05:54 PM EDT, 07/22/2025 (MT Newswires) -- MEI Pharma ( MEIP ) said late Tuesday it closed a private placement of over 29.2 million common shares at $3.42 apiece for gross proceeds of about $100 million.

The company will use the net proceeds to acquire the Litecoin (LTC-USD) cryptocurrency, which will serve as its primary treasury reserve asset.

Litecoin founder Charlie Lee, one of the lead investors in the placement, was appointed to MEI Pharma's ( MEIP ) board of directors, the company said.

Shares of MEI Pharma ( MEIP ) were down 6.7% in after-hours trading.