UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): ~~December~~June 1713, ~~2007~~2008

AKESIS PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Nevada

000-27409

84-1409219

(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

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (858) 454-4311

N/A

(Former name, 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 3.02

Unregistered Sales of Equity Securities.

The information reported under Item 5.02 with respect to the issuance of ancertain ~~option~~stock ~~grant~~options to ~~Carl~~Jay ~~LeBel~~Lichter, Ph.D., John Hendrick and Michael Scaife, Ph.D. is hereby incorporated by reference into this Item 3.02.

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On ~~December~~June 1713, ~~2007~~2008, the ~~Board~~board of ~~Directors~~directors (the “Board”) of Akesis Pharmaceuticals, Inc. (“we” or ~~the~~ the “Company”) ~~appointed~~approved ~~Carl~~the ~~LeBel~~grant of stock options to Dr. Lichter, Phour President, Chief Executive Officer and director, Mr.D Hendrick, our Chief Financial Officer, and Dr. Scaife, an independent consultant (each an “Optionee”), to ~~serve~~purchase asup ato ~~director~~an aggregate of 500,000, 125,000 and 65,000 shares of our common stock, respectively. Each such stock option will be granted pursuant to the ~~Company~~terms ~~for~~of a ~~term~~Stand-Alone ~~expiring~~Stock atOption Agreement (each, an “Option Agreement”) between the Company’s ~~2008~~and ~~annual~~the ~~meeting~~applicable ~~of stockholders~~Optionee.

~~Dr. LeBel~~Pursuant ~~has~~to ~~more~~the ~~than~~terms 17of ~~years~~each Option Agreement, the shares of ~~experience~~common asstock asubject ~~biopharmaceutical~~to ~~industry~~each ~~executive,~~stock ~~including~~option 14will ~~years~~vest atover ~~Amgen~~a ~~Inc.~~period ~~where~~of hethree ~~was~~years, anwith ~~executive~~the ~~director~~shares ~~for~~vesting ~~program~~in ~~management~~equal ~~and~~monthly ~~strategic~~installments ~~operations.~~subject ~~Most recently~~to ~~his~~the ~~responsibilities~~Optionees atcontinuing ~~Amgen~~to ~~Inc.~~provide ~~included~~services ~~overseeing~~to ~~global~~the ~~cross-functional~~Company ~~program~~during ~~activities~~such ~~for~~period. aThe ~~late-stage~~issuance of ~~development~~each ~~candidate~~stock inoption ~~osteoporosis,~~was ~~but~~exempt hefrom ~~also~~registration ~~has~~by ~~extensive~~virtue ~~experience~~of inSection 4(2) of the ~~area~~Securities Act of ~~metabolic~~1933, ~~diseases~~as amended.

~~Dr. LeBel~~The ~~was not appointed to the~~ Board ~~pursuant~~also toapproved ~~any~~an increase ~~arrangement~~in orthe ~~understanding~~annual ~~between~~base ~~him~~salary ~~and~~for ~~any other person.~~ Dr. ~~LeBel~~Lichter ~~has~~from ~~not~~$150,000 ~~been a party~~ to $200,000 ~~nor has~~and hefor ~~had~~Mr. Hendrick afrom ~~direct or indirect material interest in~~$100,000 ~~any~~to ~~transaction with the Company during our current or preceding fiscal year~~$125,000.

InThe ~~connection with his~~foregoing ~~service~~summary asof ~~a director, Dr. LeBel will receive an option grant pursuant to a Stand-Alone Stock Option Agreement (~~the “Option ~~Agreement”)~~Agreements todoes ~~purchase~~not uppurport to anbe ~~aggregate~~complete ofand ~~250,000~~is ~~shares~~subject ~~of the Company’s common stock. Pursuant~~ to ~~the terms of the Option Agreement~~, ~~the~~and ~~shares~~qualified ofin ~~common~~its ~~stock~~entirety ~~subject to this option grant will vest over a period of four years~~by, ~~with one-quarter of~~ the ~~shares~~full ~~vesting~~text ~~on the first anniversary~~ of the ~~grant~~form ~~date and the remaining three-quarters~~ of ~~the~~Option ~~shares~~Agreement, ~~vesting~~which inis ~~equal~~attached ~~monthly~~hereto ~~installments~~as ~~thereafter~~Exhibit ~~subject to Dr~~10. ~~LeBel’s~~1 ~~continuing~~and toincorporated ~~provide~~herein ~~services to the Company during such period. The issuance of the option grant was exempt from registration~~ by ~~virtue of Section 4(2) of the Securities Act of 1933, as amended~~reference.

~~The~~Item ~~foregoing summary of the Option Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of such document, which is attached hereto as Exhibit 10~~8.101 ~~and~~Other ~~incorporated herein by reference.~~ Events

~~Item~~On 8June 17, 2008, we issued a press release announcing the results from the Company’s Phase IIa Trial of AKP-020 for Type 2 diabetes.01 ~~Other~~A ~~Events~~copy of this press release is attached hereto as Exhibit 99.1.

On December 17, 2007, we issued a press release announcing the appointment of Dr. LeBel to serve on the Board. A copy of this press release is attached hereto as Exhibit 99.1.

Item 9.01

Financial Statements and Exhibits.

(d)	Exhibits.

10.1		Form of Stand-Alone Stock Option Agreement~~, dated as of December 17, 2007, by and between Dr. LeBel and the Company~~
99.1		Press Release, dated as of ~~December~~June 17, ~~2007~~2008, announcing the ~~appointment~~results offrom ~~Dr.~~our ~~LeBel~~Phase toIIa ~~serve~~Trial onof ~~the~~AKP-020 ~~Board~~for Type 2 diabetes

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/ Jay Lichter, Ph.D.
		Jay Lichter, Ph.D.
		President and Chief Executive Officer

Date: ~~December~~June 19, ~~2007~~2008

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