AFFX Affymetrix, Inc.

MEI Pharma, Inc. (MEIP) recently announced that it has licensed exclusive global rights to PWT143, an oncology candidate, from Pathway Therapeutics, Inc. The deal involves an upfront payment (details of which were not revealed) but no future milestone or royalty obligations.

PWT143 has been found to be a novel selective and potent phosphatidylinositol 3-kinase delta (PI3K delta) inhibitor in pre-clinical studies. The candidate plays an important role in the proliferation and survival of hematologic cancer cells.

PWT143 has shown improved pre-clinical activity as compared to other PI3K delta inhibitors in development. MEI Pharma intends to file an investigational new drug (IND) application for PWT143 by the end of 2014.

MEI Pharma focuses on the development of drugs for the treatment of cancer. In Jun 2013, MEI Pharma commenced a phase II study on Pracinostat in combination with Celgene Corporation’s (CELG) Vidaza for the treatment of myelodysplastic syndrome (MDS).

The company will start two open-label phase II studies on Pracinostat: one in combination with Vidaza in frontline acute myeloid leukemia (AML) in the fall of 2013 and another in combination with Vidaza or Dacogen in patients with refractory MDS soon thereafter.

The pipeline also includes ME-143 (phase I completed) and ME-344 (phase I ongoing). MEI Pharma has global exclusive rights for Pracinostat, ME-143 and ME-344.

The current licensing deal represents MEI Pharma’s efforts to strengthen its oncology drug portfolio. MEI Pharma carries a Zacks Rank #3 (Hold). There are however other stocks that currently look more attractive. These include Biogen Idec Inc. (BIIB) and Affymetrix Inc. (AFFX). All three carry a Zacks Rank #1 (Strong Buy).

 
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