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MEI Pharma to raise $75M via private placement of units

MEI Pharma, Inc. is looking to raise $75 million through a private placement of units.

The company will offer 33,003,296 units at $2.273 apiece. Each unit consists of 1 common share and a warrant to purchase half of a share at an exercise price of $2.54.

The placement is led by Vivo Capital and CAM Capital. Other participants included New Enterprise Associates, Perceptive Advisors, The Biotechnology Value Fund, Boxer Capital of Tavistock Group, and Amzak Health, as well as other new and existing investors.

MEI Pharma will use the proceeds to fund clinical development of MEI-401, which is expected to enter a single-agent registration study in 2018 to treat adults with relapsed or refractory follicular lymphoma, and for general corporate purposes.

The closing of the private placement is expected to occur May 16.

Stifel and Wells Fargo Securities acted as joint lead placement agents, with Oppenheimer & Co. and SunTrust Robinson Humphrey as lead co-placement agents. Laidlaw & Co. acted as co-placement agent, and BTIG acted as an equity capital markets adviser.