MEI Pharma, Inc. - MEIP STOCK NEWS

MEI Pharma, Inc. (Nasdaq: MEIP) has announced a 1-for-20 reverse stock split, effective from April 17, 2023. This decision, approved by stockholders on January 5, 2023, aims to increase the per share trading price and meet Nasdaq's minimum bid price requirement for continued listing.

The split will reduce the number of outstanding shares from approximately 133.3 million to around 6.7 million. Fractional shares will not be issued; affected stockholders will receive cash equivalent to their fractional shares based on the closing price on April 14, 2023.

Computershare Trust Company will manage the transfer process. Changes to the CUSIP number will also take effect on the same date.

MEI Pharma and Infinity Pharmaceuticals have announced a merger agreement to create a combined company that will focus on advancing a diverse clinical-stage oncology pipeline. This includes three drug candidates: eganelisib, voruciclib, and ME-344, targeting various cancers. The merger is expected to be an all-stock transaction, with projected cash balance of approximately $100 million to fund operations through mid-2025. MEI shareholders are expected to own 58% and Infinity shareholders 42% of the new entity. The merger seeks to leverage combined expertise and resources to enhance therapeutic options for patients.

MEI Pharma reported strong financial results for the quarter ended December 31, 2022, with a cash position of $124 million. The company recorded a net income of $10.3 million ($0.08 per share), a significant improvement from a net loss of $12.2 million in the previous year. Revenue surged to $32.7 million, up from $11.8 million a year ago, largely due to the discontinuation of the zandelisib program, leading to lower operational costs. MEI intends to focus on advancing its oncology candidates, voruciclib and ME-344, with key clinical data readouts expected by year-end.

MEI Pharma, Inc. (NASDAQ: MEIP) has adjourned its annual stockholders' meeting to January 5, 2023, at 9:00 a.m. Pacific Time, allowing investors more time to consider recent company announcements. The record date remains October 13, 2022. Shareholders can participate online and vote electronically. The board continues to recommend voting 'FOR' proposals one through five. MEI has also filed a definitive proxy statement with the SEC, urging stockholders to review it before voting.

MEI Pharma (Nasdaq: MEIP) has announced a strategic realignment focusing on two early-stage clinical oncology assets, voruciclib and ME-344, following the discontinuation of its zandelisib program outside Japan. The workforce will be reduced by about 30% to streamline operations. The company expects its cash and marketable securities to fund operations through clinical milestones for both candidates. Voruciclib is in a Phase 1 study for B-cell malignancies, while ME-344 will enter a Phase 1b study for colorectal cancer. Torreya Partners has been engaged as a financial advisor for potential strategic opportunities.

MEI Pharma and Kyowa Kirin announced the discontinuation of global development for zandelisib, targeting B-cell malignancies, outside Japan after receiving recent FDA guidance. MEI Pharma cited the inability to complete clinical development within a feasible timeframe for further investment as the reason. Although disappointed, Kyowa Kirin will continue clinical trials in Japan and consider regulatory submissions based on the Phase 2 MIRAGE and TIDAL studies. The decision does not relate to clinical data generated to date but reflects regulatory challenges.

MEI Pharma has announced promising interim results from the Phase 2 MIRAGE study of zandelisib, demonstrating a 75.4% objective response rate (ORR) in Japanese patients with indolent B-cell Non-Hodgkin’s Lymphoma (iB-NHL). The study involved 61 patients, with 24.6% achieving a complete response and a median follow-up of 9.5 months. A 14.8% discontinuation rate due to treatment-emergent adverse events was reported. Additionally, results from a Phase 1 study of zandelisib have been published in the International Journal of Hematology.

MEI Pharma (Nasdaq: MEIP) reported its fiscal Q1 results ending September 30, 2022, highlighting a cash position of $138.4 million with no debt. The company recognized revenue of $8.7 million, a slight increase from $7.8 million year-over-year. However, operational cash use rose to $14.8 million compared to $7.7 million in Q1 2021, primarily due to the absence of a prior milestone payment. The net loss was $16.6 million or $0.12 per share, improving from a $17.5 million loss the previous year. MEI aims to advance its clinical pipeline amid ongoing FDA evaluations.