Mei Pharma Terminates Lease Five Years Early to Cut Costs

Dow Jones06-26

By Sabela Ojea

Mei Pharma said it's terminating a San Diego lease more than five years in advance as part of a push to reduce its costs.

The oncology-focused biotechnology company on Tuesday said that the lease will be terminated on Sept. 30, instead of on Nov. 30, 2029.

The decision to will result in a reduction of annual average operating expenses of about $2.6 million after paying the landlord a termination fee of $11.1 million, Mei Pharma said.

The news come less than two months after the company reported no revenue in the third quarter of the year, and a narrowed loss of $9.1 million, or $1.37 a share.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

June 25, 2024 17:55 ET (21:55 GMT)

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