MEI Pharma reports progress in colorectal cancer study

SAN DIEGO - MEI Pharma, Inc. (NASDAQ:MEIP), a clinical-stage pharmaceutical company, announced today that its Phase 1b study of ME-344, in combination with bevacizumab, showed that 25% of patients with relapsed metastatic colorectal cancer (mCRC) had no disease progression at 16 weeks.

This result surpassed the predetermined non-progression threshold of 20%, which was set to expand the study to a second cohort. However, MEI Pharma has decided to focus on developing a new formulation of ME-344 rather than adding more patients to the current study.

ME-344, an investigational inhibitor of mitochondrial oxidative phosphorylation (OXPHOS), is being evaluated for its potential to induce synthetic lethality in tumors when combined with bevacizumab, a drug that reduces glycolysis in cancer cells. The Phase 1b study aimed to assess the safety and efficacy of this combination in patients who had previously undergone standard therapies.

The study was conducted at centers within the Academic GI Cancer Consortium and involved 23 patients with a median age of 58. The majority of these patients had received at least three prior lines of therapy. The primary endpoint was 16-week progression-free survival, with secondary endpoints including overall survival and safety. The combination was generally well-tolerated, with the most common adverse events being fatigue and abdominal pain.

Despite the positive outcome in Cohort 1, MEI Pharma has chosen to advance ME-344 through the development of a new formulation to increase biological activity and improve patient convenience. The company believes this strategy will optimize the drug's potential and provide shareholder value by reducing short-term expenditures on the program.

ME-344 has previously shown promise in clinical studies, demonstrating the ability to induce cancer cell death and exhibit antitumor activity. MEI Pharma continues to focus on developing novel cancer therapies that address resistance to standard treatments.

This report is based on a press release statement from MEI Pharma, Inc.

MEI Pharma, Inc. (NASDAQ:MEIP) has recently shared encouraging results from its Phase 1b study of ME-344, drawing attention from investors and analysts alike. According to InvestingPro, the company holds more cash than debt on its balance sheet, which may provide financial flexibility as it seeks to develop a new formulation of ME-344. Additionally, analysts predict that MEI Pharma will be profitable this year, an important consideration for investors looking at the company's future prospects.

From a financial perspective, MEI Pharma's market capitalization stands at a modest 25.05 million USD, with an exceptionally low P/E ratio of 1.28, indicating potential undervaluation by the market. The company's revenue for the last twelve months as of Q2 2024 is reported at 72.65 million USD, with a notable revenue growth of 16.1% during the same period. This growth could be a sign of MEI Pharma's ability to scale its operations and bring new therapies to market.

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