BioCentury
ARTICLE | Financial News

Celsus, Volution raising $75 million

August 19, 2015 12:51 AM UTC

Celsus Therapeutics plc (NASDAQ:CLTX) said that after it reverse-merges with Volution Immuno Pharmaceuticals S.A. (Geneva, Switzerland) it will raise $75 million in a private placement led by Deerfield. Venrock, Vivo Capital, Foresite Capital, New Enterprise Associates, QVT Financial, RA Capital and other institutional investors will also participate. Citigroup and MTS Securities are the placement agents.

The reverse merger is expected to close mid-September after which the combined company will be named Akari Therapeutics plc (NASDAQ:AKTX). The lead product is Volution's Coversin, a complement 5 (C5) inhibitor to treat multiple complement-related disorders. ...