Akari Therapeutics Announces Pricing of Public Offering of American Depositary Shares
October 18 2017 - 9:00AM
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 has priced its previously announced
underwritten public offering of 3,480,000 American Depositary
Shares, or ADSs, at a public offering price of $5.00 per ADS.
In addition, Akari granted the underwriters a 30-day option to
purchase up to an additional 522,000 ADSs at the public offering
price, less the underwriting discounts and commissions. Before
deducting the underwriting discount and estimated offering expenses
payable, Akari expects to receive gross proceeds of approximately
$17.4 million, assuming no exercise of the underwriters' option to
purchase additional ADSs. 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.
The offering is expected to close on or about October 20, 2017,
subject to the satisfaction of customary closing conditions.
The ADSs described above are being offered by Akari pursuant to
its shelf registration statement on Form F-3 previously filed with
the Securities and Exchange Commission (SEC) and declared effective
by the SEC. A preliminary prospectus supplement and accompanying
prospectus relating to and describing the terms of the offering has
been filed with the SEC and is available on the SEC's website. A
final prospectus supplement and accompanying prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's website. Copies of the prospectus supplement (when
available) and accompanying prospectus may be obtained from Cantor
Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave.,
6th Floor, New York, New York 10022, or by e-mail
at prospectus@cantor.com; William Blair & Company, L.L.C.,
Attention: Prospectus Department, 150 North Riverside Plaza,
Chicago, Illinois 60606, by telephone at (800) 621-0687, or by
e-mail at prospectus@williamblair.com; or Canaccord Genuity
Inc., Attention: Equity Syndicate Department, 99 High Street, 12th
Floor, Boston, Massachusetts 02110, by telephone at (617) 371-3900,
or by e-mail at prospectus@canaccordgenuity.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or other jurisdiction. Any offer, if at all, will be
made only by means of the prospectus supplement and accompanying
prospectus forming a part of the effective registration
statement.
About Akari TherapeuticsAkari 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.
Cautionary Note Regarding Forward-Looking
StatementsThis press release includes statements relating
to the proposed offering of Akari's ADSs, including as to the
consummation of this offering described above and the use of net
proceeds therefrom. These statements and other statements in this
press release constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Any forward-looking statements are based on management's current
expectations of future events and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially and adversely from those set forth in, or implied by,
such forward-looking statements. Factors that may cause such a
difference include, without limitation, risks and uncertainties
related to whether or not Akari will be able to raise capital
through the sale of ADSs, the final terms of the proposed offering,
market and other conditions, the satisfaction of customary closing
conditions related to the proposed public offering and the impact
of general economic, industry or political conditions in the United
States or internationally. Additional risks and uncertainties
relating to the proposed offering, Akari and its business can be
found under the caption "Risk Factors" in its Annual Report on Form
20-F for the year ended December 31, 2016, filed with the SEC on
March 31, 2017, in its Report on Form 6-K filed with the SEC on
October 17, 2017, in the preliminary prospectus supplement and
accompanying prospectus relating to the offering to be filed with
the SEC and other filings Akari makes with the SEC. All information
in this press release is as of the date of the release, and Akari
undertakes no duty to update this information unless required by
law.
For more information
Investor Contact: Peter Vozzo Westwicke Partners (443) 213-0505
peter.vozzo@westwicke.com
Media Contact: Mary-Jane Elliott / Sukaina Virji Consilium
Strategic Communications +44 (0)20 3709 5700
Akari@consilium-comms.com
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