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Published on 3/26/2008 in the Prospect News PIPE Daily.

New Issue: Akesis pockets $2 million from private placement of shares

By Devika Patel

Knoxville, Tenn., March 26 - Akesis Pharmaceuticals, Inc. said it has settled a $2 million private placement of stock.

The company sold 2,352,942 common shares at $0.85 apiece to Avalon Ventures VII, LP.

Avalon also received a warrant for 352,941 shares.

San Diego-based Akesis develops treatments for diabetes and metabolic disorders.

Issuer:Akesis Pharmaceuticals, Inc.
Issue:Common shares
Amount:$2 million
Shares:2,352,942
Price:$0.85
Warrant:For 352,941 shares
Investor:Avalon Ventures VII, LP
Settlement date:March 26
Stock symbol:OTCBB: AKES
Stock price:$0.90 at close March 25

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