MEI Pharma, Inc. (NASDAQ:MEIP) – Earnings Update

Today, MEI Pharma Inc (MEIP) stock dropped -3.43% and now valued at $2.25. The stock opened the session at $2.33 and touched its highest price point at $2.36. Its recent trading capacity is 71674 shares versus to its average trading volume of 130742 shares. The company’s stock’s lowest price point for the session stood at $2.25.MEIP traded as low as $ 1.48 in the past 52 weeks, and shares hit its peak level to $3.26.

MEI Pharma, Inc. (NASDAQ:MEIP) today declared results for its second quarter ended December 31, 2017.

Financial Highlights

As of December 31, 2017, MEI Pharma had $42.4 million in cash, cash equivalents and short-term investments, with no outstanding debt. The Company believes its cash position will be sufficient to fund operations into calendar year 2019.

Cash used in operating activities was $11.3 million for the six months ended December 31, 2017, compared to cash provided by operating activities of $5.0 million for the six months ended December 31, 2016. Included in cash expenditures for the six months ended December 31, 2017 was $1.9 million cash paid for the acquisition of voruciclib. Included in the cash provided by operating activities in the six months ended December 31, 2016 was the $15.0 million upfront payment from Helsinn for pracinostat.

Research and development expenses, including cost of research and development revenue, were $4.2 million for the three months ended December 31, 2017, compared to $3.4 million for the three months ended December 31, 2016. The increase was primarily due to the acquisition of voruciclib and increased costs for ME-401, offset by a reduction in expenses related to pracinostat.

General and administrative expenses were $2.4 million for the three months ended December 31, 2017, compared to $2.0 million for the three months ended December 31, 2016. The increase was primarily due to professional service costs incurred in the three months ended December 31, 2017 related to the Presage license agreement.

Revenues were $0.4 million for the three months ended December 31, 2017, compared to $17.2 million in the three months ended December 31, 2016. The decrease was related to activities performed pursuant to the Helsinn license agreement.

Net loss was $6.1 million, or $0.16 per share, for the three months ended December 31, 2017, compared to net income of $11.9 million, or $0.32 per share for the three months ended December 31, 2016.

“We continue to build on the progress we reported last quarter with important advances in the clinical development programs across our pipeline,” said Daniel P. Gold, Ph.D., president and chief executive officer of MEI Pharma. “Already in 2018, the Food and Drug Administration cleared the Investigational New Drug Application for voruciclib, and pracinostat was awarded Orphan Drug Designation from the European Medicines Agency for the treatment of acute myeloid leukemia.”

MEI Pharma, Inc. (NASDAQ:MEIP) stock price performance for the last week is 6.88%. Tracking back further over the past month, the stock has performed 5.91%. For the last quarter, shares have performed -10.04%. Going back to the start of the calendar year, company shares are 10.95%. If we scroll back to the full year reading, shares have performed 50.32%. MEI Pharma, Inc., an oncology company, focuses on the clinical development of drugs for the treatment of cancer.

About the Author

Jose Tuttle
Jose Tuttle
Jose Tuttle joined the mostvolatilestocks.com, after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. He earned bachelor degree from Union College with a focus in Business Administration. Jose is the Senior Editor for mostvolatilestocks.com and market movers section. He also holds an MBA from Penn State University He has two daughter and two children. Email Contact -  Jose@mostvolatilestocks.com.

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