MEI Pharma To Consider Strategic Alternatives; Will Commence A Reduction-In-Force Beginning As Soon As Practicable And Continuing In Stages As The Co's Operational And Strategic Direction Evolves; Intends To Promptly Discontinue The Clinical Development Of Voruciclib

Company Commences a Cash Preservation Plan Including a Reduction in Force

MEI Pharma, Inc. (NASDAQ:MEIP) (the "Company") today announced that its Board of Directors has determined unanimously to begin evaluation of the Company's strategic alternatives, including potential transactions as well as an orderly wind down of the Company, if appropriate, in order to maximize the value of its assets for its stockholders. The Company intends to evaluate and engage a financial advisor to assist in this process.

In order to best preserve the Company's existing cash, the Company will commence a reduction-in-force beginning as soon as practicable and continuing in stages as the Company's operational and strategic direction evolves. The Company intends to promptly discontinue the clinical development of voruciclib, while certain non-clinical activities related to MEI's drug candidate assets will continue to be conducted by the Company.