Akari Therapeutics, Plc Announces $6.0 Million Registered Direct Offering
31 December 2021 - 3:03AM
Akari Therapeutics, Plc (Nasdaq: AKTX) (“Akari” or the “Company”),
a biopharmaceutical company focused on innovative therapeutics to
treat orphan autoimmune and inflammatory diseases where the
complement and/or leukotriene systems are implicated, today
announced that it has entered into definitive agreements with
institutional investors and accredited investors, led by existing
investors of the Company, including Dr. Ray Prudo, the Company’s
Chairman, to receive gross proceeds of approximately $6.0 million.
In connection with the offering, the Company
will issue approximately 4,310,839 registered American Depository
Shares (ADSs) of Akari at a purchase price of $1.40 per ADS in a
registered direct offering. Additionally, for each ADS purchased by
investors, the investors will receive a registered warrant to
purchase one-half ADS. The warrants will have an exercise price of
$1.65 per ADS, will be exercisable upon their issuance and will
expire five years from the issuance date. The closing of the
offering is expected to take place on or about January 4, 2022,
subject to the satisfaction of customary closing conditions.
Paulson Investment Company, LLC, is acting as
the exclusive placement agent in connection with this offering.
The securities described above are being offered
by Akari pursuant to an effective shelf registration statement on
Form F-3 (File No. 333-251673) previously filed with the Securities
and Exchange Commission (the “SEC”) on December 23, 2020 and
declared effective by the SEC on December 31, 2020. The offering of
the securities will be made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement.
The Company will file a prospectus supplement
and the accompanying base prospectus with the SEC relating to the
securities being offered. When available, electronic copies of the
prospectus supplement and the accompanying base prospectus may be
obtained at the SEC's website at http://www.sec.gov, or by
contacting Donald A. Wojnowski Jr. of Paulson Investment
Company, LLC, at (855) 653-3444 or at
dwojnowski@paulsoninvestment.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein. There shall not be any offer,
solicitation of an offer to buy, or sale of securities in any state
or jurisdiction in which such an offering, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Akari Therapeutics
Akari is a biopharmaceutical company focused on
developing inhibitors of acute and chronic inflammation,
specifically for the treatment of rare and orphan diseases, in
particular those where the complement (C5) or leukotriene (LTB4)
systems, or both complement and leukotrienes together, play a
primary role in disease progression. Akari's lead drug candidate,
nomacopan (formerly known as Coversin), is a C5 complement
inhibitor that also independently and specifically inhibits
leukotriene B4 (LTB4) activity. Nomacopan is currently being
clinically evaluated in four areas: bullous pemphigoid (BP),
thrombotic microangiopathy (TMA), as well as programs in the eye
and lung.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 regarding, among
other things, statements related to the offering, the expected
gross proceeds and the expected closing of the offering. These
forward-looking statements reflect our current views about our
plans, intentions, expectations, strategies and prospects, which
are based on the information currently available to us and on
assumptions we have made. Although we believe that our plans,
intentions, expectations, strategies and prospects as reflected in
or suggested by those forward-looking statements are reasonable, we
can give no assurance that the plans, intentions, expectations or
strategies will be attained or achieved. Furthermore, actual
results may differ materially from those described in the
forward-looking statements and will be affected by a variety of
risks and factors that are beyond our control. Such risks and
uncertainties for our company include, but are not limited to:
needs for additional capital to fund our operations, our ability to
continue as a going concern; uncertainties of cash flows and
inability to meet working capital needs; an inability or delay in
obtaining required regulatory approvals for nomacopan and any other
product candidates, which may result in unexpected cost
expenditures; our ability to obtain orphan drug designation in
additional indications; risks inherent in drug development in
general; uncertainties in obtaining successful clinical results for
nomacopan and any other product candidates and unexpected costs
that may result therefrom; difficulties enrolling patients in our
clinical trials; our ability to enter into collaborative,
licensing, and other commercial relationships and on terms
commercially reasonable to us; failure to realize any value of
nomacopan and any other product candidates developed and being
developed in light of inherent risks and difficulties involved in
successfully bringing product candidates to market; inability to
develop new product candidates and support existing product
candidates; the approval by the U.S. Food and Drug Administration
(FDA) and European Medicines Agency (EMA) and any other similar
foreign regulatory authorities of other competing or superior
products brought to market; risks resulting from unforeseen side
effects; risk that the market for nomacopan may not be as large as
expected; risks associated with the impact of the COVID-19
pandemic; inability to obtain, maintain and enforce patents and
other intellectual property rights or the unexpected costs
associated with such enforcement or litigation; inability to obtain
and maintain commercial manufacturing arrangements with third party
manufacturers or establish commercial scale manufacturing
capabilities; the inability to timely source adequate supply of our
active pharmaceutical ingredients from third party manufacturers on
whom the company depends; unexpected cost increases and pricing
pressures and risks and other risk factors detailed in our public
filings with the SEC, including our most recently filed Annual
Report on Form 20-F filed with the SEC. Except as otherwise noted,
these forward-looking statements speak only as of the date of this
press release and we undertake no obligation to update or revise
any of these statements to reflect events or circumstances
occurring after this press release. We caution investors not to
place considerable reliance on the forward-looking statements
contained in this press release.
For more information
Investor Contact:Peter VozzoICR Westwicke(443)
213-0505peter.vozzo@westwicke.com
Media Contact:Sukaina Virji / Maya
BennisonConsilium Strategic Communications+44 (0)20 3709
5700Akari@consilium-comms.com
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