Company sells 3,958,811 American Depositary Shares at $18.945 each
By Tali Rackner
Norfolk, Va., Sept. 21 – Akari Therapeutics plc said it closed on a $75 million private of American Depositary Shares, according to a press release.
The company sold 3,958,811 ADS, representing a total of 395,881,100 ordinary shares. The ADS were sold at $18.945 each.
Citigroup Global Markets Inc. and MTS Securities, LLC are the agents.
As previously, reported, the investment was led by Deerfield. Investors also include Venrock, Vivo Capital, Foresite Capital, New Enterprise Associates, QVT Financial and RA Capital Management. Mark Cohen agreed to buy $200,000 of ADSs in the sale.
The private placement, which follows Celsus Therapeutics plc’s Sept. 18 completion of its acquisition of Volution Immuno Pharmaceuticals SA, valued the combined entity at $150 million on a fully diluted basis prior to the completion of the private placement. Following this, the combined company was renamed Akari Therapeutics plc and now trades on the Nasdaq under the symbol “AKTX.”
Proceeds will be used for clinical development of Coversin, Akari’s lead molecule, and for working capital and general corporate purposes.
The New York biotechnology company is developing a new class of non-steroidal, synthetic anti-inflammatory drugs.
| Issuer: | Akari Therapeutics plc (Celsus Therapeutics Inc.)
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| Issue: | American Depositary Shares
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| Amount: | $75 million
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| ADS: | 3,958,811
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| Price: | $18.945
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| Warrants: | No
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| Placement agents: | Citigroup Global Markets Inc. and MTS Securities, LLC
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| Pricing date: | Aug. 18
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| Settlement date: | Sept. 21
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| Stock exchange: | Nasdaq: AKTX
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| Stock price: | $36.01 at close Sept. 18
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