Akari Therapeutics Secures $7.6 Million in Upsized Financing Round

Core Viewpoint - Akari Therapeutics Plc has successfully closed an initial private placement financing round, raising approximately $7.6 million from both new and existing investors, reflecting strong investor interest in the company's strategic direction and upcoming merger with Peak Bio [1][2]. Financing Details - The private placement agreement was finalized on May 29, 2024, involving the sale of 4,029,754 unregistered American Depository Shares (ADSs) and Series C Warrants at a unit price of $1.885 [2]. - The warrants have a three-year term and cashless exercise provisions, with an exercise price of $1.76 per ADS for most investors, while Dr. Ray Prudo and Samir R. Patel, M.D., have a slightly higher exercise price of $1.79 per ADS [2]. Proceeds and Issuance - As of the initial closing on May 31, 2024, the company received gross proceeds of approximately $7.2 million, issuing 3,817,553 unregistered ADSs and warrants [3]. - The remaining 212,201 ADSs and warrants are expected to be issued within 90 days of May 31, 2024, pending payment [3]. Company Overview - Akari Therapeutics is focused on developing advanced therapies for autoimmune and inflammatory diseases, with its lead asset being investigational nomacopan, a bispecific recombinant inhibitor targeting complement C5 activation and leukotriene B4 activity [5].