Merger of Akari Therapeutics, Plc and Peak Bio, Inc. is complete
This merger creates an innovative biotechnology company with a broader focus in the advancement of multiple disease therapies.
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Akari Therapeutics, Plc has completed of the merger of Akari Therapeutics, Plc and Peak Bio, Inc, thus, creating an innovative biotechnology company with a broader focus in the advancement of multiple disease therapies.
According to the press release1 on this subject, the new, combined company plans to continue the progress made in the development of antibody drug conjugates (ADCs) and advanced therapies for autoimmune and inflammatory diseases, including geographic atrophy (GA).
Samir Patel, MD, Akari’s Interim President & CEO commented on this milestone, saying, “We have worked throughout this year to bring these two exciting companies together and are thrilled that we have finally completed the merger. 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.”1
Patel continued his thoughts, noting, “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. 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.”1
Hoyoung Huh, MD, PhD, Chairman and Founder of Peak Bio had this to say about the future plans for the newly combined company: “I am thrilled to be leading Akari into the future as the incoming Chairman. 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.”1
Further insights and notices regarding the financial aspects of this merger can be read in the company’s press release.
