MEI Pharma prioritizes voruciclib, will not continue with 2nd ROC

MEI Pharma reported that the company’s Board of Directors unanimously agreed on a strategic plan to leverage recent positive voruciclib and ME-344 clinical data to prioritize clinical development of voruciclib while enabling development of a new ME-344 formulation for Phase 1 study. Additionally, the Company’s Board of Directors unanimously determined not to proceed with a second return of capital under the October 31 Anson Funds and Cable Car Capital cooperation agreement in order to conserve resources and align strategic investment, and thereby extend the Company’s operational runway. “We are very fortunate as a development-stage therapeutics company to have two very promising oncology candidates, voruciclib and ME-344, that continue to generate data supporting their potential as novel therapeutics to benefit patients with cancer. With the MEI Board aligned around our strategy, we have a productive framework to advance both clinical programs in a manner intended to address significant medical needs while prioritizing a measured and objective-based allocation of our resources,” said David Urso, president and chief executive officer of MEI Pharma…”The entire MEI Board is pleased to unanimously align around a strategy that we believe is in the best interests of the Company’s shareholders, with the intent to optimize the opportunity to judiciously advance both of the voruciclib and ME-344 development programs,” stated Taheer Datoo, director of MEI Pharma and principal and portfolio manager of Anson Funds. “Under the strategy, use of capital is measured and balanced to achieve key clinical objectives designed to optimize the development potential these product candidates hold to advance the standard of care for patients with cancer while also optimizing the interests of our shareholders.”