SAN DIEGO--(BUSINESS WIRE)--Akesis Pharmaceuticals, Inc. (OTCBB:AKES), an emerging diabetes drug-development company, today announced that it has closed a private placement in which it sold 2,352,942 shares of its common stock and a warrant to purchase 352,941 shares of its common stock to Avalon Ventures at a price of $0.85 per share, raising approximately $2.0 million in gross proceeds. The selling price was based on the average closing price of Akesis’ shares for the five days ending Monday, March 24, 2008.
