10:07 AM EDT, 07/22/2024 (MT Newswires) -- MEI Pharma ( MEIP ) said Monday that it is evaluating strategic alternatives, including a potential "orderly wind down" of its operations "to maximize the value of its assets for its stockholders."

MEI Pharma ( MEIP ) also said President and Chief Executive David Urso and Chief Medical Officer Richard Ghalie have agreed to step down, effective Aug. 1. However, MEI Pharma ( MEIP ) said it expects to hire Urso and Ghalie under consultant agreements that will make them available to help the company reach its strategic goals.

Board Chair Charles Baltic III is also stepping down, the company said.

MEI Pharma ( MEIP ) will "promptly" discontinue the clinical development of voruciclib, its drug candidate to treat hematological malignancies and solid tumors, the company added.

As part of the review of strategic alternatives, the company said it will consider out-licensing opportunities for existing programs and merger and acquisition opportunities.

Shares of MEI Pharma ( MEIP ) were up more than 27% in recent trading.

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