AKTX - Samir R. Patel M.D. Appointed Interim CEO for Akari Therapeutics | Benzinga
BOSTON and LONDON, May 01, 2024 (GLOBE NEWSWIRE) -- Akari Therapeutics, Plc (NASDAQ:AKTX), a biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, today announced leadership changes, including the appointment of experienced life sciences entrepreneur Samir R. Patel, M.D. as interim CEO.
Rachelle Jacques will step down as Akari's Chief Executive Officer effective today. Melissa Bradford-Klug will step down as Akari's Chief Operating Officer effective today. In connection with Ms. Jacques' departure, Akari's board of directors (the "Board") has appointed Dr. Patel as Interim Chief Executive Officer. Dr. Patel has served as a member of the Board since December 2023.
"I am honored to be appointed interim CEO by the Akari Board of Directors. My immediate goals are timely completion of the previously announced merger between Akari Therapeutics and Peak Bio, implementation of the portfolio prioritization agreed upon by the boards of both companies while preparing the post-closing combined entity to achieve its stated goals" said Dr. Patel. "I intend to share with our investor base our plan of action moving forward." Dr. Patel further added. "I have committed significant resources to the advancement of Akari's lead compound, nomacopan, a bispecific complement and leukotriene B4 inhibitor." Dr. Patel closed by adding, "I look forward to working with Dr. Hoyoung Huh upon completion of the forementioned Akari – Peak transaction. Dr. Huh has a successful and broad track record in building cancer and other novel life sciences enterprises. I am excited to get started!"
"Samir is a long-time supporter and investor in Akari and brings to us broad life sciences experience and a track record of multiple successful startup companies. I am pleased to welcome him as interim CEO," said Ray Prudo, M.D., Akari Chairman. "On behalf of the board, I would also like to thank our departing executives for their dedication, steadfast efforts, and contributions to Akari Therapeutics."
As a result of these leadership changes and the portfolio prioritization also announced separately today, Akari expects to achieve cost savings through reduced clinical trial and infrastructure costs.
Dr. Patel currently serves as founder and principal of PranaBio Investments, LLC, a firm providing consulting, strategic advisory, and investment services for small cap biotechnology companies. He is also a consultant to GE Global Research, GE's innovation engine that is creating novel products and solutions across several sectors including biomanufacturing and biotechnology.
He has more than 20 years of experience in life sciences including co-founding Digital Therapeutics, LLC, a startup advancing a therapy for scleroderma and other rheumatic diseases, and SPEC Pharma, LLC, a company that develops and manufactures injectables used in rheumatology applications. Previously, Dr. Patel held multiple roles in Medical Affairs with Centocor, Inc. (now Johnson & Johnson Innovative Medicine, part of Johnson & Johnson). He holds multiple patents, has been an author on several publications and has been an investigator in numerous clinical research studies. He has served on the boards of several public companies, including Rezolute Bio.
Dr. Patel received his medical degree from the Medical College of Ohio and completed his internal medicine internship, residency, and rheumatology fellowship at The University of New Mexico School of Medicine Affiliated Hospitals.
About the Merger
On March 5, 2024, Akari and Peak Bio announced a definitive agreement to merge as equals in an all-stock transaction. The combined entity will operate as Akari Therapeutics, Plc, which is expected to continue to be listed and trade on the Nasdaq Capital Market as AKTX. Under the terms of the agreement, Peak stockholders will receive a number of Akari ordinary shares (represented by American Depositary Shares) for each share of Peak stock they own, as determined on the basis of the exchange ratio described in the agreement. The exchange is expected to result in implied equity ownership in the combined company of approximately 50% for Akari shareholders and approximately 50% for Peak stockholders on a fully diluted basis, subject to adjustment under certain circumstances, including based on each party's relative level of net cash at the closing of the proposed transaction. The transaction is expected to close by the third quarter of this year subject to the satisfaction of customary closing conditions, including approval by the shareholders of both companies.
About Akari Therapeutics
Akari Therapeutics, plc (NASDAQ:AKTX) is a biotechnology company developing advanced therapies for autoimmune and inflammatory diseases. Akari's lead asset, investigational nomacopan, is a bispecific recombinant inhibitor of complement C5 activation and leukotriene B4 (LTB4) activity. The company is conducting pre-clinical research of long-acting PAS-nomacopan in geographic atrophy (GA). For more information about Akari, please visit akaritx.com.
About Peak Bio, Inc.
Peak Bio (OTC:PKBO) is a clinical-stage biopharmaceutical company focused on developing therapeutics addressing significant unmet needs in the areas of oncology and inflammation. The Peak Bio pipeline includes an antibody-drug-conjugate (ADC) platform that includes novel toxins and linkers coupled with important cancer antibody targets and a Phase 2-ready neutrophil elastase inhibitor for alpha1 anti-trypsin deficiency disorder (AATD). For more information about Peak Bio, please visit peak-bio.com.
Cautionary Note Regarding Forward-Looking Statements
This communication relates to the proposed transaction pursuant to the terms of the Merger Agreement, by and among Akari, Pegasus Merger Sub, Inc., and Peak Bio. This communication includes express or implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of ...