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MEI Pharma announces $75M private placement.

MEI Pharma announced it entered into a definitive securities purchase agreement for the sale of its common stock and warrants to purchase common stock in a private placement led by Vivo Capital and CAM Capital. Other participants included New Enterprise Associates, Perceptive Advisors, The Biotechnology Value Fund, Boxer Capital of Tavistock Group, and Amzak Health, as well as other new and existing investors. The transaction is expected to result in gross proceeds to the Company of approximately $75M before deducting placement agent and other offering expenses. Proceeds from the financing will be used to fund continued clinical development of MEI-401, a selective oral inhibitor of phosphatidylinositol 3-kinase delta that is expected to enter a single-agent registration study in 2018 for the treatment of adults with relapsed or refractory follicular lymphoma, and for general corporate purposes. Stifel and Wells Fargo Securities acted as joint lead placement agents. Oppenheimer & Co. and SunTrust Robinson Humphrey acted as lead co-placement agents. Laidlaw & Company acted as co-placement agent. BTIG acted as an equity capital markets advisor. Pursuant to the terms of the securities purchase agreement, the Company will issue 33,003,296 units at a price of approximately $2.273 per unit. Each unit consists of one share of common stock and a warrant to purchase 0.5 of a share of common stock at an exercise price of $2.54. The closing of the private placement is expected to occur on May 16, 2018.

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Publication:The Fly
Date:May 14, 2018
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