Celsus Therapeutics to conduct $75 million private placement of ADS

Citigroup, MTS Securities are agents; company also plans acquisition

By Devika Patel

Knoxville, Tenn., Aug. 18 – Celsus Therapeutics plc will raise $75 million in a private placement of American Depositary Shares, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The ADS each represent 10 ordinary shares.

Citigroup Global Markets Inc. and MTS Securities, LLC are the agents.

The investment will be led by Deerfield, and investors also include Venrock, Vivo Capital, Foresite Capital, New Enterprise Associates, QVT Financial and RA Capital Management. Mark Cohen has agreed to buy $200,000 of ADSs in the sale.

Celsus also plans to acquire all of Volution Immuno Pharmaceuticals SA’s capital stock from RPC Pharma Ltd. in a share exchange. Following this, the combined company will be renamed Akari Therapeutics plc and will trade on the Nasdaq under the symbol “AKTX.”

Proceeds will be used for clinical development of Coversin, Akari’s lead molecule, and for working capital and general corporate purposes.

The New York biotechnology company is developing a new class of non-steroidal, synthetic anti-inflammatory drugs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.