MEI Pharma Announces Results of Special Meeting of Stockholders
23 Julho 2023 - 3:30PM
Business Wire
MEI Pharma, Inc. (NASDAQ: MEIP) (the “Company”) today announced
that, based on a count of the votes cast at the Company’s Special
Meeting of Stockholders, MEI, by a narrow margin, did not obtain
the necessary stockholder votes to approve the merger agreement
with Infinity Pharmaceuticals, Inc. (“Infinity”). The certified
results show that 59.70% of outstanding shares were voted, of which
47.86% voted in favor of the proposed transaction, and 51.44%
against. Accordingly, MEI has sent Infinity a notice terminating
the merger agreement.
“While we believe the benefits of the Infinity transaction were
compelling for MEI stockholders, we appreciate and value the
perspectives of our stockholders,” said David M. Urso, President
and Chief Executive Officer of MEI Pharma. “Our Board and
management team remain highly-focused on the potential for
capturing the stockholder value inherent in the Company’s current
development pipeline, which includes Voruciclib and ME-344. With
clinical data expected from both of our clinical-stage pipeline
programs around year-end and capital to support our near-term
development plans, we are focused on the potential opportunities
for creating stockholder value.”
MEI’s clinical-stage development programs have the potential, in
combination with current therapies, to overcome known resistance
mechanisms and improve patient outcomes in cancer. This is
supported by pre-clinical and clinical data showing potential
anti-tumor activity and mechanistic proof of concept for the
combinations being evaluated. Specifically:
- Voruciclib is an orally administered Cyclin-Dependent Kinase 9
(CDK9) inhibitor being clinically investigated for hematological
malignancies in combination with Venclexta®.
- ME-344 is a novel, mitochondrial inhibitor drug candidate
targeting the OXPHOS pathway involved in the production of
adenosine triphosphate (“ATP”) being evaluated in combination with
Avastin®.
Voruciclib, in combination with Venclexta, and ME-344, in
combination with Avastin, are expected to generate data around the
end of this year, with the potential to demonstrate safety and
preliminary evidence of efficacy for Voruciclib in patients with
acute myeloid leukemia, and for ME-344 in patients with colorectal
cancer.
The final vote count regarding the Special Meeting, certified by
the independent Inspector of Election, will be filed with the
Securities and Exchange Commission on a Form 8-K as soon as
practicable, following the customary review and challenge
period.
MEI will share further updates on its pipeline and opportunities
for value-creation in an investor update call that will be
scheduled in the coming days.
About MEI Pharma
MEI Pharma, Inc. (Nasdaq: MEIP) is a pharmaceutical company
focused on developing potential new therapies for cancer. MEI
Pharma’s portfolio of drug candidates includes clinical stage
candidates with differentiated mechanisms of action intended to
address unmet medical needs and deliver improved benefit to
patients, either as standalone treatments or in combination with
other therapeutic options. For more information, please visit
www.meipharma.com. Follow us on Twitter @MEI_Pharma and on
LinkedIn.
Forward-Looking Statements
Certain information contained in this press release includes
“forward-looking statements”, within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We may, in some cases
use terms such as “predicts,” “believes,” “potential,” “continue,”
“anticipates,” “estimates,” “expects,” “plans,” “intends,” “may,”
“could,” “might,” “likely,” “will,” “should” or other words that
convey uncertainty of the future events or outcomes to identify
these forward-looking statements. Our forward-looking statements
are based on current beliefs and expectations of our management
team that involve risks, potential changes in circumstances,
assumptions, and uncertainties, including our expectations
regarding the effect of the reverse stock split, our ability to
meet the minimum bid price requirement, our ability to regain
compliance with the Nasdaq continued listing requirements, and our
financial condition, growth and strategies. Any or all of the
forward-looking statements may turn out to be wrong or be affected
by inaccurate assumptions we might make or by known or unknown
risks and uncertainties. These forward-looking statements are
subject to risks and uncertainties including risks related to our
ability to regain compliance with Nasdaq’s minimum bid price
requirement, or otherwise maintain compliance with any other
listing requirements on Nasdaq, the potential de-listing of our
shares on Nasdaq, our strategy, business plans and focus, and the
other risks set forth in our filings with the U.S. Securities and
Exchange Commission, including our Annual Report on Form 10-K and
our Quarterly Reports on Form 10-Q. For all these reasons, actual
results and developments could be materially different from those
expressed in or implied by our forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements, which are made only as of the date of this press
release. We undertake no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20230723148389/en/
David A. Walsey 858-369-7104 investor@meipharma.com
Joele Frank, Wilkinson Brimmer Katcher Dan Katcher / Aaron
Palash 212-355-4449 MEIP-jf@joelefrank.com
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