Akari Therapeutics, Plc (AKTX), an oncology biotechnology company, announced the pricing of a private placement for gross proceeds of approximately $5.5 million. The firm entered into definitive purchase agreements with the investors for the issuance and sale of 1.47 million unregistered American Depository Shares (ADS), or prefunded warrants, and unregistered Series H, I, and J Warrants, priced at $3.74 per ADS.
The gross proceeds of the private placement will be funded in three separate tranches pursuant to three separate closings, expected to occur between May 27, 2026 and July 15, 2026.
With these funds, the company will focus on advancing its lead ADC program, AKTX-101, toward a first-in-human Phase 1 clinical trial.
Private Placement and Pricing Details
The issuance of the Series H, I and J Warrants is subject to shareholder approval and will each be exercisable for 1.47 million ADSs.
Notably, the Series H Warrants will have an exercise price of $3.74 per ADS, an 18-month term, and be immediately exercisable.
The series I Warrants will have an exercise price of $3.74 per ADS, a 60-month term and will be immediately exercisable.
The Series J Warrants will have an exercise price of $3.74 per ADS, a 60-month term and will be immediately exercisable.
Paulson Investment Company LLC is acting as placement agent for the financing.
Akari Therapeutics develops antibody drug conjugates (ADCs). The company noted that it has initiated IND-enabling studies for AKTX-101, and it expects to start its First-In-Human trial by mid-2027.
In addition, Akari is developing AKTX-102, an ADC candidate targeting CEACAM5 (Carcinoembryonic Antigen-related Cell Adhesion Molecule-5), a tumour antigen broadly expressed across multiple solid tumours.
AKTX has traded between $3.01 and $56.8 over the last year. The stock closed Wednesday's trade at $3.79. AKTX is currently down 2.56% at $3.34.
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