BOSTON and LONDON - Akari Therapeutics, Plc (NASDAQ:AKTX), a biotechnology company focusing on autoimmune, oncology, and inflammatory diseases, announced today the appointment of Torsten Hombeck, Ph.D., as its new Chief Financial Officer (CFO). Dr. Hombeck, who previously served as Akari's CFO from 2019 to June 2023, returns to the company with a wealth of experience, having overseen the raising of over $50 million during his previous tenure. According to InvestingPro data, Akari currently operates with a market capitalization of $24 million and faces significant financial challenges, with a current ratio of 0.29 indicating potential liquidity concerns.
Dr. Hombeck's career spans more than two decades in the biotech industry, with expertise in finance, capital markets, mergers and acquisitions, and clinical and commercial product development. His experience includes regulatory filings in both the U.S. and Europe. Before rejoining Akari, Dr. Hombeck held positions as CFO, Corporate Secretary, and SVP at Aspira Women’s Health, Inc. He also played key roles at Promethera Biosciences and Cytonet, contributing to Cytonet's acquisition by Promethera.
Samir (CSE:SAM) Patel, MD, Akari’s Interim President & CEO, expressed confidence in Dr. Hombeck's abilities, highlighting his unique blend of business, financial, and clinical development skills. Dr. Hombeck himself shared his enthusiasm for returning to Akari during a pivotal time as the company advances its proprietary antibody drug conjugate (ADC) platform.
Akari's pipeline includes two lead assets: nomacopan, a bispecific recombinant inhibitor targeting complement C5 activation and leukotriene B4, and an ADC platform designed for cancer treatment. The company is also conducting pre-clinical research on PAS-nomacopan for geographic atrophy (GA).
The information in this article is based on a press release statement from Akari Therapeutics.
In other recent news, Akari Therapeutics Plc received approval from its shareholders for a merger with Peak Bio, Inc. The merger, structured as an all-stock transaction, is expected to result in equal ownership for shareholders of both companies. This development is anticipated to resolve Akari's Nasdaq shareholder deficiency issue. However, Akari Therapeutics is currently facing a potential Nasdaq delisting due to an equity shortfall. Despite appealing the decision, there is no certainty that the merger will secure the company's position on the Nasdaq exchange.
In addition to the merger, Akari Therapeutics recently appointed Rob Bazemore, a professional with over three decades of experience in the life sciences sector, to its Board of Directors. His background in medical affairs, sales, and marketing is expected to bring valuable expertise to the company. Akari also successfully raised approximately $7.6 million in a private placement financing round, reflecting investor confidence in the company's direction amidst these recent developments.
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