Peak Bio, Inc. announced that it has entered into a purchase agreements with certain existing accredited investors and institutional accredited investors of 2,500,000 common shares at a price of $10 per share for gross proceeds of $25,000,000 on April 28, 2022. The transaction will include participation from leading healthcare institutional investor, Palo Alto Investors LP and Chief Executive officer of the company Hoyoung Huh. The company expects to close the transaction concurrently with the closing of the acquisition of Ignyte Acquisition Corp.