MEIP - MEI Pharma shares rise 4% as Wells Fargo says voruciclib undervalued

Recent scientific research indicates that CDK9 inhibitors such as MEI Pharma's (MEIP) voruciclib may have an effect against KRAS solid tumors, according to a new research note from Wells Fargo.Analyst Nick Abbott writes that preclinical data presented by MEI at the American Association for Cancer Research Annual Meeting earlier this month showed that voruciclib demonstrated activity against multiple KRAS mutant cancer cell lines and inhibits growth of these cancers in combination with KRAS inhibitors.Abbott also notes that a recent article in the journal SLAS Discovery reported that pre-clinical data from the National Cancer Institute's RAS Initiative (~30% of all cancers are due to mutations from the RAS gene family) identified five chemical clusters that inhibited oncogenic RAS -- three were CDK9 inhibitors.While other companies are developing CDK inhibitors, Abbott says voruciclib is furthest along.MEI Pharma shares are up 3.8% to $3.59.

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MEI Pharma shares rise 4% as Wells Fargo says voruciclib undervalued