SAN DIEGO, Sept. 6, 2016 /PRNewswire/ -- MEI Pharma,
Inc. (Nasdaq: MEIP), an oncology company focused on the clinical
development of novel therapies for cancer, today reported results
for its fiscal year ended June 30,
2016.
"All of our efforts over the past year combined to set the stage
for what has already been an exciting start to the new fiscal year,
highlighted by Breakthrough Therapy Designation from the U.S. Food
and Drug Administration (FDA) and a global strategic partnership
for Pracinostat," said Daniel P.
Gold, Ph.D., President and Chief Executive Officer of MEI
Pharma. "We are proud to have a strong commercial partner in
Helsinn now on board. With this partnership in place, we are well
positioned to move forward with a fully funded Phase III study in
acute myeloid leukemia (AML), evaluate an optimized dosing regimen
in myelodysplastic syndrome (MDS) and maintain lucrative economics
on the future commercial success of Pracinostat. In the process, we
have significantly strengthened the financial position of our
Company, enabling us to exploit our core strength in oncology drug
development. We aim to leverage these resources in the coming year
to continue to advance new treatment options for patients while
creating value for our shareholders."
Recent Company Highlights
- Strategic partnership for Pracinostat worth up to
$464 million. In August 2016, MEI Pharma entered into an exclusive
licensing, development and commercialization agreement with Helsinn
Healthcare, SA, a Swiss pharmaceutical corporation, for Pracinostat
in AML and other potential indications. Under the terms of the
agreement, Helsinn is granted exclusive worldwide rights to
Pracinostat and will be responsible for funding its global
development and commercialization. As compensation for such grant
of rights, MEI Pharma will receive near-term payments of
$20 million, including a $15 million upfront payment and a $5 million payment upon the earlier to occur of
(i) dosing of the first patient in the upcoming Phase III study of
Pracinostat in newly diagnosed AML patients unfit to receive
induction therapy, or (ii) March 1,
2017. In addition, the Company will be eligible to receive
up to $444 million in potential
regulatory and sales-based milestones, along with royalty payments
on the net sales of Pracinostat. In a related transaction, Helsinn
made a $5 million equity investment
in MEI Pharma.
- Significantly increased market opportunity for
Pracinostat. As part of the license, development and
commercialization agreement, the Company will also collaborate with
Helsinn to explore an optimal dosing regimen of Pracinostat in
combination with azacitidine for the treatment of high-risk MDS.
Based on its clinical experience with the combination, the Company
believes that an optimized dose and schedule may show considerable
promise in MDS, an indication with a significantly higher
addressable patient population than that of AML. This Phase II
clinical study is anticipated to commence in the first half of
2017.
- Breakthrough Therapy Designation from FDA. In
August 2016, MEI Pharma announced
that the FDA granted Breakthrough Therapy Designation for
Pracinostat in combination with azacitidine for the treatment of
patients with newly diagnosed AML who are ≥75 years of age or unfit
for intensive chemotherapy. According to the FDA, Breakthrough
Therapy Designation is intended to expedite the development and
review of drugs for serious or life-threatening conditions. The
criteria for Breakthrough Therapy Designation require preliminary
clinical evidence that demonstrates the drug may have substantial
improvement on at least one clinically significant endpoint over
available therapy. In addition, the Company announced that
agreement has been reached with the FDA on the proposed Phase III
AML study design.
- Long-term survival benefit in Phase II AML study. The
Breakthrough Therapy Designation is supported by data from a Phase
II study of Pracinostat plus azacitidine in elderly patients with
newly diagnosed AML, not candidates for induction chemotherapy. The
study showed a median overall survival of 19.1 months and a
complete response (CR) rate of 42% (21 of 50 patients). These data
compare favorably to a Phase III study of azacitidine
(AZA-AML-001), which showed a median overall survival of 10.4
months with azacitidine alone and a CR rate of 19.5% in a similar
patient population. The combination of Pracinostat and azacitidine
was generally well tolerated, with no unexpected toxicities. The
most common grade 3/4 treatment-emergent adverse events included
febrile neutropenia, thrombocytopenia, anemia and fatigue.
- IND approved for next-generation PI3K delta inhibitor
ME-401. In March 2016, the FDA
approved MEI Pharma's Investigational New Drug (IND) application
for ME-401 in B-cell malignancies. PI3K delta is a class of drugs
that has shown promise in the treatment of B-cell malignancies, but
with certain toxicities. The Company believes this provides an
opportunity for a next-generation oral drug that can produce
therapeutic responses at a safe, effective dose. The Company
expects to dose the first patient in a Phase Ib dose-escalation
study of ME-401 in patients with recurrent chronic lymphocytic
leukemia or follicular non-Hodgkin's lymphoma in the third quarter
of 2016.
- Potential for improved therapeutic window for ME-401.
Results from a first-in-human, single ascending dose clinical study
of ME-401 in healthy volunteers were presented at the American
Association for Cancer Research Annual Meeting in April 2016. The data showed on-target activity of
ME-401 at very low plasma concentrations. In addition, the results
suggest that ME-401 has the potential for a superior
pharmacokinetic and pharmacodynamic profile and an improved
therapeutic window compared to idelalisib (marketed as
Zydelig®), with a half-life that supports once-daily
dosing. The goal of the upcoming Phase Ib study will be to
demonstrate this therapeutic window in cancer patients. Interim
data from the study is expected in the second quarter of 2017.
- New clinical study of mitochondrial inhibitor ME-344 open
for enrollment. In August 2016,
an investigator-sponsored study of the Company's mitochondrial
inhibitor drug candidate ME-344 in combination with the vascular
endothelial growth factor (VEGF) inhibitor bevacizumab (marketed as
Avastin®) in patients with human epidermal growth factor
receptor 2 (HER2)-negative breast cancer was opened for enrollment.
The study is being conducted in collaboration with the Spanish
National Cancer Research Centre in Madrid. Pre-clinical data from the
collaboration showed mitochondria-specific effects of ME-344 in
cancer cells, including substantially enhanced anti-tumor activity
when combined with agents that inhibit the activity of VEGF. The
data demonstrate that these anti-cancer effects are due to an
inhibition of both mitochondrial and glycolytic metabolism. Data
from the combination study with bevacizumab are expected in the
fourth quarter of 2017.
Fiscal Year 2016 Financial Highlights
- As of June 30, 2016, MEI Pharma
had $45.9 million in cash, cash
equivalents and short-term investments, with no outstanding debt.
Subsequent to the Company's year-end, it received a $15 million upfront payment in connection with
its license, development and commercialization agreement with
Helsinn and an additional $5 million
in a related equity transaction.
- Net cash used in operations was $17.9
million for the year ended June 30,
2016, compared to $28.1
million for 2015. Net cash used in operations was
$3.5 million for the fourth quarter
ended June 30, 2016.
- Research and development expenses were $13.4 million for the year ended June 30, 2016, compared to $23.8 million for 2015. The decrease was
primarily due to a reduction in clinical trial, production and
development costs of Pracinostat.
- General and administrative expenses were $7.6 million for the year ended June 30, 2016, compared to $8.9 million for 2015. The decrease primarily
relates to lower levels of share-based compensation expense.
- Net loss was $20.9 million, or
$0.61 per share, for the fiscal year
ended June 30, 2016, compared to
$32.7 million, or $1.16 per share for 2015.
About MEI Pharma
MEI Pharma, Inc. (Nasdaq: MEIP) is a San Diego-based oncology company focused on
the clinical development of novel therapies for cancer. The
Company's pipeline of drug candidates includes Pracinostat, an oral
HDAC inhibitor that that has been granted Breakthrough Therapy
Designation from the U.S. Food and Drug Administration in
combination with azacitidine for the treatment of patients with
newly diagnosed acute myeloid leukemia who are ≥75 years of age or
unfit for intensive chemotherapy. The Company is also developing
ME-401, a highly selective oral PI3K delta inhibitor, and ME-344, a
novel mitochondrial inhibitor. For more information, please visit
www.meipharma.com.
Under U.S. law, a new drug cannot be marketed until it has
been investigated in clinical studies and approved by the FDA as
being safe and effective for the intended use. Statements included
in this press release 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. 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; 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; 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.
|
Years Ended June
30,
|
|
2016
|
|
2015
|
|
(In thousands,
except share and per share data)
|
Statement of
Operations Data:
|
|
|
|
Operating
expenses
|
|
|
|
Research and
development
|
$
(13,403)
|
|
$
(23,823)
|
General and
administrative
|
(7,601)
|
|
(8,948)
|
Total operating
expenses
|
(21,004)
|
|
(32,771)
|
Loss from
operations
|
(21,004)
|
|
(32,771)
|
Other income,
net
|
142
|
|
77
|
Net loss
|
$
(20,862)
|
|
$
(32,694)
|
Net loss per share,
basic and diluted
|
$
(0.61)
|
|
$
(1.16)
|
Shares used to
calculate net loss per share, basic and diluted
|
34,400,441
|
|
28,204,356
|
|
|
|
|
|
As of June
30,
|
|
2016
|
|
2015
|
|
(In
thousands)
|
Balance Sheet
Data:
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$
45,918
|
|
$
63,779
|
Total
assets
|
47,164
|
|
64,750
|
Total
liabilities
|
5,512
|
|
4,959
|
Accumulated
deficit
|
(177,001)
|
|
(156,139)
|
Total stockholders'
equity
|
41,652
|
|
59,791
|
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SOURCE MEI Pharma, Inc.