Shareholder Alert Robbins LLP Announces MEI Pharma, Inc. (MEIP) Accused of Misleading Shareholders
Shareholder rights law firm Robbins LLP announces that a purchaser of MEI Pharma, Inc. (NASDAQ: MEIP) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between August 2, 2017 and July 1, 2020. MEI Pharma is a late-stage pharmaceutical company that focuses on the development of various therapies for the treatment of cancer. One of MEI Pharma's drug candidates is Pracinostat, an oral histone deacetylase (“HDAC”) inhibitor.
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MEI Pharma, Inc. (MEIP) Accused of Misleading Shareholders
According to the complaint, in 2016 MEI Pharma entered into an exclusive license agreement with Helsinn Healthcare SA, a Swiss pharmaceutical corporation (“Helsinn”), in which Helsinn would develop, manufacture, and commercialize Pracinostat while MEI Pharma received $20 million for the grant rights with potential to receive up to $444 million in regulatory and sales-based milestones along with royalty payments. In August 2017, MEI Pharma and Helsinn announced the beginning of the Phase 3 Pracinostat trial after "the potential of [P]racinostat … was demonstrated in the Phase 2 study," touting that the "well-powered, rigorously designed Phase 3 study" would bring Pracinostat one step closer to becoming a treatment for those with AML. In later SEC reports and filings, MEI Pharma continued to tout the "potency" and median overall survival of patients in the Phase 2 trial of Pracinostat. Despite the Company's positive representations of the drug, on July 2, 2020, MEI Pharma announced it was discontinuing the Phase 3 Pracinostat trial, revealing that an interim futility analysis of the study "demonstrated [Pracinostat] was unlikely to meet the primary endpoint of overall survival compared to the control group." On this news, MEI Pharma's shares fell 18% to close at $3.49 per share.
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