Akari Therapeutics Announces Successful Completion of Merger of Akari Therapeutics and Peak Bio
Friday, November 15, 2024
Akari Therapeutics, Plc announces the completion of the merger (the Merger) of Akari Therapeutics, Plc (the Company) and Peak Bio, Inc. (Peak Bio), creating an innovative biotechnology company with a broader focus in the advancement of multiple disease therapies. The combined entity will continue the two companies’ significant progress in the development of Antibody Drug Conjugates (ADCs) and advanced therapies for autoimmune and inflammatory diseases, including Geographic Atrophy (GA).
“We have worked throughout this year to bring these two exciting companies together and are thrilled that we have finally completed the merger,” said Samir Patel, MD, Akari’s Interim President & CEO. “Critically important, our post-merger, pro-forma financial statements, as released on Form 8-K, demonstrate shareholder equity sufficient to remedy our Nasdaq shareholder deficiency matter.”
“We will immediately begin executing against the strategy we have announced for the combined entity, with specific focus on Antibody Drug Conjugate and Geographic Atrophy milestones over the next 12 months,” continued Dr. Patel. “The combination of immediate capital provided by the PIPE financing and the available credit under the Equity Line of Credit (ELOC) will allow us to continue development on our lead assets, which have the potential to bring new treatment options to diseases with high unmet medical need.”
“I am thrilled to be leading Akari into the future as the incoming Chairman,” said Hoyoung Huh, MD, PhD, Chairman and Founder of Peak Bio. “We will fully leverage our current assets and programs to drive shareholder value, while aggressively seeking out new opportunities to bring forward therapies to alter the treatment paradigm in oncology, autoimmune and inflammatory diseases. I would also like to thank Akari’s outgoing Chairman, Dr Ray Prudo, for his dedicated service and continued support of the Company.”
Source: globenewswire.com
