Samir R. Patel, M.D. Named Interim CEO of Akari Therapeutics

BOSTON and LONDON, May 1, 2024 - Akari Therapeutics, Plc (Nasdaq: AKTX), a biotech firm focused on treating autoimmune and inflammatory diseases, has announced significant leadership changes. The company appointed Samir R. Patel, M.D., a seasoned entrepreneur in life sciences, as the interim CEO. Effective immediately, Rachelle Jacques and Melissa Bradford-Klug have resigned from their roles as Chief Executive Officer and Chief Operating Officer, respectively.

Dr. Patel, who has been part of Akari’s Board of Directors since December 2023, expressed his gratitude for the new role. He emphasized his primary objectives, including the completion of the upcoming merger with Peak Bio and the execution of a strategic portfolio prioritization. Dr. Patel is also committed to advancing Akari's primary therapeutic candidate, nomacopan, which is a bispecific inhibitor targeting complement C5 activation and leukotriene B4.

Dr. Patel looks forward to collaborating with Dr. Hoyoung Huh after the merger is finalized. Dr. Huh is known for his extensive experience in developing innovative cancer and life sciences businesses. Akari’s Chairman, Ray Prudo, M.D., praised Dr. Patel for his long-standing support and expertise in life sciences. He also thanked the outgoing executives for their dedication and contributions to the company.

The recent management changes and strategic initiatives are expected to yield cost savings by reducing clinical trial and infrastructure expenses. Dr. Patel's extensive background includes founding PranaBio Investments, LLC, which offers consulting and investment services for small biotech companies. He also advises GE Global Research on biomanufacturing and biotechnology innovations.

Dr. Patel's career spans over two decades in the life sciences field. He co-established Digital Therapeutics, LLC, which focuses on treatments for scleroderma and other rheumatic conditions, and SPEC Pharma, LLC, specializing in injectable solutions for rheumatology. His previous roles include multiple positions in Medical Affairs at Centocor, Inc., now part of Johnson & Johnson Innovative Medicine.

Educationally, Dr. Patel earned his medical degree from the Medical College of Ohio and completed his internal medicine training and rheumatology fellowship at The University of New Mexico School of Medicine Affiliated Hospitals. He holds numerous patents and has contributed to several publications and clinical research studies.

Regarding the merger, Akari and Peak Bio announced on March 5, 2024, that they would merge as equals in an all-stock transaction. The merged entity will continue to operate as Akari Therapeutics, Plc, and will remain listed on the Nasdaq Capital Market under the ticker AKTX. Shareholders of both companies will own roughly 50% of the combined entity, with the merger expected to be completed in the third quarter of this year, pending customary closing conditions and shareholder approvals.

Akari Therapeutics, Plc, specializes in developing treatments for autoimmune and inflammatory diseases with its lead asset, nomacopan. The company is also involved in pre-clinical research of PAS-nomacopan for geographic atrophy. Peak Bio, Inc. (OTC: PKBO), focuses on developing therapies for oncology and inflammation, with a pipeline that includes an antibody-drug-conjugate platform and a Phase 2-ready inhibitor for alpha1 anti-trypsin deficiency disorder.

Both companies believe the merger will create a robust platform for continued innovation and growth in their respective fields. The new leadership and strategic focus are poised to drive the combined entity toward achieving its long-term objectives.