MEI Pharma (MEIP) shares gained more than 8% after the company said Friday it had sold the rights to drug asset ME-344.
The company said in a securities filing that it had entered an agreement with Aardvark Therapeutics to sell virtually all of the rights to ME-344 for an initial payment of $500,000 in cash plus $55,049 that MEI Pharma owed to Alcami Corp.
MEI Pharma is also eligible to receive payments totaling up to $62 million if ME-344 meets certain goals.
ME-344 was being evaluated as a possible treatment of multiple cancer types, including breast and colorectal cancer.
Price: 2.98, Change: +0.23, Percent Change: +8.36
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