MEI Pharma Responds to Anson and Cable Car Offer

 MEI Pharma, Inc. (NASDAQ: MEIP) (the "Company") today issued the following statement in response to the disclosure made today by Anson Advisors Inc. and Cable Car Capital LLC:

Anson and Cable Car reiterated their formerly disclosed, unsolicited and non-binding proposal that our Board of Directors previously reviewed and rejected. The Board determined that the proposal provides no basis for futher discussions with them regarding an alternative transaction. We believe that the proposal and Anson and Cable Car’s subsequent disclosures, including today’s press release, are nothing more than an attempt to acquire the Company and our cash on hand without paying an appropriate premium to do so. In addition, we believe that the proposal would deprive the Company’s stockholders of the opportunity to participate in the potential upside associated with the Company's existing programs as well as the further upside potential of the proposed transaction with Infinity Pharmaceuticals, Inc. ("Infinity").

We encourage our shareholders not to be confused by Anson and Cable Car’s latest press release. Instead, shareholders should keep these facts in mind:

• The proposal by Anson and Cable Car significantly undervalues the Company. As part of its review, which included multiple factors, the Board, in consultation with the Company’s financial and legal advisors, noted that the proposal was at a significant discount to the Company’s cash position. It also does not account for the value-creating potential of the Company’s current development platform and the further upside potential of the proposed transaction with Infinity.

• The Board determined that the proposal does not provide a basis for discussions regarding an alternative to the transaction with Infinity. Regardless of how many times Anson and Cable Car reiterate their inadequate proposal, the Company abides by its contractual obligations.

• The low-ball proposal from Anson and Cable Car stands in stark contrast to the Company’s value-creating Infinity transaction. Together with Infinity, we expect to have a diversified combined pipeline of three clinical-stage development programs. We expect to generate key clinical data from the combined company’s pipeline programs over approximately the next 6-24 months, including clinical data from our two programs by around year-end, and we believe in the upside of our promising therapies.

https://finance.yahoo.com/news/mei-pharma-responds-anson-cable-211500408.html