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BOSTON/LONDON - Akari Therapeutics, Plc (NASDAQ:AKTX) filed a provisional patent application with the U.S. Patent and Trademark Office covering its antibody drug conjugate platform that uses a spliceosome payload called PH1 for cancer treatment, the company announced Wednesday. The micro-cap biotech firm, currently valued at $24.62 million, is pursuing this development despite challenging market conditions. According to InvestingPro data, the company maintains a FAIR financial health score, though it operates with moderate debt levels.
The patent application focuses on treating cancer by modulating alternative splicing within cancer cells, representing a new patent family that extends Akari’s proprietary position regarding its PH1 payload, a novel Thailanstatin analog.
The application details how Akari’s PH1 payload can disrupt alternative splicing drivers and the subsequent synthesis of proteins cancer tumors need to survive and grow. Alternative splicing leads to the production of functionally distinct protein isoforms, which cancer cells can hijack to support tumor growth.
According to the company, changes in alternative splicing have been linked to multiple aspects of tumor formation, cancer growth and metastasis, including alterations affecting cancer cell metabolism, inhibiting natural cell death, cell cycle control, immune system evasion, and resistance to current therapies.
"These novel data included in our provisional patent application continue to demonstrate the advances in our understanding of spliceosome modulation and the growing potential of our PH1 payload to build first-in-class ADCs that work in unique ways from current options," said Abizer Gaslightwala, President and CEO of Akari Therapeutics. The company’s strategic advancement comes as its stock trades at $0.76, down significantly from its 52-week high of $3.85. InvestingPro analysis reveals additional insights about the company’s financial position and market performance - unlock these insights with a subscription.
The company’s lead candidate, AKTX-101, targets the Trop2 receptor on cancer cells and delivers the PH1 payload directly into tumors. In preclinical studies, AKTX-101 has shown significant activity and prolonged survival compared to ADCs with traditional payloads, according to the press release statement.
Akari Therapeutics is developing its current ADC portfolio with plans to advance AKTX-101 and future programs including AKTX-102, which has an undisclosed target with the PH1 payload. While analysts anticipate continued losses this year, InvestingPro data suggests the stock may be undervalued at current levels. Discover more detailed financial analysis and 8 additional ProTips by subscribing to InvestingPro.
In other recent news, Akari Therapeutics has completed a private placement of unsecured promissory notes totaling $2.8 million, with a purchase price of $2.26 million. These notes, issued to investors including company directors, come with a 20% original issuance discount and mature in 12 months. In addition, Akari Therapeutics has extended the expiration date of certain Series A Warrants by 48 months, allowing the purchase of 1,973,211 American Depositary Shares. The company is advancing its cancer-fighting technology, focusing on its PH1 spliceosome modulator payload, which has shown potential to inhibit key cancer tumor drivers. This novel approach is part of Akari’s antibody-drug conjugates (ADCs) strategy, aimed at causing cancer cell death and activating the immune system. H.C. Wainwright has reiterated its Buy rating for Akari Therapeutics with a price target of $1.60, following the company’s strategic shift. Maxim Group has also initiated coverage with a Buy rating and a $5.00 price target, noting the potential advantages of Akari’s ADCs. Furthermore, Akari’s shareholders have approved an increase in the number of shares available under the company’s 2023 Equity Incentive Plan.
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