MEI Pharma Inc. said it raised $51.8 million from a public offering of shares after underwriters exercised an option to buy additional stock.

The San Diego-based company closed the offering selling 32,343,750 shares at $1.60 apiece, including 4,218,750 shares as part of the underwriters' overallotment option.

MEI Pharma intends to use net proceeds to fund its clinical development programs and for general corporate purposes.

Stifel and Wells Fargo Securities were joint book-running managers for the offering.