San Diego-based MEI Pharma reported on May 14 raising $75 million through a private placement, led by Vivo Capital and CAM Capital.
MEI Pharma seeks to advance new therapies for cancer, and financing proceeds will go toward MEI-401, which aims to treat relapsed or refractory follicular lymphoma.
“With the start of a planned registration study of ME-401, we anticipate having two programs in pivotal trials by the end of 2018. In addition we have two other clinical stage programs, including voruciclib, an oral CDK9 inhibitor that we believe may have potential across a number of oncology indications, particularly in combination with venetoclax,” Daniel P. Gold, president and CEO of MEI Pharma, said in a statement.
Under the deal, the company will issue 33,003,296 stock units at a price of approximately $2.273 per unit. Each unit is made up 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 financing also 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. It’s expected to close May 16.