MEI Pharma Issues Statement Regarding Anson and Cable Car’s Opportunistic Actions
The MEI Board of Directors and management team are focused on advancing our two programs, voruciclib and ME-344, both on the cusp of reporting clinical data during the first half of 2024 that could support value creation opportunities for the benefit of all stockholders. Each program holds the potential, in combination with current therapies, to overcome known resistance mechanisms and improve patient outcomes in cancer. As we highlighted in our recent earnings disclosures, both programs have generated strong engagement among our clinical investigators, and are supported by data showing potential anti-tumor activity and mechanistic proof-of-concept for the combinations being evaluated.
This is an important time for our Company, and our Board comprises highly qualified directors that bring the broad and diverse experience and expertise needed to provide strong oversight and guide the business forward as MEI executes on its upcoming key milestones. Our Board is focused on value creation and routinely evaluates its capital allocation priorities to ensure MEI is positioning opportunities to deliver the highest returns to stockholders.
In contrast, in their latest filing, Anson and Cable Car are clear in their agenda: they want the Company’s cash regardless of the opportunity cost to MEI’s development programs and other stockholders. Don’t be misled by the claims of Anson and Cable Car.
The plan that Anson and Cable Car lay out to strip the Company of its cash now and replace it with the hope to obtain financing later demonstrates a lack of understanding of our business and the realities of today’s capital markets – and exposes the lack of appreciation of the potential of the programs contrasted with their self-interested desire for a return of capital. We believe our stockholders should be highly concerned that this self-interested group wants to take control of your investment.
Further, if Anson and Cable Car are successful in their consent solicitation and upcoming proxy fight, it would create a sudden and significant disruption in the governance function of MEI and cripple the Company’s ability to leverage the potential to create value from the expected upcoming data readouts from both programs.
Additionally, the MEI Board have evaluated Anson and Cable Car’s latest request to set a new record date and determined there was no basis for doing so. The Company set a record date of
The MEI Board of Directors and management team will continue to take actions that it believes represent the best interest of ALL MEI stockholders.
The MEI Board will provide its formal recommendation with respect to the consent solicitation in its definitive consent solicitation materials that will be filed with the
Important Information and Where to Find It:
This statement is neither a solicitation of a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the
STOCKHOLDERS ARE URGED TO READ THE CONSENT REVOCATION STATEMENT AND THE FISCAL 2024 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Consent Revocation Statement or Fiscal 2024 Proxy Statement and other materials to be filed with the
Stockholders will be able to obtain, free of charge, copies of the Consent Revocation Statement and the Fiscal 2024 Proxy Statement (including any amendments or supplements thereto) and any other documents filed by the Company with the
Certain information contained in this statement that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding: the director nominations discussed above, the potential, safety, efficacy, and regulatory and clinical progress of our product candidates, including the anticipated timing for initiation of clinical trials and release of clinical trial data and our expectations surrounding potential regulatory submissions, approvals and timing thereof, our business strategy and plans; the sufficiency of our cash, cash equivalents and short-term investments to fund our operations. You should be aware that our actual results could differ materially from those contained in the forward-looking statements, which are based on management’s current expectations and are subject to a number of risks and uncertainties, including, but not limited to our failure to successfully commercialize our product candidates; the availability or appropriateness of utilizing the FDA’s accelerated approval pathway for our product candidates; final data from our pre-clinical studies and completed clinical trials may differ materially from reported interim data from ongoing studies and trials; costs and delays in the development and/ or FDA approval, or the failure to obtain such approval, of our product candidates; uncertainties or differences in interpretation in clinical trial results; uncertainty regarding the impact of rising inflation and the increase in interest rates as a result; potential economic downturn; activist investors; our inability to maintain or enter into, and the risks resulting from, our dependence upon collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products; competitive factors; our inability to protect our patents or proprietary rights and obtain necessary rights to third party patents and intellectual property to operate our business; our inability to operate our business without infringing the patents and proprietary rights of others; general economic conditions; the failure of any products to gain market acceptance; our inability to obtain any additional required financing; technological changes; government regulation; changes in industry practice; and one-time events. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements. Under