NEW YORK and LONDON, Oct. 17, 2017 (GLOBE NEWSWIRE) -- Akari Therapeutics, Plc (NASDAQ:AKTX), a biopharmaceutical company focused on the development and commercialization of innovative therapeutics to treat orphan autoimmune and inflammatory diseases, today announced that it intends to offer and sell, subject to market and other conditions, American Depositary Shares, or ADSs, in an underwritten public offering. In addition, Akari intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the ADSs sold in the offering, at the public offering price, less the underwriting discounts and commissions. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the ADSs in the offering are being sold by Akari. Akari intends to use the net proceeds from the offering to fund its ongoing research and clinical development efforts and for working capital and general corporate purposes.
Cantor Fitzgerald & Co., William Blair & Company, L.L.C. and Canaccord Genuity Inc. are acting as joint book-running managers for the offering.
About Akari Therapeutics
Akari is a biopharmaceutical company focused on developing inhibitors of acute and chronic inflammation, specifically the complement system, the eicosanoid system and the bioamine system for the treatment of rare and orphan diseases, in particular those where the complement system or leukotrienes or both complement and leukotrienes together play a primary role in disease progression. Akari’s lead drug candidate Coversin is a C5 complement inhibitor currently being evaluated in paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS). In addition to its C5 inhibitory activity, Coversin independently and specifically inhibits leukotriene B4 (LTB4) activity. Akari intends to evaluate Coversin in two conditions, the skin and eye diseases bullous pemphigoid and atopic keratoconjunctivitis, where the dual action of Coversin on both C5 and LTB4 may be beneficial. Akari is also developing other tick derived proteins, including long acting versions.
