MEI Pharma (MEIP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $11.88 million, or $ 0.32 a share in the quarter, against a net loss of $5.10 million, or $0.15 a share in the last year period.
Revenues for the quarter were $17.20 million. The company has not recorded any revenues for the previous year period.
Operating income for the quarter was $11.82 million, compared with an operating loss of $5.13 million in the previous year period.
"We begin the new calendar year with all of the pieces we need to be successful," said Daniel P. Gold, Ph.D., president and chief executive officer of MEI Pharma. "We now have a partner with the operational and financial capabilities to support our Phase 3 AML program while we retain substantial long-term upside. We have a unique opportunity to return to MDS and apply what we learned in our prior studies with the prospect of significantly increasing the market potential for Pracinostat. We have two emerging drug candidates, ME-401 and ME-344, each expected to hit meaningful clinical inflection points in this year. And we have a healthy cash position to complement a strong clinical and regulatory team, all working to ensure that we execute on our development strategies. We're poised for an exciting year ahead and I'm eager to share our progress as it unfolds."
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