Business & Finance
MEI Pharma swings to net income of USD2.7m for fiscal 2017
6 September 2017 -

Oncology company MEI Pharma Inc (Nasdaq:MEIP) disclosed on Tuesday that its net income was USD2.7m (USD0.07 per share) for its fiscal year ended 30 June 2017.

This reflects an improvement in earnings when compared with a net loss of USD20.9m (USD0.61 per share) for 2016.

Revenues of USD23.2m related to the Helsinn License Agreement were generated for the year ended 30 June 2017 , a rise from nil in 2016.

For the year ended 30 June 2017, the cost of research and development revenue, comprised primarily of reimbursable third-party pass-through costs, was USD5.0m.

Research and development expenses of USD7.2m were recorded for the year ended 30 June 2017, a decline over R&D expenses of USD13.4m for 2016, which was primarily due to a reduction in expenses related to pracinostat pursuant to the Helsinn License Agreement.