Akari Therapeutics, Plc announced on November 14, 2024, the successful completion of its merger with Peak Bio, Inc. This transaction creates an innovative biotechnology company with a broader focus on Antibody Drug Conjugates (ADCs) and advanced therapies for autoimmune and inflammatory diseases.
The combined entity will continue the development of ADCs and therapies for conditions including Geographic Atrophy. Samir Patel, MD, Akari’s Interim President & CEO, stated that the post-merger financial statements demonstrate shareholder equity sufficient to remedy the Nasdaq shareholder deficiency matter.
In conjunction with the merger, Akari secured $3.2 million in private placement (PIPE) financing from investors. Additionally, the company entered into a term sheet for a $50 million equity line of credit (ELOC) with White Lion Capital, LLC, providing access to further capital over a three-year period.
The immediate capital from the PIPE financing and the available credit under the ELOC are intended to support the continued development of the combined company's lead assets. These assets are focused on bringing new treatment options to diseases with high unmet medical need.
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