Akari Therapeutics PLC priced an underwritten public offering of 3,480,000 American depositary shares at $5 apiece to raise $17.4 million in gross proceeds.

The company also granted underwriters a 30-day option to buy up to an additional 522,000 of the ADSs offered.

Akari plans to use funds raised for general corporate purposes.

The offering is expected to close by Oct. 20 with Cantor Fitzgerald & Co., William Blair & Co. LLC and Canaccord Genuity Inc. acting as joint book-running managers.