Akari Therapeutics (NASDAQ:AKTX) Plc, a pharmaceutical company with a market capitalization of $24.76 million, announced key executive changes this week, including the appointment of a new Chief Executive Officer and the addition of a new board member. The company's stock has declined nearly 68% year-to-date, according to InvestingPro data.
On Monday, the company's board of directors confirmed Samir (CSE:SAM) R. Patel, M.D., as the new CEO and principal executive officer, effective immediately. Dr. Patel had been serving as the interim CEO since May of this year.
In a concurrent move, Akari's board approved the appointment of Abizer Gaslightwala as a Class A director. His term will extend until the company's 2025 Annual General Meeting of Shareholders. Gaslightwala brings a wealth of experience from his tenure at Jazz Pharmaceuticals (NASDAQ:JAZZ), Amgen (NASDAQ:AMGN), Pfizer (NYSE:PFE), and Centocor/Johnson & Johnson. With his background in chemical engineering and business, he is expected to provide valuable insights to Akari's operations.
Gaslightwala's appointment coincides with the resignation of Michael Grissinger from the board, also effective Monday. The company stated that Grissinger's departure was not due to any disagreement with the company's operations, policies, or practices.
These changes come at a time when Akari is striving to strengthen its leadership team and board to support its growth and development in the pharmaceutical preparations sector. InvestingPro analysis indicates the company faces significant challenges, with a weak Financial Health Score of 1.57 and negative EBITDA of $17.43 million in the last twelve months. The company has confirmed that Gaslightwala qualifies as an independent director according to Nasdaq's listing rules and that there are no related party transactions requiring disclosure.
In other recent news, Akari Therapeutics has made several significant appointments and strategic moves. The company has named Dr. Samir Patel as its Chief Executive Officer and added Abizer Gaslightwala to its Board of Directors. Dr. Torsten Hombeck has also been appointed as the new Chief Financial Officer, marking his return to the company.
Akari Therapeutics has recently completed a merger with Peak Bio, a move that Dr. Patel believes has positioned Akari for continued growth and value creation. However, the company is currently grappling with a potential Nasdaq delisting due to an equity shortfall.
Akari Therapeutics also appointed Rob Bazemore, a professional with over three decades of experience in the life sciences sector, to its Board of Directors. The company successfully raised approximately $7.6 million in a private placement financing round.
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