MEI Pharma Inc (NASDAQ:MEIP) shares are up considerably in pre-market trading this morning after the company has announced a very positive Phase II Study of their drug Pracinostat. The drug, which is being tested on elderly patients with newly diagnosed acute myeloid leukemia (AML), performed exceptionally well. In the data released this morning the company reported that 19 of the 21 patients who achieved a complete response to the drug are still alive, with a 100% one-year survival rate.
“These are impressive results by virtually any measure for a group of patients in dire need of effective new treatment options,” stated Dr. Garcia-Manero. “Not only did we observe a high rate of responses, but many occurred rapidly and continued to improve with ongoing therapy. Most importantly, we are seeing an encouraging trend in overall survival, particularly among patients who achieved a complete response. These data clearly support further development of Pracinostat in combination with azacitidine for the treatment of elderly patients with AML.”
MEI Pharma Inc (NASDAQ:MEIP) shares are up $0.28 or approximately 18.2% in pre-market trading. The stock closed at $1.54 during the last trading session. It is down 27.70% since May 4, 2015 and is downtrending. It has underperformed the S&P500 by 27.50%.
MEI Pharma, Inc. is an oncology company. The company has a market cap of $52.60 million. The Firm is focused on the clinical development of drugs and therapies for treatment of cancer. It currently has negative earnings. The Company’s portfolio of clinical drug candidates includes Pracinostat, ME-344 and PWT143.