Anson, Cable Car file materials to remove entire MEI Pharma board

Earlier, Anson Funds and Cable Car Capital, which collectively beneficially own approximately 14.8% of the outstanding common stock of MEI Pharma, announced that they have filed preliminary consent materials with the Securities and Exchange Commission regarding their solicitation of written consents from stockholders in lieu of a stockholder meeting to remove the entire Board of Directors of MEIP and issued the following statement: “In our view, the current Board has not operated with stockholders in mind and needs to be held accountable. We believe the Board has repeatedly exhibited poor judgment and has failed to listen to stockholders, as evidenced by its decision to pursue a value-destructive and speculative transaction with Infinity Pharmaceuticals and its apparent refusal to accept that the transaction has seemingly failed to garner support from stockholders, the true owners of the Company. We are launching this consent solicitation because we believe immediate action must be taken to prevent the further destruction of value. Removing the current directors is an important first step in reconstituting the Board and creating meaningful change at the Company. The Board’s unwillingness to return capital to stockholders and refusal to engage with us regarding our all-cash acquisition proposal, in our view, evinces its fundamental misunderstanding of its role as steward of stockholder resources. We believe the stockholders of MEIP deserve a well-functioning Board that understands its role and will prioritize the best interest of stockholders. We look forward to continuing to engage with our fellow stockholders over the coming weeks and invite you to review our preliminary consent statement, which explains further why we believe urgent change on the Board is needed.”