Akari Therapeutics Plc. (NASDAQ: AKTX) has entered a definitive securities purchase agreement with some accredited institutional investors led by current shareholders, including Ray Prudo, the company’s chairman. The private placement of the equity securities will generate gross proceeds of around $12 million.
Akari to offer ADS at $1.55 per share in a private placement
The company will offer unregistered American Depository Shares at $1.55 per ADS, in accordance with the private placement offering. Notably, each ADS represents 100 ordinary shares (“ADSs”) shares of the company. Subject to the fulfillment of standard closing conditions, the offering is scheduled to close before or during the week of July 12, 2021.
In June last year, the company had entered a securities purchase agreement with Aspire Capital Fund LLC. According to the agreement terms, Aspire was to purchase around $30 million of Akari ADSs.
Akari releases its Q1 2021 financial results
Recently, the company announced its Q1 2021 financial results and offered clinical progress. The company’s two leading programs in HSCT-TMA and BP are in the third phase of clinical development, with Fast Track and Orphan Drug designations already issued. In addition, Akari Therapeutics has early-stage programs that address pulmonary disease, trauma, and ophthalmology. In the past two years, the company had made considerable progress in advancing its drug product and substance. Akari successfully released its first commercial-scale GMP batch recently for an advanced nomacopan expression strain for marketing as a drug substance.
Clive Richardson, the company’s CEO, said, “Akari continues to make progress advancing clinical development of nomacopan in multiple indications, including BP, HSCT-TMA, as well as eye and lung diseases. Our commercial strategy is to focus on progressing our current orphan disease programs while partnering in other larger disease areas such as the eye and lung which utilize different routes of administration.”