When MEI Pharma announced it was considering its “strategic alternatives” in the wake of a failed merger last year, the options seemed pretty mundane. But, rather than winding down the company as the biotech had suggested, MEI has delved into the world of digital currency.
From now on, MEI Pharma—previously best known for its investigational leukemia drug—will be called Lite Strategy. The rebrand reflects the company’s move last month to secure more than $100 million in a cryptocurrency called Litecoin, while becoming the first U.S.-listed public company to adopt Litecoin for its corporate treasury.
Lite Strategy will continue to list on the Nasdaq, although its ticker is changing from "MEIP" to "LITS" as of Sept. 11. This marks a move to “expand its business model beyond its portfolio of drug candidates to focus on pioneering institutional-grade digital asset treasury strategies, in partnership with leading innovators across blockchain, finance, and technology.”
“Litecoin has proven itself for over a decade as one of the most secure, reliable, and scalable digital assets in the world,” said Charlie Lee, the creator of Litecoin who has now joined Lite Strategy’s board. “This rebrand and treasury strategy are important milestones that demonstrate how Litecoin can serve as a cornerstone for a strategy built with a digital asset infrastructure.”
The rebranded company hasn’t completely forgotten its biotech roots, however. In the same release, Lite Strategy said it “continues to evaluate its pipeline of drug candidates.” This includes drawing up a preclinical strategy for both the oral CDK9 inhibitor voruciclib and the PI3Kδ inhibitor zandelisib.
MEI’s story appeared to come to an end in July 2024 after a planned merger with Infinity Pharma was scuppered after investors made their own bid and MEI’s shareholders ultimately voted against the transaction. It led MEI to plan a reduction in force “as soon as practicable” and discontinue all clinical activities related to voruciclib, which had been in development for acute myeloid leukemia and B-cell malignancies.
That restructure also saw CEO David Urso and Chief Medical Officer Richard Ghalie, M.D., depart the company, with Chief Financial Officer Justin File moving up to acting CEO, a position he still holds.
In this morning’s release, File said the rebranded company’s “forward-looking approach … creates a powerful model for how public companies can incorporate Litecoin into treasury operations in a way that is both innovative and accessible to traditional investors.”
It’s not the first time a biotech has dabbled in cryptocurrencies. A number of drug developers have announced plans to create stockpiles of bitcoin over the past year, spurred on by the Trump administration’s enthusiasm for the decentralized digital currency.