Why Akari Therapeutics Shares Are Getting Obliterated

Akari Therapeutics PLC (NASDAQ: AKTX) shares are trading lower by 26.92% to $0.76 Monday morning after the company announced a $12.75 million registered direct offering.

What Else?

Akari Therapeutics says the offering is expected to close on September 14th, subject to the satisfaction of customary closing conditions.

Net proceeds from the transaction are expected to support advancement of Akari’s two priority pipeline programs investigating nomacopan, a bispecific recombinant inhibitor of complement C5 and leukotriene B4 (LTB4).

The first pipeline priority is the acceleration of the Phase 3 clinical trial of nomacopan in severe pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy (HSCT-TMA) to Part A data readout, expected in the first half of 2023.

The second pipeline priority is the promising pre-clinical program investigating long-acting PAS-nomacopan to address key areas of unmet need in geographic atrophy (GA).

See Also: Why Is Clovis Oncology Stock Trading Higher Today?

According to data from Benzinga Pro, Akari Therapeutics has a 52-week high of $1.85 and a 52-week low of $0.75.