Akari Therapeutics Announces Successful Completion of Merger of Akari Therapeutics and Peak Bio

Company Overview - Akari Therapeutics, Plc has completed a merger with Peak Bio, Inc, creating a biotechnology company focused on advancing multiple disease therapies, particularly in Antibody Drug Conjugates (ADCs) and treatments for autoimmune and inflammatory diseases, including Geographic Atrophy (GA) [1][2] Financing Details - The company secured $3.2 million in PIPE financing and obtained a$50 million term sheet for an equity line of credit (ELOC) [1][6] - A definitive agreement for a private placement financing was entered into on November 13, 2024, involving the sale of 1,713,402 unregistered American Depository Shares (ADSs) at a price of $1.70 for most investors and$2.385 for insiders [3] - The warrants associated with this financing have a term of 3 years and an exercise price of $2.26 per ADS [3] Strategic Focus - The company plans to execute its strategy with a specific focus on ADC and GA milestones over the next 12 months, leveraging immediate capital from PIPE financing and the ELOC [2] - The incoming Chairman, Hoyoung Huh, emphasized the goal of driving shareholder value and seeking new opportunities in oncology, autoimmune, and inflammatory diseases [2] Future Outlook - The private placement is expected to close shortly after the merger, subject to customary closing obligations [4] - The ELOC allows the company to sell up to$50 million of newly issued ADSs over a 3-year period, providing flexibility in funding based on market conditions and company operations [6][7] Company Background - Akari Therapeutics is 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 [8]