S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
BOSTON and LONDON - Biotechnology firm Akari Therapeutics Plc (NASDAQ:AKTX), a $31 million market cap company specializing in precision bi-functional antibody drug conjugates (ADCs) for cancer treatment, announced the appointment of industry veteran Abizer Gaslightwala as its new President and CEO, effective April 21, 2025. According to InvestingPro data, the company faces significant financial challenges with negative EBITDA of -$17.4 million in the last twelve months. Gaslightwala brings over two decades of experience in the pharmaceutical sector, having led the US Oncology franchise at Jazz Pharmaceuticals, where he managed products with annual sales of $1 billion.
Gaslightwala’s previous roles span notable companies such as Amgen, Pfizer, and Johnson & Johnson, where he was involved with brands like Kyprolis®, Vectibix®, and ELIQUIS®. His expertise covers various aspects of pharmaceutical leadership, including marketing, sales, and commercial pipeline planning. He also served as an advisor at the Boston Consulting Group.
The current President and CEO, Samir R. Patel, M.D., expressed pride in his achievements at Akari, including overseeing a successful merger. Patel will continue to contribute to the company as a member of the Board of Directors. The Chairman of the Board, Hoyoung Huh, M.D., Ph.D., praised Patel’s leadership and welcomed Gaslightwala, citing his track record and skill set as key assets for Akari’s future.
Gaslightwala himself remarked on the opportunity to advance Akari’s innovative ADC platform, which aims to generate multiple novel ADC candidates targeting solid and hematological cancers. Akari’s lead candidate, AKTX-101, targets the TROP2 receptor and delivers a novel payload designed to disrupt RNA splicing within cancer cells, potentially overcoming the limitations of current ADCs.
The company is focused on creating breakthrough therapies and is currently validating its novel payloads to advance its pipeline. While the stock has shown strong momentum with a 38% return over the last week and positive returns over the past three months, InvestingPro analysis indicates significant operational challenges, including a concerning current ratio of 0.29, suggesting potential liquidity issues. This leadership transition is anticipated to further Akari’s momentum in developing transformative cancer treatments.Want deeper insights? InvestingPro subscribers have access to over 10 additional exclusive tips and comprehensive financial metrics for AKTX, helping investors make more informed decisions.
This article is based on a press release statement from Akari Therapeutics.
In other recent news, Akari Therapeutics announced a private placement expected to generate approximately $7.6 million in gross proceeds. The company is selling 6,637,626 unregistered American Depository Shares (ADSs) along with accompanying warrants, priced at $0.87 per ADS. This pricing matches the Nasdaq closing price from February 28, 2025. The private placement aims to advance Akari’s novel spliceosome inhibitor payload ADC technology and to find licensing partners for its TROP-2 ADC program. The transaction is anticipated to close around March 5, 2025, pending customary closing conditions. Investors received Series A and Series B Warrants, exercisable at the same price of $0.87 per ADS, with varying validity periods. Proceeds from this offering will be used as working capital and for general corporate purposes. Paulson Investment Company LLC is acting as the placement agent for this financing round.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.