
Other liabilities	62	44
Lease liability	1,158	9,318
	69,353	16,315
Current liabilities
Trade and other payables	3,333	6,352
Accruals	4,178	5,138
Provisions	418	309
Interest-bearing loans and borrowings	–	15,139
Contingent consideration liability	–	354
Lease liability	636	2,586
	8,565	29,878
Total liabilities	77,918	46,193
Net (liabilities)/assets	(14,971 )	40,256
Equity
Issued capital	1,017	294
Share premium	161,785	121,684
Other capital reserves	128,374	59,147
Employee Benefit Trust shares	(1,305)	(1,305)
Other reserves	5,001	7,000
Accumulated loss	(309,693)	(146,065)
Translation reserve	(150)	(499)
Total equity	(14,971 )	40,256