Akari Therapeutics, Plc (NASDAQ:AKTX) today announced it has entered into definitive agreements with healthcare-focused institutional investors alongside participation from certain existing investors, including the Akari Executive Chairman of the Board of Directors, Dr. Ray Prudo, for the purchase and sale of 15,000,000 Akari American Depository Shares (ADSs) at a purchase price of $0.85 per ADS. The company further agreed to issue to the investors Series A Warrants to purchase up to an aggregate of 15,000,000 ADSs and Series B Warrants to purchase up to an aggregate of 15,000,000 ADSs in a concurrent private placement. Series A and Series B Warrants will have an exercise price of $0.85 per ADS, will be exercisable immediately following the date of issuance and will expire in 2024 and 2029, respectively. Gross proceeds from the offering are expected to be approximately $12.75 million. The offering is expected to close on September 14, 2022, subject to the satisfaction of customary closing conditions.
Net proceeds from the transaction are expected to support advancement of Akari’s two priority pipeline programs investigating nomacopan, a bispecific recombinant inhibitor of complement C5 and leukotriene B4 (LTB4). The first pipeline priority is the acceleration of the Phase 3 clinical trial of nomacopan in severe pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy (HSCT-TMA) to Part A data readout, expected in the first half of 2023. The second pipeline priority is the promising pre-clinical program investigating long-acting PAS-nomacopan to address key areas of unmet need in geographic atrophy (GA).
A.G.P./Alliance Global Partners is acting as the placement agent for the offering.
