MEI Pharma Declares Special Cash Dividend of $1.75 Per Share of Common Stock

Rhea-AI Summary

MEI Pharma, Inc. (Nasdaq: MEIP) has announced a special cash dividend of $1.75 per share of common stock, payable on December 6, 2023. The dividend will be characterized for tax purposes as a return of capital to shareholders.

SAN DIEGO--(BUSINESS WIRE)-- MEI Pharma, Inc. (Nasdaq: MEIP) (the “Company”), a clinical-stage pharmaceutical company focused on advancing new therapies for cancer, today announced that pursuant to the previously disclosed cooperation agreement with Anson Funds and Cable Car Capital, the Company’s Board of Directors today declared a special cash dividend (the “Dividend”) of $1.75 per share of common stock, $0.00000002 par value, payable on December 6, 2023 to stockholders of record at the close of business on November 17, 2023. The Company expects 100% of the special dividend to be characterized for tax purposes as return of capital to shareholders.

About MEI Pharma

MEI Pharma, Inc. (Nasdaq: MEIP) is a clinical-stage pharmaceutical company committed to developing novel and differentiated cancer therapies. We build our pipeline by acquiring promising cancer agents and creating value in programs through development, strategic partnerships, out-licensing and commercialization, as appropriate. Our approach to oncology drug development is to evaluate our drug candidates in combinations with standard-of-care therapies to overcome known resistance mechanisms and address clear medical needs to provide improved patient benefit. The drug candidate pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (“CDK9”) inhibitor, and ME-344, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway. For more information, please visit www.meipharma.com. Follow us on X (formerly Twitter) @MEI_Pharma and on LinkedIn.

Forward-Looking Statements

Certain information contained in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding: the potential, safety, efficacy, and regulatory and clinical progress of our product candidates, including the anticipated timing for initiation of clinical trials and release of clinical trial data and our expectations surrounding potential regulatory submissions, approvals and timing thereof, our business strategy and plans; the sufficiency of our cash, cash equivalents and short-term investments to fund our operations; and our ability to fund future capital returns. You should be aware that our actual results could differ materially from those contained in the forward-looking statements, which are based on management’s current expectations and are subject to a number of risks and uncertainties, including, but not limited to our failure to successfully commercialize our product candidates; the availability or appropriateness of utilizing the FDA’s accelerated approval pathway for our product candidates; final data from our pre-clinical studies and completed clinical trials may differ materially from reported interim data from ongoing studies and trials; costs and delays in the development and/ or FDA approval, or the failure to obtain such approval, of our product candidates; uncertainties or differences in interpretation in clinical trial results; uncertainty regarding the impact of rising inflation and the increase in interest rates as a result; potential economic downturn; activist investors; our inability to maintain or enter into, and the risks resulting from, our dependence upon collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products; competitive factors; our inability to protect our patents or proprietary rights and obtain necessary rights to third party patents and intellectual property to operate our business; our inability to operate our business without infringing the patents and proprietary rights of others; general economic conditions; the failure of any products to gain market acceptance; our inability to obtain any additional required financing; technological changes; government regulation; changes in industry practice; and one-time events. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements. Under U.S. law, a new drug cannot be marketed until it has been investigated in clinical studies and approved by the FDA as being safe and effective for the intended use.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231106175062/en/

David A. Walsey

858-369-7104

investor@meipharma.com

Source: MEI Pharma, Inc.

FAQ

What is the ticker symbol of MEI Pharma, Inc.?

The ticker symbol of MEI Pharma, Inc. is MEIP.

When will the special cash dividend be payable?

The special cash dividend will be payable on December 6, 2023.

What is the amount of the special cash dividend?

The special cash dividend is $1.75 per share of common stock.

How will the special cash dividend be characterized for tax purposes?

The special cash dividend will be characterized for tax purposes as a return of capital to shareholders.