12:43 PM EDT, 10/28/2024 (MT Newswires) -- MEI Pharma ( MEIP ) shares gained more than 8% after the company said Friday it had sold the rights to drug asset ME-344.

The company said in a securities filing that it had entered an agreement with Aardvark Therapeutics to sell virtually all of the rights to ME-344 for an initial payment of $500,000 in cash plus $55,049 that MEI Pharma ( MEIP ) owed to Alcami Corp.

MEI Pharma ( MEIP ) is also eligible to receive payments totaling up to $62 million if ME-344 meets certain goals.

ME-344 was being evaluated as a possible treatment of multiple cancer types, including breast and colorectal cancer.

Price: 2.98, Change: +0.23, Percent Change: +8.36