NEW YORK (TheStreet) -- MEIPharma (MEIP) - Get Report stock is surging by 17.69% to $1.81 on heavy trading volume on Monday, after the pharmaceutical company reported positive results from its leukemia treatment's Phase II trial. 

Based in San Diego, MEI Pharma develops cancer treatments. The company's treatment for leukemia, which is a cancer of the blood cells, is being tested in elderly patients. 

MEI Pharma said it is seeing an encouraging trend in overall survival rates among patients.

"These are impressive results by virtually any measure for a group of patients in dire need of effective new treatment options," Guillermo Garcia-Manero, a principal investigator in the drug trial, said in a statement. "Not only did we observe a high rate of responses, but many occurred rapidly and continued to improve with ongoing therapy."

So far today, 3.82 million shares of MEI Pharma have traded, versus its 30-day average of about 596,000 shares.

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