Company name MEI Pharma, Inc.
Stock symbol MEIP
Status Class Action Complaint Filed

NEW YORK, September 30, 2020 –  Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of investors that purchased MEI Pharma (NASDAQ: MEIP) securities between August 2, 2017 and July 1, 2020 (the “Class Period”). Investors have until October 9, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

MEI Pharma is a late-stage pharmaceutical company that focuses on the development of various therapies for the treatment of cancer. MEI Pharma’s clinical drug candidates include, among others, Pracinostat, an oral histone deacetylase (“HDAC”) inhibitor.

MEI Pharma and Helsinn Healthcare SA, a Swiss pharmaceutical corporation (“Helsinn”), with which MEI Pharma had an exclusive worldwide license, development, manufacturing and commercialization agreement for Pracinostat in acute myeloid leukemia (“AML”), myelodysplastic syndrome, and other potential indications (the “Helsinn License Agreement”), were evaluating Pracinostat in, among other studies, a pivotal Phase 3 global registration clinical trial for the treatment of adults with newly diagnosed AML who are unfit to receive intensive chemotherapy (the “Phase 3 Pracinostat Trial”). The Phase 3 Pracinostat Trial, which was initiated in June 2017, was a randomized, double-blind, placebo-controlled study that would enroll worldwide approximately 500 adults with newly diagnosed AML who are unfit to receive intensive chemotherapy. Patients were randomized 1:1 to receive Pracinostat or placebo with azacitidine as background therapy. The primary endpoint of the trial was overall survival.

On July 2, 2020, MEI Pharma issued a press release announcing that it was discontinuing the Phase 3 Pracinostat Trial. Specifically, the Company advised that an interim futility analysis of the Phase 3 Pracinostat Trial, undertaken by the study’s Independent Data Monitoring Committee (“IDMC”), “has demonstrated it was unlikely to meet the primary endpoint of overall survival compared to the control group,” and that “[b]ased on the outcome of the interim analysis, the decision was made to discontinue the recruitment of patients and end the study,” which “was based on a lack of efficacy and not on safety concerns.”

Following the announcement, the Company’s stock price fell $0.78 per share, or 18.27%, to close at $3.49 per share on July 2, 2020.

The complaint, filed on August 10, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) MEI Pharma had overstated Pracinostat’s potential efficacy as an AML treatment for the target population; (ii) consequently, the Phase 3 Pracinostat Trial was unlikely to meet its primary endpoint of overall survival; (iii) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Company’s financial condition and prospects for Pracinostat; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

If you purchased or otherwise acquired Mei Pharma securities during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at  investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.

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