Akari Therapeutics, Plc (AKTX), a clinical-stage biopharmaceutical company, has plunged 11.33% in aftermarket trading session. As a result, AKTX stock is trading at $1.33 at the time of the writing. On Friday, AKTX closed the day at $1.50 after surging by 8.70% during regular trading hours. The last press release from the company was about the registered direct offering.
AKTX into Definitive Agreement
On Thursday, AKTX announced that it had entered into a definitive agreement with the institutional investors to receive the gross proceeds of $6 million approximately. The investors were led by existing investors of the company. In connection with the offering, the company would issue about 4,310,839 registered American Depository Shares (ADSs) at the share purchase price of $1.40 per ADS. The warrants would have an exercise price of $1.65 per ADS which would be exercisable upon their issuance and will expire five years from the issuance date.
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Q3 2021 Operational Results
On 3rd December, AKTX released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The operating expenses bore by the company during the quarter remained at $1.46 million against $0.24 million for the same period of 2020. The loss from operations stood at $1.46 million during the quarter against $0.24 million for the same period of 2020. The net loss for the period was $1.45 million against the net income of $0.91 million for the same period of 2020.
Clive Richardson, Chief Executive Officer of AKTX, while commenting on the results said that during the year 2021, the company has remained focused active on the launch of its two orphan Phase III programs for BP and HSCT-TMA as well as the further development of its lung and eye franchises. The company expects multiple readouts across its key ongoing and proposed programs over the next 12-18 months.
Future Outlook for AKTX
During the last three months, AKTX stock has declined by more than 11%. The decline has been due to the uncertainty associated with the products launched by the company. Estimates however suggest that the upcoming time would prove to be quite encouraging for the AKTX stock. Hence potential investors should keep a close eye on the performance of the stock.