MEI Pharma Prices $40 Mln Stock Offering

(RTTNews) - MEI Pharma, Inc. (MEIP) said Friday that it has priced an underwritten public offering of 10 million shares of its common stock at an offering price of $4.00 per share, for total gross proceeds, before underwriting discount and commissions and estimated expenses, of about $40 million.

The company has granted the underwriters a 30-day option to purchase up to 1.5 million additional shares of its common stock.

The offering is expected to close on December 17.

The company plans to use the net proceeds of the offering, together with other available funds, to progress the clinical development programs for Pracinostat in acute myeloid leukemia and for other general corporate purposes.