MEI Pharma (MEIP) has released an update.
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MEI Pharma, Inc. has initiated a flexible funding strategy by striking a Sales Agreement with JonesTrading Institutional Services LLC, enabling the company to sporadically sell up to $25 million of its common stock. Initially capped at $10.3 million due to current public float restrictions, the agreement includes the option to expand the offering with market growth. The sales, managed by the Agent, will be at-the-market offerings or negotiated transactions, with a 3% commission on sales. This move is part of a broader $100 million securities registration, and while the company aims to fully utilize the arrangement, there is no guarantee that any shares will be sold.
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