MEI with Anson and Cable Car announce cooperation pact, $1.75 p/s dividend

MEI Pharma and Anson Funds and Cable Car Capital or Anson and Cable Car announced that they have entered into a cooperation agreement. Key terms of the agreement include: Capital Return to Stockholders: The Company intends to promptly pay a dividend in the amount of $1.75 per share of common stock to all stockholders. Additionally, a second return of capital of approximately $9.33M in the aggregate will be authorized by the Board if either at least 17 patients in Cohort 1 of the Company’s ongoing ME-344 phase 1b study have disease progression prior to week 16 of treatment, a threshold consistent with the bar set forth in the phase 1b clinical trial protocol needed to continue the study by enrolling Cohort 2 of the phase 1b study, or at least six months after the date of the cooperation agreement, and prior to the initiation of Cohort 2 of the phase 1b study, the Company’s Board determines not to proceed with Cohort 2. This second return of capital may take the form of a dividend or tender offer, will be subject to the proper exercise by the Board of its fiduciary duties under applicable law and is subject to modification to the extent necessary to comply with appliable requirements under Delaware law.