MEI Pharma Inc (NASDAQ: MEIP)
MEI Pharma is having an incredible start to the day. The growth we’re seeing in the market surrounds data that was released today with regard to the clinical trial of Pracinostat. As you would imagine, the study ended in a positive way. Today, we’ll discuss the study, take a look at how the market is reacting, and discuss what we can expect to see from MEIP moving forward. So, let’s get right to it…
MEIP Releases Positive Data With Regard To Pracinostat
MEI Pharma has been conducting a Phase II clinical study around Pracinostat. The drug was designed to treat elderly patients that have been newly diagnosed with acute myeloid leukemia, also known as AML. In the study, MEIP provided 21 patients with the Pracinostat treatment, 19 of which achieved a complete response. Perhaps more importantly, the 1 year follow up date has passed, and all 19 patients that achieved a full response are still alive, insinuating a 100% one-year survival rate! Following the release of the overwhelmingly positive news, Dr. Garcia-Manero had the following statement to offer…
“These are impressive results by virtually any measure for a group of patients in dire need of effective new treatment options… Not only did we observe a high rate of response, 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.”
How The Market Reacted To The News
History tells us that just about any time we see positive clinical data from a publicly traded biotechnology company, we can expect to see positive news in the market as a result. That’s exactly what we’ve seen from MEIP so far today. Currently (9:50), the stock is trading at $1.81 per share after a gain of 17.53% so far today.
What We Can Expect To See From MEIP Moving Forward
Moving forward, I have an overwhelmingly bullish opinion of what we can expect to see from MEIP moving forward. This opinion is heavily based on the data that was released today. The bottom line here is that MEIP is getting closer and closer to proving that Pracinostat is an effective treatment for elderly patients that are suffering from AML. With a 100% survival rate among those that achieved a complete response, it’s clear that the data released today warrants further development of the treatment. With that said, I’m expecting to see news that the company is entering into the Phase III study relatively soon. Based on what we saw in both Phase I and Phase II, I’m expecting that the Phase III study will yield overwhelmingly positive results, ultimately pushing the treatment forward to a New Drug Application. Therefore, I’m expecting several positive catalysts to come for the stock. In each step on the way to FDA approval, we can expect to see an incredibly positive response in the market, driving MEIP higher and higher upward. So, if you’re thinking about getting in on the gains, you’re likely thinking about making the right decision here.
What Do You Think?
Where do you think MEIP is headed moving forward and why? Let us know your opinion in the comments below!
[Image Courtesy of Wikipedia]