MEI Pharma Prices Underwritten Public Offering Of 4.375 Mln Shares At $8/shr

(RTTNews) - MEI Pharma Inc. (MEIP), an oncology company focused on the clinical development of novel therapies for cancer, announced Friday that it has priced an underwritten public offering of 4.375 million shares of its common stock at an offering price of $8.00 per share, for total gross proceeds (before underwriting discount and commissions and estimated expenses) of about $35 million.

The company said it has granted the underwriters a 30-day option to purchase up to 656,250 additional shares of its common stock to cover over-allotments, if any. The offering is expected to close on October 30, 2013, subject to customary closing conditions.

The company stated that it plans to use the net proceeds of the offering, together with other available funds, to progress the clinical development programs for its drug candidates, Pracinostat, ME-344 and PWT143, and for other general corporate purposes.