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Akari Therapeutics Plc (NASDAQ:AKTX), a biotechnology company developing next-generation precision bi-functional antibody drug conjugates (ADCs) for the treatment of cancer, today announced the successful pricing of a private placement financing round. This transaction is expected to raise an aggregate of approximately $7.6 million in gross proceeds. With these funds the Company will focus on investing in its novel spliceosome inhibitor payload ADC technology platform, seeking license partners for its TROP-2 ADC program, and monetizing non-core assets.
"We were very pleased that the private placement was supported by existing investors and our Board of Directors, all of whom participated in this financing," said Samir R. Patel, MD, President and CEO of Akari Therapeutics. Dr. Patel added that, "I am very encouraged by this show of confidence and continued significant interest from our long-term investors."
The Company entered into definitive purchase agreements with the investors for the issuance and sale of 6,637,626 unregistered American Depository Shares (ADSs), or prefunded warrants in lieu thereof, and Series A Warrants and Series B Warrants ("the Offering"). The ADSs were priced at $0.87 per ADS, the Nasdaq official closing price on February 28, 2025. Investors paid an additional 12.5 cents per ADS issuable upon exercise of each warrant to be issued. Dr. Huh, Chairman of the Board, participated in the Private Placement by agreeing to terminate an existing $1 million convertible note in lieu of payment of the purchase price for the ADSs and warrants.
The gross cash proceeds from the Offering are expected to be approximately $ 6.6 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.
The Series A and Series B Warrants will have an exercise price of $0.87 per ADS, which is equal to the Nasdaq official closing price of the Company's ADSs on February 28, 2025 and will be exercisable immediately following the date of issuance. The Series A Warrants and Series B Warrants have a term of one or five years, respectively, from the closing date of the private placement.
Paulson Investment Company LLC is acting as placement agent for the financing.
The private placement is expected to close on or about March 5, 2025, subject to the satisfaction of customary closing obligations.
Posted In: AKTX
