DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against MEI Pharma, Inc. and Encourages Investors to Contact the Firm
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NEW YORK, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of investors that purchased MEI Pharma, Inc. (NASDAQ: MEIP) securities between August 2, 2017 and July 1, 2020 (the “Class Period”). Investors have until October 9, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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MEI Pharma is a late-stage pharmaceutical company that focuses on the development of various therapies for the treatment of cancer. MEI Pharma’s clinical drug candidates include, among others, Pracinostat, an oral histone deacetylase (“HDAC”) inhibitor.
MEI Pharma and Helsinn Healthcare SA, a Swiss pharmaceutical corporation (“Helsinn”), with which MEI Pharma had an exclusive worldwide license, development, manufacturing and commercialization agreement for Pracinostat in acute myeloid leukemia (“AML”), myelodysplastic syndrome, and other potential indications (the “Helsinn License Agreement”), were evaluating Pracinostat in, among other studies, a pivotal Phase 3 global registration clinical trial for the treatment of adults with newly diagnosed AML who are unfit to receive intensive chemotherapy (the “Phase 3 Pracinostat Trial”). The Phase 3 Pracinostat Trial, which was initiated in June 2017, was a randomized, double-blind, placebo-controlled study that would enroll worldwide approximately 500 adults with newly diagnosed AML who are unfit to receive intensive chemotherapy. Patients were randomized 1:1 to receive Pracinostat or placebo with azacitidine as background therapy. The primary endpoint of the trial was overall survival.
On July 2, 2020, MEI Pharma issued a press release announcing that it was discontinuing the Phase 3 Pracinostat Trial. Specifically, the Company advised that an interim futility analysis of the Phase 3 Pracinostat Trial, undertaken by the study’s Independent Data Monitoring Committee (“IDMC”), “has demonstrated it was unlikely to meet the primary endpoint of overall survival compared to the control group,” and that “[b]ased on the outcome of the interim analysis, the decision was made to discontinue the recruitment of patients and end the study,” which “was based on a lack of efficacy and not on safety concerns.”
Following the announcement, the Company’s stock price fell $0.78 per share, or 18.27%, to close at $3.49 per share on July 2, 2020.