BOSTON and LONDON - Akari Therapeutics, Plc (NASDAQ:AKTX), a biotechnology company focusing on treatments for autoimmune and inflammatory diseases, announced on Tuesday the appointment of Rob Bazemore to its Board of Directors. Bazemore's extensive experience in the life sciences sector is expected to bring valuable strategic and management expertise to the company.
Bazemore's career spans over three decades, during which he has held leadership roles at various pharmaceutical and biotech organizations. Notably, he served as the President and CEO of Epizyme (NASDAQ:EPZM), Inc. from 2015 to 2021, where he oversaw the launch of TAZVERIK® for Follicular Lymphoma and Sarcoma. Prior to that, he was the Chief Operating Officer at Synageva BioPharma Corp., which was acquired by Alexion Pharmaceuticals (NASDAQ:ALXN), Inc. in 2015.
His tenure at Johnson & Johnson included positions as Vice President of Centocor Ortho Biotech Sales & Marketing and President of Janssen Biotech, where he led the launches of several oncology therapies. Bazemore's earlier roles at Merck & Co. Inc. contributed to his extensive background in medical affairs, sales, and marketing.
The Chairman of Akari, Ray Prudo, M.D., expressed confidence that Bazemore's experience in immunology, autoimmune disease, and oncology would be invaluable for Akari's mission to develop transformative treatments.
Akari's lead asset, nomacopan, is under investigation for its potential in treating a range of conditions, and the company is also exploring its long-acting PAS-nomacopan in pre-clinical research for geographic atrophy (GA). Additionally, Akari is in the process of merging with Peak Bio, Inc., a clinical-stage biopharmaceutical company, in an all-stock transaction that is expected to close by the third quarter of the year, subject to customary closing conditions and approvals.
This merger aims to combine Akari's novel therapies with Peak's antibody-drug-conjugate (ADC) platform in oncology. Post-merger, the combined entity will continue to operate as Akari Therapeutics, Plc and is expected to be listed on the Nasdaq Capital Market under the ticker AKTX.
This news article is based on a press release statement from Akari Therapeutics.
In other recent news, Akari Therapeutics Plc has announced significant developments following its 2024 Annual General Meeting and Adjourned Annual General Meeting. Among the key resolutions passed were the election of directors, including Donald Williams, Michael Grissinger, Mohamed Wa’El Ahmed Hashad, Samir Patel, and Raymond Prudo-Chlebosz, M.D, and the appointment of BDO USA, P.C. and Haysmacintyre LLP as the company's auditors for the year ending December 31, 2024.
In addition, the company's financial reports and the statutory auditor's report for the year ended December 31, 2023 were adopted, and the remuneration report for directors was approved. Other recent developments include a leadership transition, with Dr. Samir R. Patel assuming the role of interim CEO, following the departure of the previous CEO and COO.
In a significant move reflecting investor confidence, Akari Therapeutics raised approximately $7.6 million in a private placement financing round. The company is also in the process of finalizing a merger with Peak Bio, expected to conclude in the third quarter of 2024. This merger is set to enhance the development of therapies in oncology and inflammation, according to the portfolio prioritization strategy agreed upon by both companies' boards.
InvestingPro Insights
As Akari Therapeutics (NASDAQ:AKTX) welcomes Rob Bazemore to its Board of Directors, the company's financial health and market performance offer a mixed picture. With a market capitalization of approximately $39.09 million, the company is navigating a challenging financial landscape. Akari holds more cash than debt, which is a positive sign of financial stability, an important factor considering the company's focus on research and development in the competitive biotechnology field.
InvestingPro data indicates that Akari's Price to Earnings (P/E) ratio stands at -1.27, with an adjusted P/E ratio for the last twelve months as of Q2 2024 at -2.22. This reflects the company's current lack of profitability, a detail echoed by an InvestingPro Tip that analysts do not anticipate Akari will be profitable this year. Additionally, the company's Return on Assets for the same period is -307.63%, further underscoring the financial challenges it faces.
However, it's not all challenging news for Akari. The company has seen a significant price uptick over the last six months, with a 65.23% return, showcasing a potential investor optimism in the company's long-term prospects. This optimism may be tied to the strategic developments, such as the merger with Peak Bio and the exploration of new treatments like nomacopan.
For those seeking a deeper analysis, InvestingPro provides additional insights and tips on Akari Therapeutics, which can be accessed for further informed investment decisions.
It's worth noting that Akari's short-term obligations exceeding its liquid assets and weak gross profit margins are points of concern, as highlighted by two of the seven additional InvestingPro Tips available, which investors may want to consider when evaluating the company's prospects.
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