MEIP closes public offering. MEIP now has a little over 100 million shares outstanding. They now should have approximately $100 million in cash at the end of this calendar year. The EV is around $60 million. They burn about $50 million a year. Their partner, Helsinn, pays for the Phase III trials in AML as well as the Phase II trial in MDS with Pracinostat, an HDAC inhibitor. The former is run by Helsinn and the latter is run by MEIP. MEIP's other three drugs in development are proprietary. All three are in the clinic. The most advanced is ME-401, a PIK3 Delta inhibitor, which is in a Phase II--potentially registrational--trial in FL and CLL/SLL.
MEI Pharma Announces Closing of Public Offering of Common Stock
PR Newswire PR Newswire•December 19, 2019
SAN DIEGO, Dec. 19, 2019 /PRNewswire/ -- MEI Pharma, Inc. (Nasdaq: MEIP), a late-stage pharmaceutical company focused on advancing new therapies for cancer, announced today that it has closed the underwritten public offering of 32,343,750 shares of its common stock, including 4,218,750 shares sold as a result of the exercise by the underwriters of their option to purchase additional shares, at $1.60 per share for total gross proceeds, before underwriting commissions and estimated expenses, of approximately $51,750,000.
The Company plans to use the net proceeds of the offering, together with other available funds, to progress its clinical development programs, as well as for working capital and other general corporate purposes.
Stifel and Wells Fargo Securities acted as joint book-running managers for the offering.
The securities described above are being offered pursuant to a "shelf" registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). The offering is being made only by means of a prospectus supplement and accompanying base prospectus. Copies of the final prospectus supplement and accompanying base prospectus relating to the offering may be obtained from Stifel, Nicolaus & Company Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at 415-364-2720 or by email at syndprospectus@stifel.com; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York NY 10152, by telephone at 800-326-5897 or by email at cmclientsupport@wellsfargo.com. An electronic copy of the final prospectus supplement and accompanying base prospectus relating to the offering is also available on the website of the SEC at www.sec.gov.
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