Top Story, Pharma, BioPharma

Akari Therapeutics reels in $75M with private placement proceeds

Akari Therapeutics just got a big boost with additional proceeds due to private placement.

Akari Therapeutics, formally known as Celsus Therapeutics, officially announced a $75 million private placement.

The company, a development-stage biopharmaceutical company, shared the finalized news about the financing that came from investors led by Deerfield, and including Venrock, Vivo Capital, Foresite Capital, New Enterprise Associates, QVT Financial, RA Capital Management and certain other institutional investors.

The proceeds will be dedicated to the company’s C5 complement inhibitor, Coversin, through Phase 2 clinical trials in paroxysmal nocturnal hemoglobinuria (PNH), Guillain Barr syndrome (GBS) atypical, and Hemolytic Uremic Syndrome (aHUS).

“We are excited to advance the development of Coversin into several clinical indications,” said Gur Roshwalb, Chief Executive Officer of Akari Therapeutics, according to MarketWatch. “We believe that Coversin has potential to be the next and best-in-class C5 complement therapeutic and this financing provides us with the resources to advance our corporate and clinical goals.”

Dr. Ray Prudo, Executive Chairman stated, “I am delighted to be working with our strong management team to increase shareholder value and I believe Akari has the strategy, vision and support to become a leading player in our sector.”

Photo: Flickr user Images Money