MEI Pharma, Inc. (Nasdaq: MEIP) has announced a private investment in public equity (PIPE) that will generate approximately $100 million in gross proceeds, alongside a strategic decision to integrate Litecoin (LTC) into its treasury operations. Lead investors in the PIPE include Charlie Lee, the creator of Litecoin, and GSR, a digital asset and treasury management advisor.
The PIPE involves the purchase and sale of 29,239,767 shares of common stock, or pre-funded warrants in lieu thereof, at a price of $3.42 per share. Other notable participants in the funding round include the Litecoin Foundation, MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain, and CoinFund. Concurrently with the closing of the transaction, Charlie Lee will be appointed to MEI Pharma’s Board of Directors, succeeding Taheer Datoo, and GSR will assume the role of digital asset and treasury management advisor, tasked with overseeing the implementation of the company’s Litecoin Treasury Strategy.
This move positions MEI Pharma as the first publicly traded company to adopt Litecoin as a primary treasury reserve asset. Litecoin, created by Charlie Lee in October 2011, is a peer-to-peer cryptocurrency often likened to “silver to Bitcoin’s gold.” It is recognized for its longevity, maintaining 100% uptime since its inception, and its proven track record of growth and reliability, including significant enterprise-grade use cases. The integration of Litecoin is intended to provide MEI Pharma with access to a decentralized monetary asset that complements its existing cash management framework.
Charlie Lee stated, “Litecoin was designed to be fast, secure, and decentralized – and it’s exciting to see those principles now being embraced by a public company like MEI. This milestone not only reflects growing institutional confidence in LTC but also sets the stage for broader adoption in traditional capital markets.”
Josh Riezman, US Chief Strategy Officer at GSR, commented on the collaboration, saying, “We’re thrilled to partner with MEI in building a thoughtful LTC-focused treasury strategy. Our goal is to help institutions unlock the long-term potential of digital assets while managing risk and maintaining flexibility. This treasury strategy is centered around a completely fair and fully decentralized digital asset with a nearly unparalleled track record as a store of value and means of payment.”
Frederick W. Driscoll, Chairman of the Board of MEI Pharma, expressed the company’s pioneering spirit in the biotech sector, stating, “MEI is pleased to pioneer this innovative public company treasury strategy with GSR and Charlie Lee, the first to our knowledge in the biotech sector.”
The closing of the PIPE is anticipated to occur on or about July 22, 2025, pending the satisfaction of customary closing conditions. MEI Pharma intends to utilize the proceeds from the PIPE to acquire Litecoin (LTC), which will serve as the company’s primary treasury reserve asset. Titan Partners Group, a division of American Capital Partners, served as the sole placement agent for the PIPE transaction. The offer and sale of these securities are being conducted as a private placement, relying on exemptions from the registration requirements of the Securities Act of 1933. A registration rights agreement has been executed, committing MEI Pharma to file a registration statement with the Securities and Exchange Commission (SEC) for the resale of the common stock.
