Aikido Pharma Inc (NASDAQ:AIKI) is pleased with the potential of its broad-spectrum antiviral compounds to cure Ebola, coronavirus, influenza, and other viral infections. It used computer-assisted learning to optimize the two initial lead compounds targeting the SKI Complex in humans. The company incorporated chemical alterations to those two lead compounds to accomplish drug-like properties for animal model testing.
Tests the compounds in an animal model
Aikido is testing these two compounds to treat the influenza virus. It will also use these two compounds to cure SARS-CoV-2. The company will soon use the top candidates from the series of compounds to test their effectiveness in a mouse model infected with SARS-CoV-2.
The CEO of Aikido, Anthony Hayes, said the company is excited to use AI to advance these drug candidates’ development further and improve their effectiveness.
Raises $75 million through bought-deal offering
Aikido closed the bought deal offering 46.875 million common shares.
The underwriters received a 30-day window to purchase additional 7.031 million shares. Each share is priced at $1.60.
Aikido appointed H.C. Wainwright & Co as the sole agent for this public offering and will close it on February 19, 2021. The company will use the proceeds of $75 million for general corporate and working capital needs.
According to the above deal, Aikido said the underwriter partially exercised its option to buy additional 7.030 million common shares at $1.60 each. As of February 23, 2021, Aikido sold 53.905 million common shares and collected $86.2 million.
Scott T. Tagawa in the scientific advisory board
Scott T. Tagawa joined the scientific advisory board of Aikido. He is currently working as a professor (Medicine and Urology) at Weill Cornell Medicine. Commenting on his appointment, Anthony said Scott is a renowned player in oncology medicine and research. Scott will contribute his expertise and experience in furthering the company’s efforts for developing treatments for cancer while leveraging the licensed technologies.
Inducts Neil H Bander into the scientific advisory board
Aikido inducted Neil H Bander into its scientific advisory board on February 2, 2021. Neil heads the most accomplished and experienced teams that engage in targeted antibody therapy to treat prostate cancer at CU (Cornell University).