MEI Pharma rises on workforce reduction plan

Lite Strategy

22/07/2024 15:42

** Shares of MEI Pharma  MEIP.O  rise as much as 33.2% to an
over three-month high of $3.81
    ** Stock set for its best day in 10 months, if gains hold
    ** Co says it "will commence a reduction-in-force beginning
as soon as practicable," in order to preserve its existing cash
    ** MEIP's CEO David M. Urso and Chief Medical Officer
Richard Ghalie will also step down on Aug 1 to preserve cash
    ** Co's current CFO Justin File will become its acting CEO
to lead it through the period of transition
    ** MEIP intends to discontinue clinical development of its
drug voruciclib
    ** "Should advantageous strategic alternatives not be
presented, the company would consider an orderly wind down of
its operations" - Justin File 
    ** YTD, stock down 35.8%

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))