<SEC-DOCUMENT>0000921895-23-002328.txt : 20231010
<SEC-HEADER>0000921895-23-002328.hdr.sgml : 20231010
<ACCEPTANCE-DATETIME>20231010150017
ACCESSION NUMBER:		0000921895-23-002328
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231010
DATE AS OF CHANGE:		20231010

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEI Pharma, Inc.
		CENTRAL INDEX KEY:			0001262104
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				510407811
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41827
		FILM NUMBER:		231317666

	BUSINESS ADDRESS:	
		STREET 1:		11455 EL CAMINO REAL
		STREET 2:		SUITE 250
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		858-369-7100

	MAIL ADDRESS:	
		STREET 1:		11455 EL CAMINO REAL
		STREET 2:		SUITE 250
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARSHALL EDWARDS INC
		DATE OF NAME CHANGE:	20030902

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Anson Funds Management LP
		CENTRAL INDEX KEY:			0001491072
		IRS NUMBER:				300134498
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		16000 DALLAS PARKWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248
		BUSINESS PHONE:		214.866.0202

	MAIL ADDRESS:	
		STREET 1:		16000 DALLAS PARKWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Frigate Ventures LP
		DATE OF NAME CHANGE:	20100504
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a13392004_10102023.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under &sect; 240.14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid">MEI PHARMA, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified In Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CABLE CAR CAPITAL LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FUNICULAR FUNDS, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">JACOB MA-WEAVER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANSON INVESTMENTS MASTER FUND LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">AIMF GP LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANSON EAST MASTER FUND LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">AEMF GP LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANSON OPPORTUNITIES MASTER FUND LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">AOMF GP, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANSON FUNDS MANAGEMENT LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANSON MANAGEMENT GP LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANSON ADVISORS INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BRUCE R. WINSON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMIN NATHOO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MOEZ KASSAM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">TAHEER DATOO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MARK FELDBERG</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">JAMES FLYNN</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</P>

</TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Anson Advisors Inc., an
Ontario, Canada corporation (&ldquo;Anson Advisors&rdquo; and, together with its affiliates, &ldquo;Anson&rdquo;) and Cable Car Capital
LLC, a California limited liability company (&ldquo;Cable Car Capital&rdquo; and, together with its affiliates, &ldquo;Cable Car&rdquo;),
together with the other participants named herein, have filed a definitive consent statement and accompanying <B>WHITE</B> consent card
with the Securities and Exchange Commission to be used in connection with their solicitation of written consents from stockholders in
lieu of a stockholder meeting for certain proposals, the ultimate effect of which, if successful, would be to remove the entire Board
of Directors of MEI Pharma, Inc., a Delaware corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On October 10, 2023, Anson
and Cable Car issued the following press release and open letter to stockholders of the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Anson and
Cable Car send letter to mei pharma stockholders </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>File New Definitive Consent Materials
to Remove Entire MEI Pharma Board for Cause and Add Advisory Proposal Requesting the Return of Capital to Stockholders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Believe Company&rsquo;s Latest Entrenchment Maneuvers
Underscore Urgent Need for Board Reconstitution to Prevent the Further Destruction of Value and Ensure the Board is Acting in the Best
Interest of Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Urge Stockholders to Vote on the WHITE Consent
Card Today to Remove the Incumbent Directors and Restore Confidence in MEI Pharma</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">TORONTO and SAN FRANCISCO, CA., October 10, 2023 &mdash;
Anson Funds (&ldquo;Anson&rdquo;) and Cable Car Capital LLC (&ldquo;Cable Car&rdquo; and, together with Anson, &ldquo;we&rdquo; or &ldquo;us&rdquo;),
which collectively beneficially own approximately 19.9% of the outstanding common stock of MEI Pharma, Inc. (the &ldquo;Company&rdquo;
or &ldquo;MEIP&rdquo;) (Nasdaq: MEIP), today announced that they have delivered a letter to MEIP stockholders and filed new definitive
consent materials with the Securities and Exchange Commission in connection with their solicitation of written consents from stockholders
in lieu of a stockholder meeting to remove the entire Board of Directors of MEIP for cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The full text of the letter to MEIP stockholders follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Fellow Stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>IT IS TIME FOR CHANGE <FONT STYLE="text-transform: uppercase">AT
MEI Pharma, Inc.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>The Current Board Must
Be Held Accountable For Overseeing Significant Value Destruction and Egregious Governance Practices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Please Sign, Date and Return the&nbsp;<U>WHITE</U>&nbsp;Consent
Card Today </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Anson Funds (&ldquo;Anson&rdquo;) and Cable Car Capital
LLC (&ldquo;Cable Car&rdquo; and, together with Anson, &ldquo;we&rdquo; or &ldquo;us&rdquo;) collectively beneficially own approximately
19.9% of the outstanding common stock of MEI Pharma, Inc. (the &ldquo;Company&rdquo; or &ldquo;MEIP&rdquo;), making us the Company&rsquo;s
largest stockholders. We invested in the Company based on our belief that the shares of Common Stock were undervalued and represented
an attractive investment opportunity. Unfortunately, MEIP&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) has proven that it is incapable
of providing effective oversight and operating with the best interests of stockholders in mind. The Company&rsquo;s refusal to fix a new
record date for our prior consent solicitation forced us to withdraw and then commence a new consent solicitation, pointlessly delaying
this opportunity for your voices to be heard. The Company then adopted a poison pill without stockholder approval, an entrenchment maneuver
that underscores our belief that removing the entire Board is critical to restoring good governance at MEIP. <B>We are therefore seeking
your consent to remove for cause all of the existing Board members in order to prevent the further destruction of value and to ensure
that the Company is being run in a manner consistent with your best interests.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are market participants of long repute with experience
investing in biotechnology and fighting for investor protection and corporate governance principles. <B>We want MEIP to return <I>your</I>
cash to <I>you</I></B>. In furtherance of this, we are also seeking your consent to approve a precatory proposal recommending that the
Board take all actions necessary to authorize and implement the return of a minimum of $40 million in capital to stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our interests are aligned with all MEIP stockholders.
We wish we could say the same about the current Board, which has remained steadfast in refusing to return capital to stockholders. The
truth is &ndash; this Board has failed its stockholders time and time again, <B><I>presiding over an approximately 90% decline in the
Company&rsquo;s share price over the past three years.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BOARD HAS FAILED TO PROVIDE EFFECTIVE OVERSIGHT
AND INSTILL PROPER GOVERNANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following the unfortunate failure of zandelisib and
a long review of strategic alternatives, including the possibility of what could have been a much higher and earlier liquidating distribution
of the Company&rsquo;s cash than will now be possible, the Board faced what we believe should have been an easy choice:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">return capital to the Company&rsquo;s stockholders, many of whom have extensive biotech portfolios and
experience evaluating other opportunities in the sector; or</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">paternalistically propose a speculative acquisition of a failing, publicly-traded asset in which its stockholders
were perfectly capable of investing, had they so desired, at a lower price.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unfortunately for MEIP stockholders, the Board unwisely
chose to pursue option (b), the speculative merger with Infinity Pharmaceuticals, Inc. (&ldquo;Infinity&rdquo;), which we believe was
clearly not in the best interest of stockholders. Based on the stockholders&rsquo; rejection of the merger, it is clear that fellow stockholders
shared our beliefs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rather than heed stockholders&rsquo; clear preference
for capital return after failing to successfully commercialize zandelisib, the Board and management then sought to commit the Company
to further clinical trial expense that its stockholders had not expected through a proposed transaction that could have resulted in Infinity
stockholders owning approximately 42% of the Company, despite extensive evidence that Infinity is undercapitalized and had failed to garner
any interest from more than 80 parties contacted in the strategic review process. Consequently, we question the Board&rsquo;s judgment
and its rationale for attempting to merge the Company with a near-bankrupt entity while the Company&rsquo;s stock was trading well below
net asset value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe the Board&rsquo;s conduct evinces a fundamental
misunderstanding of its role as steward of stockholder resources. Stockholders predominantly invested with the intention of funding the
development of zandelisib; they did not write a blank check or give the Board carte blanche to acquire other companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>We believe it is simply untenable for the same
Board that made such poor and self-interested capital allocation decisions to ask you to trust them to decide how and whether to spend
your capital. </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the Board&rsquo;s persistent failure
to hold management accountable for the Company&rsquo;s underperformance and destruction of shareholder value, <B><I>this Board has failed
to instill proper governance at MEIP,</I></B> maintaining a staggered board and misrepresenting the rights of stockholders<I>. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s action following our initial consent
solicitation to remove MEIP directors without cause underscores our concerns with the Company&rsquo;s broken governance. Despite the Bylaws
providing for the ability of stockholders to remove directors without cause, which the Company likewise misstated in its SEC filings for
years, the Board sought to invalidate our removal proposal as being inconsistent with Delaware law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">What this clearly indicates to us is that either the
Board (i) was aware of a potential conflict between Delaware law and the Bylaws but neglected its duties and allowed the Company to repeatedly
mislead stockholders about their rights for years, or (ii) learned of the potential conflict after our initial consent solicitation was
filed and seized upon its own dereliction of duty as a means of entrenchment and an opportunity to insulate itself from accountability.
In our opinion, the Board&rsquo;s negligence in propagating Bylaws that purportedly do not comply with Delaware law represents a failure
of adequate oversight that in and of itself provides grounds for removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board&rsquo;s latest entrenchment maneuvers further
evince this troubling pattern of manipulating the corporate machinery to insulate the Board from accountability at all costs. Specifically,
in connection with our initial consent solicitation to remove the Board for cause, on September 26, 2023, we requested that the Board
fix a new record date due to the substantial amount of time that had passed since the original August 11, 2023 record date set by the
Board, which was substantially due to the Company&rsquo;s refusal to publicly respond to our solicitation in a timely manner. Despite
the Company&rsquo;s delay in responding publicly, the Board refused to set a new record date. In our view, the Board&rsquo;s baseless
insistence on maintaining the undisputedly stale record date of August 11, 2023 could only serve to disenfranchise stockholders, and it
reflects this Board&rsquo;s reliance on scorched-earth tactics to entrench their seats at all costs. In order to ensure that stockholders
are not disenfranchised and have their voices heard, on September 29, 2023, we withdrew our initial consent solicitation, filed new soliciting
materials and requested the Board set a record date for our new consent solicitation. Just a few days later, on October 1, 2023, the Company
adopted a poison pill without stockholder approval, yet another example of this Board&rsquo;s poor governance practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are therefore seeking your support to remove each
member of the Board for cause because we believe the entire sitting Board has engaged in misconduct, including by making false representations
in prior proxy statements, which induced their own appointments, and by breaching their duty to make full and fair disclosures, among
other failures outlined in this letter and our consent solicitation materials.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OUR INTERESTS ARE ALIGNED WITH YOURS - DO NOT BE
MISLED BY MEIP&rsquo;S MISREPRESENTATIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>We recently acquired more shares of MEIP because
we believe the market has spoken: shares have become grossly undervalued due to expectations of further value destruction under the direction
of the current Board</B>. The Board&rsquo;s misrepresentation that our consent solicitation &ldquo;is nothing more than an invalid tactic
to wrest control of the Company&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
cannot be farther from the truth.</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> Reference is made to Anson&rsquo;s and Cable Car&rsquo;s definitive consent solicitation statement filed with the SEC on October 10, 2023 and related consent solicitation materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> Source: MEIP&rsquo;s preliminary consent solicitation statement filed with the SEC on September 15, 2023.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In fact, now that we own more than 15% of the Company&rsquo;s
outstanding shares, Delaware law restricts us from engaging in a business combination with the Company without the approval of both the
Board and two-thirds of the disinterested stockholders. Previously, we presented an acquisition proposal that would have provided stockholders
with immediate liquidity and a superior outcome to the Infinity transaction, which was rejected out of hand by the Board. Now, we are
committed to obtaining a return of capital for all stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have indicated to the Board our willingness to
avoid a costly and unnecessary conflict, provided the Company return a significant portion of its excess cash to stockholders through
a partial tender offer. We estimate the Company has far more net cash on hand than what is required to advance its early-stage assets
to partnership discussions. MEIP has unfortunately been entirely unwilling to commit to any capital return whatsoever, preferring to gamble
on unknown and potentially fruitless clinical outcomes first. We think this is unacceptable and that hoarding cash for a hypothetical
future development program is unnecessary. Despite the weak biotech market backdrop, capital is readily available if the Company&rsquo;s
early-stage development assets demonstrate compelling efficacy in the future, especially if they are validated by an external partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s repeated refusal to address stockholders&rsquo;
desire for a return of capital has compelled us to take further action on behalf of MEIP stockholders. Accordingly, we are also seeking
your support to approve a non-binding proposal recommending that the Board take all necessary actions to authorize and implement the return
of a minimum of $40 million in capital to stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WE BELIEVE THERE IS A BETTER PATH FORWARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The current Board is likely, in our view, to seize
upon whatever weak statistical signal may arise from random chance in the ongoing trials and use it to justify spending <I>all</I> of
the Company&rsquo;s resources on speculative continuing research efforts. <B>We believe future investment decisions should belong to the
stockholders, not the current Board, who collectively have minimal equity ownership in MEIP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our consent solicitation is your opportunity
to hold management and the Board accountable for their repeated failures to MEIP and its stockholders.</I></B> The Board has indicated
that they may attempt to challenge the legal basis for removal for cause, but if a majority of stockholders support our proposal to remove
MEIP directors for cause, the Board should honor the wishes of its stockholders, the true owners of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we are successful in removing some or all of the
current directors, we would expect any remaining directors and/or removed directors to work constructively with us to reconstitute the
Board expeditiously with qualified candidates who will prioritize capital return. To that end, we have identified highly-qualified individuals,
Taheer Datoo, Mark Feldberg and James Flynn, who we believe would be ready, willing and able to serve MEIP stockholders&rsquo; best interests
at all times, including following our consent solicitation, if successful. We look forward to sharing further details in the upcoming
weeks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CHANGE AT MEIP IS URGENTLY NEEDED - IT IS TIME THE
MEIP DIRECTORS ARE HELD ACCOUNTABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">Change is urgently needed
at MEIP. We are therefore urging you to support our efforts in seeking to take the first step in reconstituting the Board by removing
for cause Charles V. Baltic III, Frederick W. Driscoll, Nick Glover, Daniel P. Gold, Tamar Howson, Sujay Kango, Thomas C. Reynolds and
David M. Urso, representing the entire Board, as directors. We believe MEIP stockholders deserve a Board that will truly look out for
stockholders&rsquo; best interest and ensure management accountability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">We encourage you to consent
to the proposals on the <B><U>WHITE</U></B> consent card today and return it in your postage-paid envelope provided. November 22, 2023
is our goal for the submission of written consents. Should you have any questions or need assistance with voting, please contact InvestorCom
at (877) 972-0090 or (203) 972-9300 or by email at MEIP@investor-com.com.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROTECT THE VALUE OF YOUR INVESTMENT -- PLEASE SIGN,
DATE AND MAIL THE ENCLOSED <U>WHITE CONSENT CARD</U> TODAY!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Thank you for your support,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">/s/ Jacob Ma-Weaver, Cable Car Capital LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">/s/ Moez Kassam, Anson Advisors Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Anson </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Anson Funds is a privately held alternative asset
manager with&nbsp;$1.6B&nbsp;in assets. The firm was founded in 2007 with offices in&nbsp;Toronto&nbsp;and&nbsp;Dallas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Cable Car </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cable Car Capital LLC is a registered investment adviser
based in San Francisco and the general partner of Funicular Funds, LP, an investment partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Media and Investor Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Anson Funds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Taheer Datoo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Portfolio Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(416) 447-8874</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>tdatoo@ansonfunds.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cable Car Capital LLC&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jacob Ma-Weaver</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Portfolio Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(415) 857-1965</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>jacob@cablecarcapital.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">InvestorCom LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">John Glenn Grau</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(203) 295-7841</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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