MEI Pharma (NASDAQ:MEIP) Stock, Quote.Headers.trade-ideas

MEI Pharma

MEI Pharma Inc is focused on the clinical development of novel therapies for cancer. The company's clinical drug candidate includes Pracinostat, an orally available histone deacetylase inhibitor for the treatment of patients with acute myeloid leukemia and myelodysplastic syndrome. Its clinical development portfolio also includes Zandelisib, an oral inhibitor of phosphatidylinositide 3-kinase delta for the treatment of patients with recurrent chronic lymphocytic leukemia or follicular non-Hodgkin's lymphoma; and ME-344, an isoflavone-based mitochondrial inhibitor for the treatment of HER2-negative breast cancer and Pracinostat, an oral histone deacetylase inhibitor. Geographically, all the business activities function through the region of the United States.

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Darwin Financial&#39;s Joshua Robinson talks to Benzinga about the firm&#39;s latest commodities deal, and more M&amp;A news from this past week.

Deal Dispatch: Starbucks Considers China Sale, Private Equity Bankrupts Snack Company, Darwin Financial Talks Mining

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Evolent Health, Kronos Bio, Saint-Gobain, Shell and Unilever are on the sell-side this week. Benzinga&#39;s Deal Dispatch has the latest M&amp;A updates.

Deal Dispatch: Shell, Unilever And More Are On The Sell Side; The Onion Makes Alex Jones Cry Foul

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Why CrowdStrike Shares Are Trading Lower By Around 13%? Here Are Other Stocks Moving In Monday&#39;s Mid-Day Session

MEI Pharma Inc

<h3 class="wp-block-heading">New On The Block</h3>
<ul>
<li>Starbucks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) is looking to sell a stake in its Chinese operations. Same-store sales in China fell 14% last quarter, with the Seattle-based coffee retailer seeking partnerships to adapt to tough <a href="https://www.benzinga.com/news/asset-sales/24/11/42117962/starbucks-eyes-stake-sale-in-china-amid-fierce-competition-and-falling-sales">economic and competitive pressures</a>.</li>
</ul>
<h3 class="wp-block-heading">Bankruptcy Block</h3>
<ul>
<li>Snack producer Hearthside Food Solutions went bankrupt. The private equity-owned company looks to offload the $1.9 billion in debt accumulated under the ownership of Partners Group Holding AG and Charlesbank Capital Partners. The two firms bought Hearthside for more than $2.4 billion. Assets and liabilities hover between $1 billion and $10 billion. Last year, bankrupt private equity portfolio companies in the U.S. <a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/private-equity-portfolio-companies-on-track-for-most-bankruptcies-since-2020-74886821">outpaced</a> the number of <a href="https://www.benzinga.com/news/20/10/17861269/bankruptcy-update-ruby-tuesday-files-chapter-11-while-progress-slows-for-jcpenney">bankruptcies in 2020</a>. It remains to be seen whether 2024 will be worse.</li>
</ul>
<ul>
<li>Northvolt <a href="https://northvolt.com/articles/peter-carlsson-steps-aside/">filed</a> for bankruptcy with debt of $5.8 billion. Recall how the Swedish battery maker, which supplies Volkswagen AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) and&nbsp;Bayerische Motoren Werke AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), bargained with banks to <a href="https://www.benzinga.com/news/23/03/31506581/volkswagen-bmw-battery-supplier-northvolt-eyes-raising-5b-via-debt">raise debt last year</a>. Now, it&#8217;s hoping to restructure under U.S. Chapter 11.</li>
</ul>
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/42024210/benzinga-bulls-and-bears-tesla-disney-gold-and-hedge-funds-project-bitcoin-to-hit-100k-150k">Benzinga Bulls And Bears: Tesla, Disney, Gold — And Hedge Funds Project Bitcoin To Hit $100K-$150K</a>
<h3 class="wp-block-heading">Updates From The Block</h3>
<ul>
<li>Google&#8216;s $2-billion <a href="https://www.benzinga.com/news/large-cap/23/10/35474706/googles-ai-ambitions-grow-with-major-investment-in-openai-rival-anthropic">investment</a> in Anthropic is in jeopardy, according to <a href="https://www.bloomberg.com/news/articles/2024-11-21/us-justice-department-seeks-to-unwind-google-s-anthropic-deal">Bloomberg</a>. Anthropic is a Jeff Bezos-backed rival to artificial intelligence (AI) innovator OpenAI. The U.S. Department of Justice (DOJ) recommended in <a href="https://www.benzinga.com/tech/24/11/42105079/googles-unlawful-behavior-stifles-market-entry-for-rivals-doj-says-alphabet-must-sell-chrome-to-end-search-monopoly">a court filing Wednesday</a> that Alphabet Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google divest its Chrome browser to dismantle its monopoly on online search. It doesn&#8217;t end there. Google should be barred from doing any deals with companies that control where consumers search for information, regulators say. <a href="https://www.benzinga.com/tech/24/11/42123646/google-anthropic-deal-in-jeopardy-as-us-justice-department-looks-to-snap-online-search-monopoly">That includes AI products</a>.</li>
</ul>
<ul>
<li>Ricky Williams&#8216; Highsman merges with hemp brand Frozen Fields, forming Top Seed Inc. The partnership blends cannabis and hemp sectors, leveraging R&amp;D to enhance products <a href="https://www.benzinga.com/markets/cannabis/24/11/42097662/ricky-williams-highsman-merges-with-hemp-brand-frozen-fields">and control supply chains</a>.</li>
</ul>
<ul>
<li>MakeMyTrip acquires Happay from CRED. The deal is expected to enhance corporate travel and expense management solutions in India. Happay&#8217;s team will integrate with MakeMyTrip, supporting <a href="https://www.benzinga.com/general/travel/24/11/42039458/makemytrip-agrees-to-acquire-happay-bolstering-its-arsenal-for-corporate-travel-solutions">over 900 clients post-acquisition</a>.</li>
</ul>
<ul>
<li>Amcor plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMCR#NYSE">AMCR</a>) and Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) agreed to merge in an all-stock transaction, with the deal valuing Berry stock <a href="https://www.benzinga.com/news/large-cap/24/11/42069248/amcor-and-berry-seal-the-deal-73-59-per-share-merger-to-forge-packaging-powerhouse">at $73.59 per share</a>.</li>
</ul>
<ul>
<li>Nippon Steel (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NISTF#OTC">NISTF</a>) executives have traveled to Pennsylvania to garner support for their $15 billion acquisition bid for U.S. Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>). The Japanese steel giant is encountering political resistance in Washington. Takahiro Mori, vice-chair of Nippon Steel, arrived in Pittsburgh on Saturday to advocate for the acquisition. The deal faces opposition from both President Joe Biden and President-elect Donald Trump, who prefer U.S. Steel to <a href="https://www.benzinga.com/markets/24/11/42056111/nippon-steel-execs-rally-support-in-pennsylvania-amid-pushback-on-us-steel-takeover">remain under American ownership</a>.</li>
</ul>
<h3 class="wp-block-heading">Notes From The Block</h3>
Joshua Robinson, co-founder of Darwin Financial Company, announced a $55-million financing deal with INYOAG LLC. The funds will help develop a solar-powered mine in Inyo County, California where there are proven reserves of silver, lead, zinc, tungsten, and copper. Here&#8217;s our conversation with Robinson:
<h4 class="wp-block-heading">BZ: What is the deal structure between Darwin Financial and base metals miner INYOAG? </h4>
Robinson: The deal structure is a $55M project financing package split into three components: $17.5 million and $12.5 million in six-year notes tied to sulfide and oxide production respectively, plus a $20-million conditional equity commitment that only triggers if the mine hits $10 million in monthly revenue. We get 17% of gross revenues from both production tracks, structured through secure lockbox arrangements. It&#8217;s not a straight equity investment, we specifically designed it this way to provide further upside exposure.
<h4 class="wp-block-heading">Are you looking for additional investors/joint venture partners? </h4>
Yes, we&#8217;ve deliberately structured this to create multiple layers of upside potential, which is pretty unique in the mining space. We&#8217;ve created a hybrid model that offers both near-term cash flow from production and significant expansion potential. We&#8217;re already seeing interest from established mining players, but we&#8217;re particularly excited about bringing new investors into the space who understand the strategic value of critical minerals.
<h4 class="wp-block-heading">What are the downsides to depending on foreign sources of critical minerals?</h4>
China&#8217;s recent actions really highlight the urgency here. They&#8217;ve already implemented export controls on germanium and gallium, and just added antimony to that list. This isn&#8217;t theoretical anymore, it&#8217;s actively happening. We need to build regional resilience in our supply chains, particularly for these minerals that are crucial for defense and technology. The Darwin Mine gives us a unique opportunity to establish a domestic source for multiple critical minerals in a single asset, which is rare to find.
<h4 class="wp-block-heading">Will the mine be powered by solar? </h4>
The 100MW facility wouldn&#8217;t just power the mine. It would generate significant excess clean energy that we can sell back to the grid. What&#8217;s particularly interesting is that we can develop utility-scale energy storage systems using minerals we&#8217;re already producing. It creates a virtuous cycle where our mining operations directly support clean energy deployment
<h4 class="wp-block-heading">What are your 2025 goals?</h4>
For 2025, our key goals are reaching 300 tons per day on sulfide production within six months and 200 tons per day on oxide within nine months of funding. That puts us at $ 10 million in monthly revenue, which then triggers the deeper mine development program.
For last week&#8217;s Deal Dispatch, <a href="https://www.benzinga.com/ma/24/11/42025534/deal-dispatch-shell-unilever-and-more-are-on-the-sell-side-the-onion-makes-alex-jones-cry-foul">click here</a>.
Now Read: 
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<li><a href="https://www.benzinga.com/markets/equities/24/11/41699259/nvidia-rides-ai-wave-to-replace-intel-on-dow-jones-industrial-average-ending-its-25-year-run">Nvidia Rides AI Wave To Replace Intel On Dow Jones Industrial Average, Ending Its 25-Year Run</a></li>
</ul>
Image: Benzinga

<h3 class="wp-block-heading">New On The Block</h3>
Evolent Health Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVH#NYSE">EVH</a>) is <a href="https://www.benzinga.com/m-a/24/08/40529349/evolent-health-explores-sale-garners-inbound-interest-from-private-equity-firms">reportedly up for sale</a>. The Arlington, Virginia-based software provide initiated an auction process after receiving takeover inquiries. Among the potential suitors are TPG Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TPG#NASDAQ">TPG</a>), Clayton, Dubilier &amp; Rice, and KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>). Reuters reported that health insurer Elevance Health Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELV#NYSE">ELV</a>) may join forces with a private equity partner to pursue a deal.
Kronos Bio Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KRON#NASDAQ">KRON</a>), a company focused on developing therapies for cancer, is exploring &#8220;strategic alternatives,&#8221; including an acquisition or merger.The San Mateo, Califonia-based company reported $124.9 million in cash reserves as of Sept. 30. 
Saint-Gobain (PARIS:<a class="ticker" href="https://www.benzinga.com/stock/SGO#PARIS">SGO</a>) is considering a sale of its auto glass unit, which could fetch up to 2.5 billion euro ($2.6 billion), per <a href="https://www.bloomberg.com/news/articles/2024-11-13/st-gobain-is-said-to-weigh-2-5-billion-sale-of-auto-glass-unit">Bloomberg</a>. The company is reportedly considering this strategic move as part of its broader business evaluation. This sale aligns with Saint-Gobain&#8217;s efforts to streamline its operations and focus on core business areas.
Shell (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) is seeking to <a href="https://www.bloomberg.com/news/articles/2024-11-13/shell-aims-to-sell-majority-stake-in-carbon-offsets-business?srnd=phx-deals">jettison</a> a majority of its carbon offsets portfolio. The company first launched the portfolio of offsets, which covers dozens of projects, <a href="https://www.bloomberg.com/news/features/2023-08-31/shell-silently-abandoned-its-100-million-a-year-plan-to-offset-co2-emissions" target="_blank" rel="noreferrer noopener">in 2018</a>. 
Unilever (LSE: ULVR) is exploring the sale of some Dutch food brands, including Unox soups and Conimex seasonings. According to Reuters, the company will instead focus on its biggest &#8220;power&#8221; labels.
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/42024210/benzinga-bulls-and-bears-tesla-disney-gold-and-hedge-funds-project-bitcoin-to-hit-100k-150k">Benzinga Bulls And Bears: Tesla, Disney, Gold — And Hedge Funds Project Bitcoin To Hit $100K-$150K</a>
<h3 class="wp-block-heading">Bankruptcy Block</h3>
Alex Jones&#8217;s media company, Infowars, is now the property of satirical publication The Onion. The publication&#8217;s backers were none other than the families <a href="https://www.benzinga.com/media/24/11/41982446/jokes-on-jones-onion-backed-by-families-of-sandy-hook-victims-buys-info-wars">of Sandy Hook victims</a>. Observers praised the deal as poetic justice, considering Jones owes over $1 billion in defamation judgments against those families. Jones, who <a href="https://www.benzinga.com/news/23/12/36168941/elon-musks-controversial-move-alex-jones-returns-to-x-after-user-vote">has garnered sympathy from</a> right-wing personalities like Elon Musk and Tucker Carlson, confirmed the acquisition in a visibly distressed social media video, blaming &#8220;Democrats.&#8221;
Diamond Sports Group&#8216;s restructuring will include reducing its debt from nearly $9 billion to $200 million, <a href="https://www.espn.com/mlb/story/_/id/42388454/diamond-sports-group-emerges-bankruptcy">ESPN</a> reports. The restructuring plan received what Diamond categorized as &#8220;nearly unanimous support&#8221; from debt holders. Diamond, currently possessing $100 million in liquidity, will emerge from bankruptcy and operate as a stand-alone entity. Sinclair, the parent company, took on $8 billion in debt to buy regional channels from Fox for $10.6 billion in 2019. That debt contributed to Diamond&#8217;s bankruptcy.
<h3 class="wp-block-heading">Updates From The Block</h3>
Currently, there are no concrete indications that Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>) is actively pursuing a sale. Recent speculation regarding Humana being acquired by Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>) was definitively addressed, with Cigna explicitly stating that it is <a href="https://www.benzinga.com/general/health-care/24/11/41877573/cigna-not-pursuing-humana-merger-stock-soars">not pursuing a merger</a> with Humana at this time. This clarification came after rumors reignited post-election, driven by the potential for more lenient antitrust reviews under the new <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41979935/golden-years-for-ma-deals-ahead-under-trump-analysts-highlight-top-10-large-cap-candidates">Republican administration and Congress</a>.
Spirit Airlines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) is no longer in deal talks with Frontier Airlines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>). It&#8217;s now in advanced discussions with bondholders to finalize a bankruptcy plan. The carrier continues to struggle with mounting losses and looming debt maturities. A bankruptcy filing is expected to happen within weeks, according to <a href="https://www.benzinga.com/news/earnings/24/11/41932146/spirit-airlines-nears-bankruptcy-creditors-may-approve-equity-cancellation-heres-what-it-means-for-investors-as-shares-fall-with-a-thud">the Wall Street Journal</a>.
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) continues to explore M&amp;A opportunities, hiring Oppenheimer &amp; Co., Inc. as an exclusive financial advisor to assist the process. During the first quarter of fiscal year 2025, the company commenced cash preservation efforts that include a reduction-in-force, which will continue in stages as the Company's operational and strategic direction evolves.
<h3 class="wp-block-heading">Notes From The Block</h3>
Wall Street anticipates a surge in M&amp;A as Republicans take control of Congress and deregulate. Analysts expect Federal Trade Commission Chair Lina Khan's removal, which could ease antitrust scrutiny. Bank of America highlights that Republican administrations, like President-elect Donald Trump&#8216;s, historically foster over 50% more financial sector M&amp;A activity compared to Democratic ones. 
Bank of America also predicts that 2025 could mark a better year for M&amp;A as rate cuts take effect and economic conditions stabilize. Here&#8217;s a list of five potential targets the bank compiled. For the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41979935/golden-years-for-ma-deals-ahead-under-trump-analysts-highlight-top-10-large-cap-candidates">full list, click here</a>.
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>Sector</th>
<th>Market Cap ($M)</th>
<th>Free Cash Flows-to-Enterprise Value (%)</th>
<th>Long-Term Growth Expectations (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Universal Health Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UHS#NYSE">UHS</a>)</td>
<td>Health Care</td>
<td>13,932</td>
<td>4.4</td>
<td>25.3</td>
</tr>
<tr>
<td>Ralph LaurenCorp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>)</td>
<td>Consumer Disc.</td>
<td>12,473</td>
<td>5.99</td>
<td>10.5</td>
</tr>
<tr>
<td>Paramount Global (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NYSE">PARA</a>)</td>
<td>Comm. Services</td>
<td>7,250</td>
<td>3.4</td>
<td>46.4</td>
</tr>
<tr>
<td>Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>)</td>
<td>Technology</td>
<td>14,480</td>
<td>6.39</td>
<td>12.7</td>
</tr>
<tr>
<td>Hasbro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>)</td>
<td>Consumer Disc.</td>
<td>9,215</td>
<td>3.6</td>
<td>27.5</td>
</tr>
</tbody>
</table>
</figure>
For last week&#8217;s Deal Dispatch, <a href="https://www.benzinga.com/news/asset-sales/24/11/41866114/deal-dispatch-prison-companies-in-focus-post-election-tripadvisor-boasts-11b-in-cash">click here</a>.
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41699259/nvidia-rides-ai-wave-to-replace-intel-on-dow-jones-industrial-average-ending-its-25-year-run">Nvidia Rides AI Wave To Replace Intel On Dow Jones Industrial Average, Ending Its 25-Year Run</a></li>
</ul>

MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) reported quarterly losses of $(1.20) per share. This is a 114.18 percent decrease over earnings of $8.46 per share from the same period last year.

Earnings

MEI Pharma Q1 EPS $(1.20) Down From $8.46 YoY

<h3>Gainers</h3>
<ul>
<li>Healthcare Triangle (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCTI#NASDAQ">HCTI</a>) shares moved upwards by 62.3% to $0.94 during Friday's after-market session. The company's market cap stands at $5.3 million. </li>
<li>Mira Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIRA#NASDAQ">MIRA</a>) shares rose 23.25% to $1.59. The market value of their outstanding shares is at $23.5 million. </li>
<li>MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) shares rose 22.54% to $3.37. The market value of their outstanding shares is at $22.4 million. </li>
<li>TuHURA Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HURA#NASDAQ">HURA</a>) shares moved upwards by 16.05% to $5.35. The market value of their outstanding shares is at $224.6 million. </li>
<li>P3 Health Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIII#NASDAQ">PIII</a>) stock increased by 15.24% to $0.47. The market value of their outstanding shares is at $75.7 million. </li>
<li>OKYO Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKYO#NASDAQ">OKYO</a>) stock rose 9.52% to $1.38. The market value of their outstanding shares is at $46.6 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Aclaris Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACRS#NASDAQ">ACRS</a>) shares declined by 9.5% to $1.53 during Friday's after-market session. The market value of their outstanding shares is at $109.1 million. </li>
<li>Beyond Air (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XAIR#NASDAQ">XAIR</a>) stock declined by 6.95% to $0.37. The company's market cap stands at $26.7 million. </li>
<li>Qualigen Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QLGN#NASDAQ">QLGN</a>) stock decreased by 6.92% to $0.11. The company's market cap stands at $3.0 million. </li>
<li>Nuwellis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUWE#NASDAQ">NUWE</a>) stock fell 6.92% to $1.73. The market value of their outstanding shares is at $3.2 million. </li>
<li>Compass Pathways (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMPS#NASDAQ">CMPS</a>) stock fell 6.69% to $5.86. The market value of their outstanding shares is at $400.7 million. </li>
<li>Helius Medical Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSDT#NASDAQ">HSDT</a>) stock fell 6.44% to $0.46. The market value of their outstanding shares is at $1.6 million. 
See Also: <a href="http://www.benzinga.com/money/best-healthcare-stocks/" title="www.benzinga.com/money/best-healthcare-stocks/">www.benzinga.com/money/best-healthcare-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Qualigen Therapeutics, Inc. - Common Stock

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XAIR

12 Health Care Stocks Moving In Friday's After-Market Session

Confirms Continuation of Evaluation of Strategic Alternatives
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) (the "Company") today reported results for its fiscal year ended June 30, 2024.
Previously on July 22, 2024, the Company announced the commencement of an evaluation of strategic alternatives with the goal of maximizing the value of its assets for its stockholders. Subsequent to that date, the Company announced the engagement of Oppenheimer &amp; Co., Inc. to serve as the Company's exclusive financial adviser to assist in the review and evaluation of that process. As part of the review of strategic alternatives, the Company will consider options such as out-licensing opportunities for existing programs and merger and acquisition opportunities.
To best preserve the Company's existing cash, the Company commenced a reduction-in-force on August 1, 2024, which will continue in stages as the Company's operational and strategic direction evolves. Additionally, while the Company has discontinued the clinical development of voruciclib, certain non-clinical activities related to the Company's drug candidates continue to be conducted.
There can be no assurance the exploration of strategic alternatives will result in any agreements or transactions, or, if completed, any agreements or transactions will be successful or on attractive terms. The Company does not expect to disclose developments with respect to this process unless or until the evaluation of strategic alternatives has been completed or the Board of Directors has concluded disclosure is appropriate or legally required.
As of June 30, 2024, MEI had $38.3 million in cash, cash equivalents, and short-term investments with no outstanding debt.

MEI Pharma Says As Of June 30, 2024, Have $38.3M In Cash, Cash Equivalents, And Short-Term Investments With No Outstanding Debt; Confirms Continuation Of Evaluation Of Strategic Alternatives

Laidlaw &amp; Co. analyst Yale Jen downgrades MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) from Buy to Hold.

Downgrades

Analyst Ratings

Laidlaw & Co. Downgrades MEI Pharma to Hold

Shares of CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) fell sharply during Monday&#8217;s session. Guggenheim analyst John Difucci downgraded the stock from Buy to Neutral, while BTIG analyst Gray Powell downgraded the stock from <a href="https://www.benzinga.com/news/24/07/39886199/crowdstrike-faces-downgrades-amid-concerns-over-pricing-and-renewals-following-disruption">Buy to Neutral</a>.
CrowdStrike shares dipped over 11% on Friday after the company suffered a major outage impacting businesses around the world.
Selective Insurance Group shares dipped 13.2% to $264.65 on Friday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>MIRA Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIRA#NASDAQ">MIRA</a>) shares climbed 148% to $1.98 after the company announced new preclinical study results for its novel oral ketamine analog, Ketamir-2.</li>
<li>CareMax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMAX#NASDAQ">CMAX</a>) gained 135% to $3.72.</li>
<li>Tellurian Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TELL#NASDAQ">TELL</a>) jumped 64.5% to $0.9401 after the company announced it will be acquired by Woodside Energy for approximately $900 million.</li>
<li>Serve Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>) shares climbed 46.6% to $11.08 after Nvidia last week disclosed a stake in the company.</li>
<li>Cassava Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVA#NASDAQ">SAVA</a>) rose 27.2% to $12.82 after the company announced its first Phase 3 trial is expected to conclude by December and its second Phase 3 trial is expected to conclude by June 2025.</li>
<li>MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) surged 24% to $3.55 after the company announced it is considering strategic alternatives.</li>
<li>Society Pass Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOPA#NASDAQ">SOPA</a>) rose 22.8% to $1.56.</li>
<li>LivePerson, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPSN#NASDAQ">LPSN</a>) gained 18.8% to $1.17.</li>
<li>Super League Enterprise, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLE#NASDAQ">SLE</a>) jumped 18.8% to $1.33. Super League Enterprise Director Jeff Patrick Gehl bought a total of 50,000 shares at an average price of $1.11.</li>
<li>Richtech Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RR#NASDAQ">RR</a>) shares gained 18.2% to $1.74 after gaining around 228% on Friday.</li>
<li>Sonoma Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNOA#NASDAQ">SNOA</a>) gained 17% to $0.3602.</li>
<li>Alpha Teknova, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TKNO#NASDAQ">TKNO</a>) climbed 16.5% to $2.53.</li>
<li>Embecta Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMBC#NASDAQ">EMBC</a>) gained 16.4% to $15.34. Embecta is scheduled to host a conference call to discuss its fiscal third quarter 2024 financial results on Friday, Aug. 9.</li>
<li>Netcapital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCPL#NASDAQ">NCPL</a>) rose 16.2% to $0.1208 after jumping more than 12% on Friday. Netcapital, last week, announced the launch of the beta version of its secondary trading platform.</li>
<li>Nukkleus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUKK#NASDAQ">NUKK</a>) gained 14.7% to $0.3670.</li>
<li>Terex Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEX#NYSE">TEX</a>) climbed 11.2% to $62.76 after the company inked a deal to acquire Environmental Solutions Group (ESG) from Dover Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOV#NYSE">DOV</a>) in a $2.0 billion all-cash transaction.</li>
<li>Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) gained 10.5% to $7.88.</li>
<li>Aveanna Healthcare Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAH#NASDAQ">AVAH</a>) rose 10.5% to $3.80. Aveanna Healthcare will release its second quarter results before the market open on Thursday, Aug. 8.</li>
<li>Karooooo Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KARO#NASDAQ">KARO</a>) gained 10.4% to $37.78</li>
<li>Richtech Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RR#NASDAQ">RR</a>) rose 10% to $1.6050 after the company installed its advanced robotic beverage system, ADAM, at Ghost Kitchens International Inc. in Dawsonville, Georgia.</li>
<li>Clearwater Paper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLW#NYSE">CLW</a>) gained 9.6% to $53.65 after the company announced a deal to sell its tissue business for $1.06 billion.</li>
<li>SentinelOne, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) gained 9.5% to $23.80 after a failed software update from CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) caused global outages.</li>
<li>TuanChe Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TC#NASDAQ">TC</a>) shares gained 8.5% to $1.6599 after falling 6% on Friday.</li>
<li>TAL Education Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAL#NYSE">TAL</a>) rose 7.4% to $10.84. TAL Education will release its unaudited financial results for the first quarter, before the opening bell on Thursday, Aug. 1.</li>
<li>MINISO Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NYSE">MNSO</a>) rose 5.6% to $18.10.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Linkage Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGCB#NASDAQ">LGCB</a>) shares dipped 29.1% to $3.6303.</li>
<li>Selina Hospitality PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNA#NASDAQ">SLNA</a>) fell 20.7% to $0.0375.</li>
<li>TRxADE HEALTH, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDS#NASDAQ">MEDS</a>) declined 20.3% to $11.75.</li>
<li>Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) shares fell 20.2% to $13.97. Hawaiian Electric Industries shares traded higher on Friday following a report suggesting the company reached a settlement plan over the Maui wildfires.</li>
<li>Nature Wood Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWGL#NASDAQ">NWGL</a>) dipped 20.2% to $1.98.</li>
<li>Dogness (International) Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOGZ#NASDAQ">DOGZ</a>) declined 18.3% to $12.17.</li>
<li>Agape ATP Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATPC#NASDAQ">ATPC</a>) declined 16.8% to $0.1330.</li>
<li>Ryanair Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RYAAY#NASDAQ">RYAAY</a>) shares fell 16.6% to $95.25 after the company said profits dipped 46% to 360 million euros (£303 million) for the three months to June 30.</li>
<li>PS International Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSIG#NASDAQ">PSIG</a>) fell 16.4% to $2.85.</li>
<li>Portage Biotech Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRTG#NASDAQ">PRTG</a>) shares fell 16.2% to $0.1912 after gaining around 25% on Friday.</li>
<li>Salarius Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLRX#NASDAQ">SLRX</a>) shares dipped 16.1% to $1.53 after falling around 25% on Friday. Salarius Pharmaceuticals was recently notified by MD Anderson Cancer Center of a Grade 4 adverse event in the Seclidemstat clinical trial.</li>
<li>Exicure, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) shares fell 16.1% to $0.4490 after surging 76% on Friday.</li>
<li>Savers Value Village, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SVV#NYSE">SVV</a>) declined 12.6% to $10.19 after JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $21 to $12.</li>
<li>Fitell Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTEL#NASDAQ">FTEL</a>) fell 11.1% to $19.68.</li>
<li>Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) dipped 9.1% to $5.20.</li>
<li>Valens Semiconductor Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLN#NYSE">VLN</a>) fell 8.6% to $2.64. Valens Semiconductor will release its second quarter 2024 financial results before the opening bell on Wednesday, Aug. 7.</li>
<li>Virios Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIRI#NASDAQ">VIRI</a>) fell 8.2% to $0.2311 after declining over 4% on Friday.</li>
<li>NuScale Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>) declined 6.7% to $10.54.</li>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) declined 6.4% to $38.94 following a second-quarter revenue miss.</li>
<li>e.l.f. Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) fell 5.3% to $168.18.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39881674/top-4-tech-stocks-that-may-explode-in-july">Top 4 Tech Stocks That May Explode In July</a></li>
</ul>

Why CrowdStrike Shares Are Trading Lower By Around 13%? Here Are Other Stocks Moving In Monday's Mid-Day Session

WIIM

MEI Pharma shares are trading higher after the company announced it is considering strategic alternatives.

Company Commences a Cash Preservation Plan Including a Reduction in Force
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) (the "Company") today announced that its Board of Directors has determined unanimously to begin evaluation of the Company's strategic alternatives, including potential transactions as well as an orderly wind down of the Company, if appropriate, in order to maximize the value of its assets for its stockholders. The Company intends to evaluate and engage a financial advisor to assist in this process.
In order to best preserve the Company's existing cash, the Company will commence a reduction-in-force beginning as soon as practicable and continuing in stages as the Company's operational and strategic direction evolves. The Company intends to promptly discontinue the clinical development of voruciclib, while certain non-clinical activities related to MEI's drug candidate assets will continue to be conducted by the Company.

MEI Pharma To Consider Strategic Alternatives; Will Commence A Reduction-In-Force Beginning As Soon As Practicable And Continuing In Stages As The Co's Operational And Strategic Direction Evolves; Intends To Promptly Discontinue The Clinical Development Of Voruciclib

<h3>Gainers</h3>
<ul>
<li>Scorpius Holdings (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/SCPX#AMEX">SCPX</a>) shares rose 20.9% to $0.12 during Thursday's after-market session. The market value of their outstanding shares is at $4.3 million. </li>
<li>Kintara Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTRA#NASDAQ">KTRA</a>) stock increased by 19.22% to $0.17. The company's market cap stands at $6.7 million. The company's, Q3 earnings came out 2 days ago. </li>
<li>Doximity (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOCS#NYSE">DOCS</a>) stock rose 11.4% to $26.45. The market value of their outstanding shares is at $4.9 billion. As per the news, the Q4 earnings report came out today. </li>
<li>MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) stock increased by 10.92% to $3.25. The company's market cap stands at $21.6 million. </li>
<li>Akso Health Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AHG#NASDAQ">AHG</a>) stock increased by 9.36% to $0.69. The company's market cap stands at $101.0 million. </li>
<li>Onconetix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONCO#NASDAQ">ONCO</a>) shares increased by 7.73% to $0.15. The company's market cap stands at $3.3 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>TFF Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TFFP#NASDAQ">TFFP</a>) stock decreased by 11.5% to $2.0 during Thursday's after-market session. The company's market cap stands at $6.1 million. The company's, Q1 earnings came out 2 days ago. </li>
<li>OptiNose (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPTN#NASDAQ">OPTN</a>) stock decreased by 9.24% to $1.18. The market value of their outstanding shares is at $133.3 million. The company's, Q1 earnings came out 2 days ago. </li>
<li>Turnstone Biologics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSBX#NASDAQ">TSBX</a>) stock fell 6.23% to $2.56. The market value of their outstanding shares is at $59.2 million. The company's, Q1 earnings came out 3 days ago. </li>
<li>Intelligent Bio Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INBS#NASDAQ">INBS</a>) stock decreased by 5.54% to $2.22. The company's market cap stands at $6.9 million. </li>
<li>Lucy Scientific Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSDI#NASDAQ">LSDI</a>) shares fell 5.04% to $1.51. The company's market cap stands at $2.6 million. </li>
<li>BioSig Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BSGM#NASDAQ">BSGM</a>) shares fell 4.97% to $1.53. The market value of their outstanding shares is at $18.3 million. 
See Also: <a href="http://www.benzinga.com/money/best-healthcare-stocks/" title="www.benzinga.com/money/best-healthcare-stocks/">www.benzinga.com/money/best-healthcare-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

BSGM

DOCS

Intelligent Bio Solutions Inc. - Common Stock

INBS

Kintara Therapeutics, Inc. - Common Stock

KTRA

LSDI

ONCO

OPTN

SCPX

TFFP

TSBX

12 Health Care Stocks Moving In Thursday's After-Market Session

MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) reported quarterly losses of $(1.37) per share which beat the analyst consensus estimate of $(1.52) by 9.87 percent. The company reported quarterly sales of $5.890 million which beat the analyst consensus estimate of $37.500 thousand by 15.61K percent. This is a 0.07 percent decrease over sales of $5.894 million the same period last year.

Earnings Beats

MEI Pharma Q3 2024 Adj EPS $(1.37) Beats $(1.52) Estimate, Sales $5.890M Beat $37.500K Estimate

Stifel analyst Stephen Willey maintains MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) with a Hold and maintains $7 price target.

Price Target

Stifel Maintains Hold on MEI Pharma, Maintains $7 Price Target

– MEI Pharma Board Unanimously Determines, Based on Clinical Data Results, Not to Proceed with Second Capital Return Under 2023 Anson and Cable Car Cooperation Agreement: Conserving Capital, Prioritizing Measured Investment, Extending Operational Runway –
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>), a clinical-stage pharmaceutical company evaluating novel drug candidates to address known resistance mechanisms to standard-of-care cancer therapies, today reported that the Company's Board of Directors unanimously agreed on a strategic plan to leverage recent positive voruciclib and ME-344 clinical data to prioritize clinical development of voruciclib while enabling development of a new ME-344 formulation for Phase 1 study. Additionally, the Company's Board of Directors unanimously determined not to proceed with a second return of capital under the October 31, 2023 Anson Funds and Cable Car Capital cooperation agreement in order to conserve resources and align strategic investment, and thereby extend the Company's operational runway.
"We are very fortunate as a development-stage therapeutics company to have two very promising oncology candidates, voruciclib and ME-344, that continue to generate data supporting their potential as novel therapeutics to benefit patients with cancer. With the MEI Board aligned around our strategy, we have a productive framework to advance both clinical programs in a manner intended to address significant medical needs while prioritizing a measured and objective-based allocation of our resources," said David Urso, president and chief executive officer of MEI Pharma. "Voruciclib, our investigational oral CDK9 inhibitor, in combination with venetoclax is being developed to treat patients with relapsed/refractory AML without an actionable mutation, representing a potential opportunity to address more patients in a mutation agnostic approach than mutation specific therapies such as FLT3, IDH or menin inhibitors. In addition, investigational ME-344 has the potential to treat patients across many types of solid tumors through a novel therapeutic strategy in combination with VEGF inhibitors, such as Avastin&#xAE;, to create synthetic lethality in tumor cells."
"The entire MEI Board is pleased to unanimously align around a strategy that we believe is in the best interests of the Company's shareholders, with the intent to optimize the opportunity to judiciously advance both of the voruciclib and ME-344 development programs," stated Taheer Datoo, director of MEI Pharma and principal and portfolio manager of Anson Funds. "Under the strategy, use of capital is measured and balanced to achieve key clinical objectives designed to optimize the development potential these product candidates hold to advance the standard of care for patients with cancer while also optimizing the interests of our shareholders."
Mr. Datoo continued: "As we move forward, we have every confidence that execution of the strategy is in good hands with the MEI leadership team. They have significant experience in the clinical development of oncology therapeutics and are well suited to achieve success for patients and for the Company's shareholders."
Return of Capital Determination
As previously disclosed, the Company's October 31, 2023 Cooperation Agreement with stockholders, including Anson Funds and Cable Car Capital, provided that a potential second return of capital could be authorized by the Board under certain circumstances as outlined in that agreement, subject to the exercise of the Board's fiduciary duties. Since data reported from Cohort 1 of the Phase 1b study exceeded a criterion for the potential second return of capital stated in the Agreement, the trigger for a return of capital was not met. The Board further unanimously determined, after deciding not to proceed with Cohort 2, that in the exercise of its fiduciary duties under applicable law, and in light of its views on what path is in the best interests of the Company's stockholders, the Company would not proceed with any additional potential return of capital as permitted under the Cooperation Agreement.
Strategic Overview
The strategy unanimously approved by the MEI Board of Directors provides for advancing clinical development of voruciclib, an investigational selective oral cyclin-dependent kinase 9 ("CDK9") inhibitor, to new value inflection points by the end of calendar year 2025 and for enabling a new formulation of ME-344, an investigational inhibitor of mitochondrial oxidative phosphorylation ("OXPHOS"). The plan builds on encouraging recently reported voruciclib clinical data and ME-344 data separately reported today.
Specifically with respect to voruciclib, the development objective is to optimize voruciclib for a Phase 3 study in combination with venetoclax (Venclexta&#xAE;) in patients with relapsed and refractory ("R/R") acute myeloid leukemia ("AML"). Under the plan, the ongoing voruciclib development strategy will be guided by future clinical trial results and applicable regulatory authority advice. Subject to positive Phase 1 data later this year, MEI plans to amend the ongoing Phase 1 study to add a Phase 2 study arm, with enrollment in the Phase 2 arm anticipated to begin in 2025. This is anticipated to generate Phase 2 data by the end of 2025. Contingent on the success of the Phase 1/2 study, MEI plans to have the program ready to initiate a Phase 3 registration trial during 2026.
With regards to ME-344, the plan is to develop a new formulation for further clinical development to better leverage the opportunity to advance a novel approach to inducing synthetic lethality in tumors in combination with VEGF inhibitors such as bevacizumab (Avastin&#xAE;). The Company has already initiated research and development activity of the new formulation with encouraging results, with the goal of increasing biological activity, improving convenience of administration and increasing commercial opportunity. Interrupting ME-344 clinical activity and developing a new formulation will immediately reduce ME-344 expenditures.
Voruciclib
The Company recently reported initiation of enrollment in an expansion cohort of the ongoing Phase 1 study evaluating voruciclib plus venetoclax (Venclexta&#xAE;), a B-cell lymphoma 2 ("BCL2") inhibitor, in R/R AML. The decision to open the expansion cohort was based on encouraging initial data demonstrating anti-leukemic activity, including complete responses in heavily pretreated patients. Additionally, at doses of 100 mg or more, initial results from correlative biomarker assay analyses of available samples from patients treated with the combination demonstrated anticipated decreases of myeloid leukemia cell differentiation protein ("Mcl-1"), including a greater decrease in Mcl-1 at higher doses. Reductions in Mcl-1 are consistent with the known mechanism of action of CDK9. Further, there was no evidence of overlapping toxicity with venetoclax and no dose limiting toxicities were observed.
Increasingly, venetoclax is being used as a standard treatment in patients with AML, but salvage therapy after venetoclax failure is common and yields limited benefit; only about 10% of patients respond to salvage therapy after venetoclax failure, representing a significant need for patients with AML. While mutation specific therapies, such as FLT3, IDH, and menin inhibitors, may be used in patients with such mutations, the majority of patients with AML do not have therapeutically actionable mutations. Thus, inhibition of CDK9 is a mutation agnostic therapeutic opportunity across the majority of patients with R/R AML, representing an addressable patient population larger than that of any mutation specific therapy.
ME-344
As separately reported today, based on initial study results, 25% of evaluable patients with relapsed metastatic colorectal cancer ("mCRC") enrolled in Cohort 1 of the ongoing Phase 1b study evaluating ME-344 in combination with bevacizumab (Avastin&#xAE;) reached a predetermined 16-week progression free survival ("PFS") threshold, exceeding the 20% threshold set in the Clinical Study Protocol. Patients were heavily pretreated and had failed standard therapies for their disease. The combination was also observed to have a generally well-tolerated safety profile.
The recently reported data represent new clinical support of the potential of ME-344 in combination with VEGF inhibitors such as bevacizumab to induce synthetic lethality in tumors; this is a novel therapeutic strategy to potentially provide benefit to patients in a well-tolerated manner. Further, there is a significant medical need to provide patients with colorectal cancer new treatment options in light of the fact that deaths from this disease are a leading cause of cancer-related deaths in the U.S. and given that the incidence of colorectal cancer is increasing among those under 55.
While the threshold was met to proceed to Cohort 2, the Company believes the best approach to meet the need of patients with mCRC, and potentially patients with other cancers where VEGF inhibitors are standard-of-care, is to continue to advance ME-344 via development of a new formulation, building upon the ME-344 results to date. The Company believes that development of a new formulation represents the optimal approach to leveraging the potential of the program and the novel therapeutic strategy to induce synthetic lethality in tumors via the combination. The goal of the formulation effort is to increase biological activity, improve patient convenience of administration and increase commercial opportunity. This plan will reduce short-term expenditures on the ME-344 program and ultimately, if successful, create an enhanced formulation for continued clinical development

Biotech

Guidance

General

MEI Pharma Aligns On Strategy To Advance Voruciclib And ME-344

– Cohort 1 Exceeds Predetermined Non-Progression Threshold in the Ongoing Phase 1b Study –
– ME-344 in Combination with Bevacizumab was Generally Well-tolerated with no Evidence of Overlapping Toxicity –
– MEI to Continue Advancing ME-344 via Development of a New Formulation with the Potential to Increase Biological Activity, Patient Convenience and Commercial Opportunity –
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>), a clinical-stage pharmaceutical company evaluating novel drug candidates to address known resistance mechanisms to standard-of-care cancer therapies, today reported that 25% of evaluable patients with relapsed metastatic colorectal cancer ("mCRC") in Cohort 1 of the ongoing Phase 1b study evaluating ME-344, an investigational inhibitor of mitochondrial oxidative phosphorylation ("OXPHOS"), in combination with bevacizumab (Avastin&#xAE;) had no disease progression at Week 16. This landmark analysis exceeded the 20% threshold set in the Clinical Study Protocol to add an additional 20 patients to the study via the initiation of Cohort 2. The combination was also observed to be generally well-tolerated to date. While the threshold was met to proceed to Cohort 2, it was separately reported today that following a strategic review, the Company decided to continue to advance ME-344 development via its ongoing development of a new formulation rather than through the addition of a new cohort. The Company believes this represents the optimal approach to leveraging the potential of the program. The Company has already initiated research and development activity of the new formulation with encouraging results, with the goal of increasing biological activity, improving convenience of administration and increasing commercial opportunity.
"The data reported today, including progression-free survival, overall survival, and safety results of the combination, represent an important development supporting the potential of ME-344 in combination with Avastin to induce synthetic lethality in tumors using a completely novel therapeutic strategy," said Richard Ghalie, chief medical officer of MEI Pharma. "The development of a new formulation with enhanced biologic activity is aimed at further improving patient outcomes and treatment convenience in a well-tolerated manner."
"At MEI we are committed to our mission of developing novel drug candidates to address known resistance mechanisms to standard-of-care cancer therapies, and ME-344 holds significant potential as a novel therapeutic strategy to advance this mission," said David Urso, president and chief executive officer of MEI Pharma. "We believe that the best approach to optimize the potential of ME-344 for patients, prioritize resource utilization, and build value for shareholders, is to continue advancing the program via development of a new formulation of ME-344. In the short term, this plan will reduce expenditures on the ME-344 program and ultimately, if successful, create an improved formulation for continued clinical development."

MEI Pharma Reports Initial Data From Clinical Study Evaluating ME-344 In Combination With Bevacizumab In Relapsed Metastatic Colorectal Cancer Patients

MEI Pharma Announces Enrollment Initiated In 12-Patient Expansion Cohort Evaluating Voruciclib Plus Venetoclax In Ongoing Phase 1 Study; Says Anti-leukemic Activity Across Multiple Heavily Pretreated Patients Demonstrated Along With Anticipated Decreases In Mcl-1

<h3>What is a Value Stock?</h3>
A value stock is traditionally defined in terms of how investors in the marketplace are valuing that company's future growth prospects. Low P/E multiples are good base indicators that the company is undervalued and can most likely be labelled as a value stock. 
<h2>The following stocks are considered to be notable value stocks in the healthcare sector:</h2>
<ol>
<li>Spok Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPOK#NASDAQ">SPOK</a>) - P/E: 8.96</li>
<li>MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) - P/E: 1.53</li>
<li>Roivant Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROIV#NASDAQ">ROIV</a>) - P/E: 2.17</li>
<li>Agile Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGRX#NASDAQ">AGRX</a>) - P/E: 0.17</li>
<li>Exicure (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) - P/E: 0.34</li>
</ol>
Most recently, Spok Holdings reported earnings per share at $0.22, whereas in Q2 earnings per share sat at $0.23. The company's most recent dividend yield sits at 8.6%, which has decreased by 2.22% from 10.82% last quarter. 
MEI Pharma's earnings per share for Q2 sits at $-1.66, whereas in Q1, they were at 8.46. Roivant Sciences saw an increase in earnings per share from -0.4 in Q2 to $-0.21 now. Agile Therapeutics saw an increase in earnings per share from -3.1 in Q2 to $-1.47 now. This quarter, Exicure experienced an increase in earnings per share, which was $-0.7 in Q1 and is now $-0.68. 
The Significance: A value stock may need some time to rebound from its undervalued position. The risk of investing in a value stock is that this emergence may never materialize.

AGRX

ROIV

SPOK

5 Value Stocks In The Healthcare Sector

MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) reported quarterly losses of $(1.66) per share which missed the analyst consensus estimate of $(1.32) by 25.76 percent.

Earnings Misses

MEI Pharma Q2 2024 GAAP EPS $(1.66) Misses $(1.32) Estimate

<a href="https://image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/20240016781" title="https://image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/20240016781">https://image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/20240016781</a>

MEI Pharma Filed U.S. Patent Application #20240016781: Treatment Of KRAS Mutant Cancers

<h3>What is a Value Stock?</h3>
A value stock is traditionally defined in terms of how investors in the marketplace are valuing that company's future growth prospects. Low P/E multiples are good base indicators that the company is undervalued and can most likely be labelled as a value stock. 
<h2>Benzinga Insights has compiled a list of value stocks in the healthcare sector that may be worth watching:</h2>
<ol>
<li>Exicure (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) - P/E: 0.33</li>
<li>Voyager Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VYGR#NASDAQ">VYGR</a>) - P/E: 7.63</li>
<li>MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) - P/E: 0.96</li>
<li>SCYNEXIS (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCYX#NASDAQ">SCYX</a>) - P/E: 1.27</li>
<li>Community Health Sys (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CYH#NYSE">CYH</a>) - P/E: 1.85</li>
</ol>
Exicure saw an increase in earnings per share from -0.7 in Q1 to $-0.68 now. Voyager Therapeutics saw a decrease in earnings per share from -0.51 in Q2 to $-0.59 now. MEI Pharma's earnings per share for Q1 sits at $8.46, whereas in Q4, they were at -1.51. Most recently, SCYNEXIS reported earnings per share at $-0.04, whereas in Q2 earnings per share sat at $2.46. Most recently, Community Health Sys reported earnings per share at $-0.33, whereas in Q2 earnings per share sat at $-0.22. 
The Significance: A value stock may need some time to rebound from its undervalued position. The risk of investing in a value stock is that this emergence may never materialize.

SCYX

VYGR

A Look Into Healthcare Sector Value Stocks

– Safety Profile Observed to Date as Monotherapy and in Combination with Venetoclax Suggests no Overlapping Toxicity –
– Initial Results from Correlative Studies Demonstrate On-target Reductions in Mcl-1 and RNA Pol II p-S2 –
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>), a clinical-stage pharmaceutical company evaluating novel drug candidates to address known resistance mechanisms to standard-of-care cancer therapies, today announced clinical data from the monotherapy dose escalation stage of the ongoing Phase 1 study evaluating voruciclib, a selective oral cyclin-dependent kinase 9 ("CDK9") inhibitor, alone and in combination with venetoclax (Venclexta&#xAE;), a B-cell lymphoma 2 ("BCL2") inhibitor, in patients with acute myeloid leukemia ("AML") or B-cell malignancies, is highlighted in a poster session at the 65th American Society of Hematology (ASH) Annual Meeting and Exposition.
The poster can be viewed on the MEI Pharma website here: <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fmeipharma.com%2Fash2023.html&amp;esheet=53868565&amp;newsitemid=20231211089962&amp;lan=en-US&amp;anchor=https%3A%2F%2Fmeipharma.com%2Fash2023.html&amp;index=1&amp;md5=b4fcbaaba02504a9a1b6cc946fb6d557">https://meipharma.com/ash2023.html</a>.
"The potential to use an oral CDK9 inhibitor such as voruciclib to reduce Mcl-1 protein, an established resistance factor for the BCL-2 inhibitor venetoclax, is a promising approach to improve therapeutic options for patients with hematologic malignancies," said Matthew S. Davids, MD, MMSc., Director, Clinical Research, Division of Lymphoma, Dana-Farber Cancer Institute, and study chair of the monotherapy stage of the Phase 1 study. "The data reported today, along with the experience with voruciclib in combination with venetoclax to date, provides encouraging support for the approach of this combination to address a common resistance mechanism to venetoclax therapy and improve clinical response without overlapping toxicity."
"I'd like to recognize the support and high level of engagement by our investigators, and the participation of the patients enrolling in this study, as we advance the evaluation of voruciclib in combination with venetoclax in patients with AML," said David M. Urso, president and chief executive officer of MEI Pharma. "We look forward to disclosing additional data in early 2024 from the dose escalation portion of the ongoing Phase 1 clinical trial evaluating voruciclib in combination with venetoclax in patients with AML."
Clinical Data from the Monotherapy Dose Escalation Stage of the Ongoing Phase 1 Study Evaluating Voruciclib in Combination with Venetoclax
<ul>
<li>Presentation Title: A Phase 1 Study of the Oral CDK9 Inhibitor Voruciclib in Relapsed/Refractory (R/R) B-Cell Lymphoma (NHL) or Acute Myeloid Leukemia (AML)</li>
<li>Session Title: Acute Myeloid Leukemias: Investigational Therapies, Excluding Transplantation and Cellular Immunotherapies: Poster III (616)</li>
<li>Presenter: Matthew S. Davids, MD, MMSc., Associate Professor, Harvard Medical School, Director, Clinical Research, Division of Lymphoma, Dana-Farber Cancer Institute</li>
<li>Date: Monday, December 11, 2023, 6:00-8:00 PM (Pacific Time)</li>
<li>Publication Number: 4286</li>
</ul>
Phase 1 Study Details
The Phase 1 study is a two stage, open-label, 3+3 dose escalation and expansion study evaluating voruciclib, a CDK9 inhibitor, as a monotherapy and in combination with venetoclax (marketed as Venclexta&#xAE;), a BCL2 inhibitor. The first stage of the study, evaluating the dose and schedule of voruciclib as a single-agent in patients with relapsed and refractory ("R/R") acute myeloid leukemia ("AML") or B-cell malignances after failure of standard therapies, is complete. The second stage of the study is ongoing and is evaluating voruciclib in combination with venetoclax in patients with R/R AML.
A total of 40 patients, median age 75 years (range 63-80), were enrolled in the first stage of the study evaluating voruciclib as a monotherapy. The majority of patients (n=21) had AML and the remaining patients (n=19) had B-cell malignancies. Enrolled patients were generally heavily pretreated; the median number of prior therapies was 3 (range 1-9) and 5 patients had prior hematopoietic stem cell transplant.
Patients enrolled in Cohort 1 (n= 16) of the monotherapy stage of the study were administered voruciclib once daily continuously at doses of 50 mg and 100 mg. Patients enrolled in Cohort 2 (n=24) were administered voruciclib on an intermittent schedule (IS) on days 1-14 in a 28-day cycle implemented after 2 dose limiting toxicities (DLT) were observed at 100 mg daily continuously. Dose escalation in Cohort 2 was stopped at 200 mg before reaching the maximum tolerated dose (MTD) at this schedule to focus on evaluation of venetoclax in combination with voruciclib.
The primary objectives of the study are to determine the safety and biologic effective dose of voruciclib monotherapy or voruciclib in combination with venetoclax. Secondary objectives of the study include assessing the preliminary efficacy, pharmacokinetics, pharmacodynamics, and biomarkers of voruciclib monotherapy or voruciclib in combination with venetoclax.
Monotherapy Safety and Tolerability
Voruciclib at doses up to 200 mg administered on 14 consecutive days in a 28-day cycle (Cohort 2) was well tolerated with no DLT reported. The most common adverse events (≥20% of patients) were diarrhea, nausea, anemia and fatigue. The large majority of adverse events were Grade 1-2; of note, the only Grade 3-4 adverse events in Cohort 2 were diarrhea (n=1) and anemia (n=5).
Pharmacokinetics were dose proportional and mean half-life of approximately 24 hours supports once daily dosing.
Monotherapy Efficacy
In the 21 patients enrolled with AML, 1 patient at 100 mg achieved a morphologic leukemia-free state and 9 patients had disease stabilization, which lasted at least 3 months in 2 patients. In the 19 patients enrolled with B-cell malignancies, 4 patients had stable disease with a decrease in tumor size.
Initial results from correlative studies assessing myeloid leukemia cell differentiation protein ("Mcl-1") and RNA Pol II phosphorylation on Ser2 ("RNA Pol II p-S2") demonstrated reduction in expression consistent with the anticipated on-target pharmacodynamic effect of voruciclib on Mcl-1 and RNA Pol II p-S2 (Figures A and B, respectively, below).
Voruciclib Plus Venetoclax Combination: Initial Data
Voruciclib at doses up to 200 mg on the intermittent schedule have been administered in combination with venetoclax in patients with relapsed or refractory AML. Dose escalation is continuing.
No DLTs have been reported and no evidence of overlapping toxicity has been observed to date. Anti-tumor activity has been demonstrated by objective responses and reductions in transfusions, with multiple patients continuing on therapy for ≥ 4 months.
About Voruciclib
Voruciclib is an orally administered cyclin-dependent kinase 9 ("CDK9") inhibitor with potential to treat both hematological malignancies and solid tumors. It is in clinical development for acute myeloid leukemia and B-cell malignancies. Applications in solid tumors are also being considered.
The CDK family of proteins are important cell cycle regulators responsible for the control of cell proliferation, differentiation, apoptosis, and DNA repair. CDK9, one of several members of the CDK family of proteins, functions as a gene transcription controller and is also involved in regulating protein degradation. Specifically, CDK9 is a promising target to treat a range of cancers because of its role in controlling two other proteins often dysregulated in cancerous cells: Mcl-1 and the MYC proto-oncogene protein ("MYC")
Mcl-1 is a member of the family of anti-apoptotic proteins which, when elevated, may prevent the cell from undergoing cell death. Inhibition of CDK9 blocks the production of Mcl-1, which is an established resistance mechanism to the B-cell lymphoma 2 ("BCL2") inhibitor venetoclax (marketed as Venclexta&#xAE;).
MYC regulates cell proliferation and growth. Upregulation of MYC is implicated in many human cancers and is frequently associated with poor prognosis and unfavorable patient survival. CDK9, in addition to being a transcription factor for MYC, also decreases phosphorylation of MYC protein that is implicated in stabilizing MYC in KRAS mutant cancers. Targeting MYC directly has historically been difficult, but CDK9 is a promising approach to target this oncogene.

Events

MEI Pharma Reports Clinical Data On Oral CDK9 Inhibitor Voruciclib At ASH2023

Press Releases

MEI Pharma Reports Update from Clinical Study Evaluating Oral CDK9 Inhibitor Voruciclib in Combination with Venetoclax in Patients with Relapsed and Refractory Acute Myeloid Leukemia

MEI Pharma to Present at the Stifel 2024 Virtual Targeted Oncology Forum

MEI Pharma Reports Initial Data from Clinical Study Evaluating ME-344 in Combination with Bevacizumab (Avastin®) in Relapsed Metastatic Colorectal Cancer Patients

MEI Pharma Board of Directors Aligns on Strategy to Advance Voruciclib and ME-344

MEI Pharma Reports Third Quarter Fiscal Year 2024 Results and Operational Highlights

Glancy Prongay & Murray LLP Announces Investigation of MEI Pharma, Inc. (MEIP)

MEI Pharma to Consider Strategic Alternatives

MEI Pharma Engages Oppenheimer & Co. Inc. to Assist in Evaluating Strategic Alternatives

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