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A development stage company, engaged in the clinical development of the anti-cancer drug phenoxodiol.
Thanks to a low float after a reverse split, MEI stock is bobbing around like a cork in the ocean. After cutting loose from Novogen and their failed plant flavonoid technology, MEI needed to find a new reason to exist and continue paying inflated salaries to management. Lo and behold, the company acquired oral HDAC inhibitor Pracinostat from S*Bio for 0.5M in stock and contingent payments. Suddenly, Pracinostat is the next great thing in hematologic malignancy, with MEI heavily PR'ing preliminary phase II data for Pracinostat in MDS that was generated before they bought the drug. Did S*Bio management suddenly go insane, divesting a multibillion dollar drug to a nonentity microcap biopharma for pocket change? I'm skeptical. But this is baby bio and there's no accounting for short-term market irrationality. Grab a seat and lets see what happens ...
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