Company sells 55 million units of shares and warrants at $0.50 each
By Devika Patel
Knoxville, Tenn., Nov. 5 - MEI Pharma, Inc. completed a $27.5 million private placement of units on Nov. 4, according to an 8-K filed Monday with the Securities and Exchange Commission. Vivo Ventures Fund VII, LP, Vivo Ventures VII Affiliates Fund, LP, New Leaf Ventures II, LP were among the investors.
The company sold 55 million units of one common share and 0.7 of a warrant at $0.50 per unit.
Each whole warrant is exercisable at $0.52 for five years. The strike price is a 33.33% premium to $0.39, the Nov. 2 closing share price.
Proceeds will be used for a phase 2 clinical study of Pracinostat in Myelodysplastic Syndrome and for general corporate purposes and working capital.
The oncology company is based in San Diego.
| Issuer: | MEI Pharma, Inc.
|
| Issue: | Units of one common share and 0.7 of a warrant
|
| Amount: | $27.5 million
|
| Units: | 55 million
|
| Price: | $0.50
|
| Warrants: | 0.7 of a warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.52
|
| Investors: | Vivo Ventures Fund VII, LP, Vivo Ventures VII Affiliates Fund, LP, New Leaf Ventures II, LP
|
| Settlement date: | Nov. 4
|
| Stock symbol: | Nasdaq: MEIP
|
| Stock price: | $0.39 at close Nov. 2
|
| Market capitalization: | $13.03 million
|
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