UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DCD.C. 20549

FORM 8-K

CURRENT REPORT

~~Pursuant~~PURSUANT toTO ~~Section~~ SECTION 13 orOR 15(d) ofOF THE

~~The~~SECURITIES ~~Securities~~EXCHANGE ~~Exchange~~ACT ~~Act~~OF of 1934

Date of Report (Date of earliest event reported): June 27, 2007

November 21, 2006

AKESIS PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Nevada	000-27409	84-1409219
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
(State or other jurisdiction of incorporation or organization)	Commission file number	(I.R.S. Employer identification number)

888 Prospect Street, Suite 320, La Jolla, CA 92037

La(Address ~~Jolla,~~of ~~California~~principal ~~92037~~executive offices) (Zip Code)

~~(Address~~Registrant’s oftelephone ~~principal executive offices~~number, including ~~zip~~ area code: (858) 454-4311

(858) 454-4311

(Registrant’s telephone number, including area code)

N/A

(Former name, or former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01. Entry into a Material Definitive Agreement.

On ~~November~~June 2127, 2007, ~~2006~~Akesis Pharmaceuticals, weInc. ~~entered into a Securities Purchase Agreement~~ (~~the~~ “~~Agreement~~we”) ~~with~~or ~~certain accredited investors (~~the “~~Investors~~Company”) ~~pursuant~~entered tointo ~~which,~~two ~~among~~separate ~~other~~letters ~~things, we raised an aggregate~~ of ~~$3,510,000 through~~payment ~~the~~authorization ~~sale and issuance of 5,850,000 shares of our Common Stock at a purchase price per share of $0.60~~ (the “~~Financing~~Authorization Letters”). ~~Pursuant~~with toCharles ~~the~~River ~~Agreement~~Laboratories, Inc. ~~we also issued warrants~~ (~~the~~ “~~Warrants~~Charles River Laboratories”). Pursuant to ~~purchase~~ ~~877,500~~these ~~shares~~Authorization ~~of our Common Stock~~Letters, ~~exercisable~~Charles atRiver aLaboratories ~~price~~will ~~per~~perform ~~share~~two ~~equal~~28-day tonon-clinical ~~$0.60.~~renal-focused ~~Each~~safety ~~investor~~and ~~had~~toxicology ~~the~~studies, ~~right~~one toin ~~elect~~rats ~~to either~~ (~~a) receive a Warrant to purchase such number of shares of our Common Stock equal to~~ the ~~product~~“Rat ~~obtained by multiplying (x~~Study”) ~~the~~ ~~aggregate~~and ~~number~~one ofin ~~shares~~dogs ~~purchased by~~ (the ~~investor~~“Dog ~~in the Financing by (y~~Study”) ~~0.15~~, ~~exercisable~~on atthe aCompany’s ~~price~~lead ~~per~~product ~~share~~candidate, ~~equal~~AKP-020, tootherwise ~~$0.60;~~known oras bis(bethylmaltolato) ~~enter~~oxovanadium ~~into~~(IV), aor ~~registration rights agreement with us~~BEOV. ~~All Investors~~The inCompany ~~the~~licensed ~~Financing~~AKP-020, ~~elected~~which tois ~~receive~~ a ~~Warrant~~novel vanadium ~~and~~containing ~~accordingly,~~compound wethat ~~did~~has ~~not~~shown ~~enter~~considerable ~~into~~potential ~~the~~as ~~registration~~a ~~rights~~treatment ~~agreement~~for patients with ~~any~~Type ~~investor.~~2 ~~The~~diabetes, ~~Warrants shall terminate upon the earlier of three years~~ from the ~~date~~University of ~~the~~British ~~closing~~Columbia orin aMarch ~~change of control of our company~~2007.

InPursuant to the ~~Financing~~Authorization Letters, ~~Avalon~~we ~~Ventures~~agreed ~~VII,~~to ~~L.P.~~pay ~~(“Avalon”)~~to ~~purchased~~Charles 5River Laboratories certain fees based,~~000~~ in part,~~000~~ ~~shares~~on the progress of ~~Common~~the ~~Stock~~Rat ~~for $3,000,000~~Study and ~~received~~the aDog ~~Warrant~~Study. toIf ~~purchase~~both ~~750,000~~the ~~shares~~Rat ofStudy ~~Common~~and ~~Stock.~~the ~~Kevin~~Dog ~~Kinsella~~Study are completed, awe ~~beneficial~~anticipate ~~owner~~that ofthese ~~our~~fees ~~common~~will ~~stock~~total approximately $852,100. aHowever, ~~holder~~if ofwe ~~warrants~~elect to ~~purchase~~terminate ~~common~~either ~~stock~~the ~~and~~Rat ~~member~~Study ofor ~~our~~the ~~board~~Dog ofStudy ~~directors~~prior to the completion thereof, iswe awill ~~managing~~only ~~member~~be ofobligated ~~Avalon GP,~~to ~~LLC,~~pay ~~which~~Charles isRiver ~~the~~Laboratories ~~general~~a ~~partner~~pro rata portion of ~~Avalon.~~the ~~Jay~~fees ~~Lichter,~~applicable ~~our~~to ~~President~~the ~~and~~Rat ~~Chief~~Study ~~Executive~~or ~~Officer~~Dog ~~and~~Study, anas ~~optionholder~~applicable, ~~and~~based ~~member~~on the progress of ~~our~~the ~~board~~Rat ofStudy ~~directors~~or Dog Study, isas aapplicable, ~~venture~~at ~~partner~~the time of ~~Avalon~~termination.

OnThe ~~November 17,~~foregoing ~~2006,~~description ~~our board~~ of ~~directors~~Authorization ~~approved~~Letters ~~and~~is ~~ratified~~intended aonly ~~letter~~as agreement (the “Finders Agreement”) with Globalvest Partners, LLC (“Globalvest”) pursuant to which Globalvest provided finders’ services in connection with the Financing. Pursuant to the Finders Agreement, Globalvest will receive (a~~) a~~ ~~cash~~summary ~~fee equal to eight percent (8%)~~ of ~~all~~those ~~funds~~documents ~~invested by investors introduced by such finder,~~ and ~~(b) a~~is ~~warrant~~qualified toin ~~purchase~~its ~~such~~entirety ~~number of shares of Common Stock equal to the quotient obtained~~ by ~~dividing~~reference ~~(x) six percent (6%) of the gross proceeds received by investors introduced~~ to ~~us by Globalvest by (y) $0.60, exercisable at a price per share equal to $0.60. On~~ the ~~date~~full ofcopies ~~the closing~~ of the ~~Financing,~~Authorization ~~Globalvest received a cash fee equal to $26~~Letters,~~400~~ ~~and~~which aare ~~warrant to purchase 33,000 shares of~~attached ~~our~~hereto ~~Common~~as ~~Stock,~~Exhibit ~~exercisable at a price per share equal to $0~~10.~~60.~~1 ~~The~~and ~~warrant~~Exhibit ~~shall terminate upon the earlier of five years from the closing of the Financing or a change of control of our Company~~10.2 For nine months following the closing of the Financing, Globalvest shall have the right to receive fees for any investors it previously introduced to us who purchase our Common Stock in a private placement during that nine-month period. The warrant contains cashless exercise provisions, and ~~Globalvest~~ ~~has~~which ~~piggyback~~are ~~registration~~hereby ~~rights~~incorporated ~~for~~by ~~the~~reference ~~shares underlying the warrant~~herein.

~~The~~Item issuances of the shares of Common Stock and Warrants under the Agreement and the issuance of the warrant under the Finders Agreement were exempt from registration by virtue of Section 4(2) of the Securities Act of 1933, as amended8.01 AOther copy of the Agreement is filed herewith as Exhibit 10.1 and is incorporated herein by reference. A copy of the form of Warrant is filed herewith as Exhibit 4.1 and is incorporated herein by reference. A copy of the Finders Agreement is filed herewith as Exhibit 10.2 and is incorporated herein by reference. A copy of the warrant issued to Globalvest is filed herewith as Exhibit 4.2 and is incorporated herein by reference. The registration rights agreement is not being filed as we did not enter into such agreement. Events

~~Following~~On the closing of the Financing, we will pay Jay Lichter, our President, Chief Executive Officer and a member of our board of directors, a cash bonus of $100,000 and an annual salary of $150,000 effective as of NovemberJune 1628, ~~2006. Following the closing of the Financing~~2007, we ~~will~~issued ~~also pay John Hendrick, our Chief Financial Officer,~~ a ~~cash~~press ~~bonus of $106,300 and an annual salary of $100,000 effective as of~~release ~~November 16,~~announcing ~~2006.~~our Inentering ~~addition,~~into ~~effective~~the asAuthorization ofLetters ~~November 17,~~for ~~2006,~~the weRat ~~will~~Study ~~pay each non-employee director $3,000 per board meeting attended in person~~ and ~~$1,500~~Dog ~~per~~Study ~~board~~with ~~meeting~~Charles ~~attended~~River ~~telephonically~~Laboratories. ~~The~~A ~~non-employee~~copy ~~Chairman~~ of ~~our audit~~this ~~committee~~press ~~will~~release ~~receive~~is ~~$3,000~~attached ~~per~~hereto ~~audit~~as ~~committee~~Exhibit ~~meeting attended (whether in person or telephonically) and all other non-employee members of the audit committee will receive $~~99.1~~,500 per audit committee meeting attended (whether in person or telephonically)~~.

Item 3.02. Unregistered Sales of Equity Securities.

See Section 1.01 with respect to shares and warrants issued in connection with the transactions contemplated by the Agreement and the Finders Agreement.

Item 8.01. Other Events.

On November 27, 2006, we issued a press release announcing the Financing. A copy of this press release is attached hereto as Exhibit 99.1. This summary is qualified in its entirety by reference to Exhibit 99.1 to this current report. The press release and the information therein are being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit No.		Description
4.1		Form of Warrant to Purchase Common Stock issued pursuant to that certain Securities Purchase Agreement dated November 21, 2006 between the Company and the purchasers therein.
4.2		Warrant to Purchase Common Stock dated November 21, 2006 between the Company and Globalvest Partners, LLC.
10.1		Securities Purchase Agreement dated November 21, 2006 between the Company and the purchasers therein.
10.2		Finders Agreement dated November 8, 2006 between the Company and Globalvest Partners, LLC.
99.1		Press Release dated November 27, 2006.

10.1

Letter of Payment Authorization, effective as of June 27, 2007, between the Company and Charles River Laboratories relating to the Rat Study

10.2

Letter of Payment Authorization, effective as of June 27, 2007, between the Company and Charles River Laboratories relating to the Dog Study

99.1

Press Release, dated as of June 28, 2007, announcing the Company’s arrangements with Charles River Laboratories relating to the Rat Study and Dog Study

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AKESIS PHARMACEUTICALS, INC. By: /s/ ~~John~~Jay TLichter, Ph.D ~~Hendrick~~Jay ~~John~~Lichter, TPh.D. ~~Hendrick~~President and Chief ~~Financial~~Executive Officer

Date: ~~November~~July 213, ~~2006~~2007

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