TIDMAKR
RNS Number : 9541W
Akers Biosciences, Inc.
13 November 2014
13 November 2014
Akers Biosciences, Inc.
Akers Biosciences Announces its Financial Results for Third
Quarter 2014
Sales Up 32% from Third Quarter 2013 Driven By PIFA Heparin/PF4
Rapid Assay Products
THOROFARE, N.J., November 13, 2014 Akers Biosciences, Inc. (AIM:
AKR.L) (NASDAQ: AKER), (the "Company" or "ABI"), a leading designer
and manufacturer of rapid diagnostic screening and testing
products, reports its financial results for the third quarter ended
September 30, 2014 and for the nine months ended September 30,
2014. The Form 10-Q containing the financial statements is
available for viewing on the Company's website at
www.akersbiosciences.com or www.sec.gov.
Highlights:
-- Revenue for the third quarter totaled $453,313 (Q3 2013:
$344,709), a 32% increase from the same period in 2013, primarily
driven by sales of PIFA Heparin/PF4 Rapid Assay products in the
US
-- US sales of PIFA Heparin/PF4 Rapid Assay products increased
by 39% in the third quarter with distribution now being performed
by Cardinal Health, Medline Industries, Fisher HealthCare and
Typenex - supported by ABI's account executives
-- Net loss for the third quarter attributable to shareholders
of $1,124,320 (Q3 2013: $544,370) as a result of hiring additional
personnel, capital market commitments and marketing activities
-- Gross profit margin in third quarter of 64% continues to be
substantially ahead of 2013's average of 47%
-- Company had total current assets at the end of the third
quarter of $14,312,949 (September 30, 2013: $3,369,382) of which
$10,206,992 was held in the form of marketable securities
(September 30, 2013 $-)
-- EBITDA: Net loss of $1,055,913 for the third quarter (Q3 2013: $454,857)
-- Revenue for the nine months ended September 30, 2014 totaled $2,980,389 (2013: $3,006,377))
-- The Board is confident of a strong fourth quarter, contingent
on the materialization of international product orders in the
pipeline; as well as of a continuing upward trend in PIFA
Heparin/PF4 Rapid Assay product sales
-- The performance for the full year will thus depend on when a
number of significant contracts, as referred to above, are
shipped
"Domestic sales of our current flagship PIFA Heparin/PF4 Rapid
Assay products are currently driving sales while we establish the
foundations for an international sales push," said Raymond F.
Akers, Jr. PhD, Co-founder and Executive Chairman of the Board.
"The addition of new sales and marketing partners for PIFA
Heparin/PF4 Rapid Assay products in the second quarter has
delivered a measurable increase in trials and adoption in the third
quarter," continued Dr. Akers.
"Moving forward, a major emphasis is being placed on positioning
the Company to commence volume sales of core products from the
PIFA, MPC and REA technology platforms in the largest international
markets. Progress is evident in the Company's recent establishment
of a Joint Venture Agreement in China, the signing of marketing and
distribution agreements in India, the Middle East, Australia and
Singapore, the appointment of a senior international sales and
marketing executive entirely dedicated to creating distribution
channels outside of the US, and the first significant international
orders last quarter for our Tri-Cholesterol "Check" tests."
"Domestically we are working with our four distribution partners
to open up new PIFA Heparin/PF4 Rapid Assay customers and to
convert new customer trials into sales. We are also accelerating
development of the VIVO product line (from the MPC technology
platform) in order to gain greater exposure to the large Health and
Wellness segment which exists in the US. Clinical development of
the Company's other mass market products of the future in the field
of diagnosis of medical conditions through biomarkers in exhaled
breath is ongoing," continued Dr. Akers. "This includes the
development of breath tests for biomarkers indicating lung cancer,
COPD, asthma and ketones for diabetic health."
"The Company's revenues during this early commercialization
phase are expected to continue to be staggered as we receive
initial stocking orders from new distributors in new territories.
The effect is that some quarters' sales are more positively
impacted than others due to the timing of product shipments for
initial stocking orders to new markets. As such, the Board is
confident of a strong fourth quarter, contingent on the
materialization of international product orders in the pipeline; as
well as of a continuing upward trend in PIFA Heparin/PF4 Rapid
Assay product sales. The performance for the full year will thus
depend on when a number of significant contracts, as referred to
above, are shipped," concluded Dr. Akers.
Results of Operations for the three months ended September 30,
2014 and 2013
Revenue
ABI's total revenue for the three months ended September 30,
2014 was $453,313, a 32% increase from the same period in 2013.
Product revenue totaled $359,980 (2013: $261,376) while the
Company's license fee revenue increased to $93,333 (2013: $83,333)
for the period.
MicroParticle Catalyzed Biosensor ("MPC") product revenues
increased by 53% to $38,201 (2013: $24,892) during the period. This
increase was attributable to orders from customers which regularly
purchase products on an annual or semi-annual basis. No orders were
received from our world-wide distributor of the alcohol
breathalyzer product, ChubeWorkx Guernsey Limited ("ChubeWorkx").
The decline of orders from ChubeWorkx is as a result of the French
government's postponement, indefinitely, of the fine that was to be
imposed for drivers failing to possess breathalyzers in their
vehicles. Although drivers are still required to carry the
self-tests, the lack of a monetary fine has reduced product demand.
It is unknown how long this interruption will continue for, but the
Company's distributor of alcohol breathalyzers believes that it is
well positioned to resume large volume sales of the product should
full enforcement resume.
Domestic sales of the Company's PIFA Heparin/PF4 Rapid Assay
products increased by 39% during the period to $309,459 (2013:
$222,102). The Company's dedicated technical sales account
executives are supporting over 300 sales representatives of ABI's
US distribution partners, Cardinal Health ("Cardinal"), Medline
Industries ("Medline"), Fisher HealthCare ("Fisher") and Typenex
Medical ("Typenex"). The Company's addition of Typenex and Medline
during the second quarter and the relationship-building initiative
with our other partners has already delivered a measureable
increase in product trials and adoptions.
Cost of sales for the three months ended September 30, 2014
increased by 72% compared to the same period in 2013 to $162,145
from $94,036 in 2013. Production costs of incremental product
components transferred to inventory during the three months ended
September 30, 2014 declined by 75% to $43,163 (2013: $171,454),
resulting in the higher total cost of sales for the period.
Overall, cost of sales, as a percentage of product revenue, was 45%
and 36% for the three month periods ended September 30, 2014 and
2013.
Direct costs associated with the MPC products increased to 14%
(2013: 11%) while PIFA products declined slightly to 11% (2013:
12%). Indirect costs decreased to 26% (2013: 53%) of product
revenue for the three months ended September 30, 2014.
The decrease in indirect cost of sales is attributed to
decreases in personnel expenses, repairs and maintenance of
equipment, and warehouse rental due to the reduced levels of
production. In addition, continuing improvements to component
inventory handling and reporting procedures resulted in a reduction
of materials lost to the production process during the three months
ended September 30, 2014.
Our gross profit margin, as a percentage of total revenue,
declined to 64% for the three months ended September 30, 2014 as
compared to 73% in 2013. The decline in the gross profit margin was
derived from events described above for the three months ended
September 30, 2014.
General and Administrative Expenses
General and administrative expenses for the three months ended
September 30, 2014, totaled $826,756, which was a 123% increase as
compared to $370,737 for the three months ended September 30, 2013.
The increase is related to personnel ($186,667 (2013: $37,734)),
professional services ($356,267 (2013: $151,929)), stock market and
investor relations activities ($141,496 (2013: $-21,946)) and
travel ($39,578 (2013 $127)) The increase in personnel costs
relates to the salaries and benefits of the Chief Executive Officer
and the Vice President of Finance; positions that were previously
contracted. Increases in professional services and stock market and
investor relations activities are directly related to the
maintenance of our stock listings in the United States (NASDAQ) and
Great Britain (London Stock Exchange). The dual listing requires us
to maintain public relations, stock registrars, nominated advisors
and legal counsel for both markets and requires additional
accounting services to insure compliance with regulators.
Sales and Marketing Expenses
Sales and marketing expenses for the three months ended
September 30, 2014 totaled $358,650, which was a 183% increase as
compared to $126,624 for the three months ended September 30, 2013.
The increase was the result of general consulting services
($177,778 (2013: $3,900)), sales commissions ($26,404 (2013: $580)
and travel ($27,785 (2013: $10,551)).
The increase in general consulting fees are for the development
of sales and marketing programs for existing domestic and
international markets, exploration of governmental opportunities
and the identification of additional international markets for our
products.
Research and Development
Research and development expenses for the three months ended
September 30, 2014 totaled $183,886, which was a 21% decrease as
compared to $233,848 for the three months ended September 30, 2013.
The decrease was the result of personnel reassignments which
reduced personnel costs ($127,602 (2013: $189,486) and travel ($-
(2013: 7,581)) but was partially offset by increases in general
consulting services ($25,967 (2013: $7,581)). There has been a
significant increase in activities related to obtaining regulatory
approvals.
The Company entered into an agreement with an outside product
and design firm on July 14, 2014 to work with internal personnel to
review and further develop the VIVO product line. The Company
believes that enhancing the capabilities of the VIVO product will
allow further exposure into the large Health and Wellness market
segment.
The following table illustrates research and development costs
by project for the three months ended September 30, 2014 and 2013,
respectively.
2014 ($) 2013 ($)
----------------------- --------- ---------
Breath Alcohol 2,299 -
Phone App
----------------------- --------- ---------
BreathScan - 2,432
----------------------- --------- ---------
Chlamydia Trachomatis 56,490 -
----------------------- --------- ---------
H/PF4 14,306 90,148
----------------------- --------- ---------
Ketone/Metron 55 73,078
----------------------- --------- ---------
Lyophilization 6,050 4,864
----------------------- --------- ---------
Malaria 55 -
----------------------- --------- ---------
PF4 PLUSS 16,881 29,231
----------------------- --------- ---------
Tri-Cholesterol 70,759 -
----------------------- --------- ---------
VIVO 16,991 34,095
----------------------- --------- ---------
Total R&D Expenses: 183,886 233,848
----------------------- --------- ---------
Other Income and Expense
Other income increased for the three months ended September 30,
2014 to $18,447 from $809 for the same period in 2013. Gains from
interest and dividends from investments ($19,469 (2013: $-)) were
offset by losses on foreign currency transactions ($1,022 (2013:
Gain of $809)).
Results of Operations for the nine months ended September 30,
2014 and 2013
Revenue
ABI's product revenue increased 7% to $2,720,389 (2013:
$2,556,377), licensing fee revenue declined by 42% to $260,000
(2013: $450,000) and total revenue declined 1% to $2,980,389 (2013:
$3,006,377) in the nine months ended September 30, 2014. MPC
product sales decreased by 48% ($878,659 (2013: $1,675,349)), PIFA
product sales increased by 14% ($931,647 (2013: $815,055)), REA
product sales increased by 100% ($864,000 (2013: $-)) and other
product categories decreased 40% ($20,406 (2013: $33,816)). In the
nine months ended September 30, 2013, the Company received a
one-time restricted licensing fee of $200,000 from a customer while
they performed a product evaluation, otherwise the Company's
license fee revenue increased by 4% for the period ended September
30, 2014.
MPC product revenues decreased during the period. This is
attributable to a decline in orders from our world-wide distributor
of the alcohol breathalyzer product, ChubeWorkx Guernsey Limited.
During the nine months ended September 30, 2014, ChubeWorkx
accounted for $766,379 (2013: $1,551,340) of our MPC product
revenue all of which was recorded during the first quarter. The
decline is as a result of the French government's postponement
indefinitely of the fine that was to be imposed for drivers failing
to possess breathalyzers in their vehicles. Although drivers are
still required to carry the self-tests, the lack of a monetary fine
has naturally reduced the demand. It is unknown how long this
interruption will continue for, but the Company's distributor of
alcohol breathalyzers believes that it is well positioned to resume
large volume sales of the product should full enforcement
resume.
Domestic sales of the Company's PIFA Heparin/PF4 Rapid Assay
products increased to $931,647 (2013: $815,055) for the period
ended September 30, 2014. The Company's dedicated technical sales
account executives are supporting over 300 sales representatives of
ABI's US distribution partners, Cardinal Health ("Cardinal"),
Medline Industries ("Medline"), Fisher HealthCare ("Fisher") and
Typenex Medical ("Typenex"). The Company's addition of Typenex and
Medline during the second quarter and the relationship-building
initiative with our other partners has already delivered a
measureable increase in product trials and adoptions.
International sales of REA products totaled $864,000 (2013: $-)
for the period ended September 30, 2014. ABI, with the assistance
of its distributor in the region, has submitted the product to
Australia's Therapeutic Goods Administration ("TGA") and is
awaiting final government approval for 36S to begin marketing the
product.
Cost of sales for the nine months ended September 30, 2014
decreased by 40% compared to the same period in 2013 to $907,876
from $1,503,303 in 2013. Direct cost of sales declined to 22%
(2013: 38%) while indirect cost of sales declined to 11% (2013:
21%) of product revenue for the nine months ended September 30,
2014. Overall, cost of sales, as a percentage of product revenue,
was 33% and 59% for the nine month periods ended September 30, 2014
and 2013.
Direct costs associated with the MPC products increased to 45%
(2013: 41%), PIFA products remained unchanged at 12%. During prior
periods, the Company had removed its REA products from inventory
while it worked to develop a market and identify a distributor for
the product line. As a result of this inventory write-down there
was no significant direct cost of sales for the REA products
reported for the nine months ended September 30, 2014.
The decrease in indirect cost of sales is attributed to
decreases in personnel expenses, repairs and maintenance of
equipment, and warehouse rental due to the reduced levels of
production. In addition, continuing improvements to component
inventory handling and reporting procedures resulted in a reduction
of materials lost to the production process during the three months
ended September 30, 2014.
ABI's gross profit margin, as a percentage of total revenue,
improved to 70% for the nine months ended September 30, 2014 as
compared to 50% in 2013. The decline in the gross profit margin was
derived from events described above for the nine months ended
September 30, 2014. The increase in gross margin was due in large
part to the REA product sales having no significant cost of sales
attached; therefore, it should not be assumed that this level of
gross profit margin will be maintained in the future.
General and Administrative Expenses
General and administrative expenses for the nine months ended
September 30, 2014, totaled $2,497,485, which was a 139% increase
as compared to $1,046,426 for the nine months ended September 30,
2013. The increase is related personnel ($624,533 (2013:
$113,869)), professional services ($578,102 (2013: $226,664)),
stock market and investor relations activities ($490,527 (2013:
$79,252)) and travel ($63,945 (2013 $680)).
The increase in personnel costs relates to the salaries and
benefits of the Chief Executive Officer and the Vice President of
Finance; positions that were previously contracted. The increases
in professional services and stock market and investor relations
activities are directly related to the maintenance of our stock
listings in the United States (NASDAQ) and Great Britain (London
Stock Exchange). The dual listing requires us to maintain public
relations, stock registrars, nominated advisors and legal counsel
for both markets and requires additional accounting services to
insure compliance with regulators.
Sales and Marketing Expenses
Sales and marketing expenses for the nine months ended September
30, 2014 totaled $966,357, which was a 80% increase as compared to
$536,631 for the nine months ended September 30, 2013. The increase
was the result of personnel ($376,785 (2013: $322,517)), general
consulting services ($408,906 (2013: $15,775)) and travel ($52,175
(2013: $20,816)) and was offset by declines in royalties ($67,967
(2013: $116,732)) and outside sales commissions ($36,404 (2013:
$43,820).
The increase in general consulting fees are for the development
of sales and marketing programs for existing domestic and
international markets, exploration of governmental opportunities
and the identification of additional international markets for our
products.
Research and Development
Research and development expenses for the nine months ended
September 30, 2014 totaled $686,376, which was a 9% decline as
compared to $755,981 for the nine months ended September 30, 2013.
The decrease was the result of personnel reassignments which
reduced personnel costs ($543,321 (2013: $636,484) but was
partially offset by increases in professional services ($50,580
(2013: $11,093)) and consumable supplies ($36,055 (2013: $21,854)).
There has been a significant increase in activities related to
obtaining regulatory approvals.
The Company entered into an agreement with an outside product
and design firm on July 14, 2014 to work with internal personnel to
review and further develop the VIVO product line. The Company
believes that enhancing the capabilities of the VIVO product will
allow further exposure into the large Health and Wellness market
segment.
The following table illustrates research and development costs
by project for the nine months ended September 30, 2014 and 2013,
respectively.
2014 ($) 2013 ($)
----------------------- --------- ---------
Asthma/pH 5,359 -
----------------------- --------- ---------
Breath Alcohol 9,045 -
Phone App
----------------------- --------- ---------
BreathScan - 2,432
----------------------- --------- ---------
BreathScan Pro 13,866 4,751
----------------------- --------- ---------
Chlamydia Trachomatis 56,490 -
----------------------- --------- ---------
CHUBE 3,867 4,751
----------------------- --------- ---------
H/PF4 69,431 279,997
----------------------- --------- ---------
HIV 56,586 -
----------------------- --------- ---------
Ketone/Metron 48,305 224,966
----------------------- --------- ---------
Lyophilization 74,956 19,118
----------------------- --------- ---------
Malaria 6,810 -
----------------------- --------- ---------
Malondialdehyde - 56,965
----------------------- --------- ---------
Other Products 6,199 -
----------------------- --------- ---------
PF4 PLUSS 36,960 76,693
----------------------- --------- ---------
Tri-Cholesterol 125,553 -
----------------------- --------- ---------
VIVO 172,949 86,308
----------------------- --------- ---------
Total R&D Expenses: 686,376 755,981
----------------------- --------- ---------
Other Income and Expense
Other income declined for the nine months ended September 30,
2014 to $56,719 from $284,678 for the same period in 2013. During
the nine months ended September 31, 2014, the Company recognized
gains from foreign currency transactions of $2,874 (2013: $732),
interest and dividends from investments amounted to $49,176 (2013:
$1,054) and $4,669 (2013: $91,286)) in other income from the net
proceeds gained from ABI's insurer demutualizing. During the nine
months ended September 30, 2013, the Company recognized $91,905 as
the result of reversals of old trade payables and $99,710 from the
sale of its 20% equity stake in BreathScan International to
Chubeworkx Guernsey Limited.
Income Taxes
As of September 30, 2014, the Company does not believe any
uncertain tax positions exist that would result in the Company
having a liability to the taxing authorities. The Company's policy
is to classify interest and penalties related to unrecognized tax
benefits, if and when required, as part of interest expense and
general and administrative expense, respectively in the
consolidated statement of operations.
Liquidity and Capital Resources
For the nine months ended September 30, 2014 and 2013, the
Company generated a net loss attributable to shareholders of
$2,230,708 and $745,215, respectively. As of September 30, 2014 and
December 31, 2013, the Company has an accumulated deficit of
$83,951,834 and $81,721,126 and had cash totaling $642,515 and
$103,634, respectively.
Currently, our primary focus is to expand the domestic and
international distribution of our PIFA Heparin/PF4 rapid assays and
support Chubeworkx international distribution of its CHUBE
private-labeled breath alcohol detectors. The Company continues
initial commercialization tasks for METRON and VIVO, as well as
development activities for its PIFA PLUSS(R) Infectious Disease
single-use assays, Breath Ketone "Check", and Breath PulmoHealth
"Check" products, including advancement of the steps required for
FDA clearance or CE marking in the EU where necessary.
We expect to continue to incur losses from operations for the
near-term and these losses could be significant as we incur product
development, clinical and regulatory activities, contract
consulting and other product development and commercialization
related expenses. We believe that our current working capital
position, $13,313,561 as of September 30, 2014, will be sufficient
to meet our estimated cash needs for at least 36 months. We are
closely monitoring our cash balances, cash needs and expense
levels. The accompanying financial statements do not include any
adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and
classification of liabilities that might result in the possible
inability of the Company to continue as a going concern.
We expect that our primary expenditures will be to continue
development of PIFA PLUSS(R) Infectious Disease single-use assays,
Breath Ketone "Check" and Breath PulmoHealth "Check" products and
to enroll patients in clinical trials to support performance
claims, generate studies in peer-reviewed journals to support
product marketing, and provide data for the FDA 510(k) clearance/CE
certifications processes when required. We will also continue to
support commercialization and marketing activities of
already-commercialized products (PIFA Heparin/PF4 rapid assays,
PIFA PLUSS(R) PF4, breath alcohol detectors, METRON and VIVO)) in
the US and internationally. Based upon our experience, clinical
trial and related regulatory expenses can be significant costs.
Steps to achieve commercialization of emerging products will be an
ongoing and evolving process with expected improvements and
possible subsequent generations being evaluated for commercialized
and emerging tests. Should we be unable to achieve FDA clearance
for products that require such regulatory "approval", develop
performance characteristics for rapid tests that satisfy market
needs, or generate sufficient revenue from commercialized products,
we would need to rely on other business or product opportunities to
generate revenue and the capitalized costs that we have incurred
for the patents may be deemed impaired.
The Company is currently pursuing ISO certification of it
quality management system which would allow the Company to meet the
regulatory requirements for product sales in large, international
markets (e.g. India). We may also consider acquisitions of
development technologies or products, if opportunities arise that
we believe fit our business strategy and would be appropriate from
a capital standpoint.
As per the Company's lease agreement, the owner of the facility
will handle the majority of any facility upgrades, and we
anticipate financing any production and laboratory capital
expenditures through working capital.
The Company may enter into generally short-term consulting and
development agreements primarily for testing services and in
connection with clinical trials conducted as part of the Company's
development process which may include activities related to the
development of technical files for FDA 510(k) clearance
submissions. Such commitments at any point in time may be
significant but the agreements typically contain cancellation
provisions.
We lease our manufacturing facility which also contains our
administrative offices. Our current lease was executed January 1,
2013 and is effective through December 31, 2019. The Company has
leased this property from the current owner since 1997.
Due to recent market events that have adversely affected all
industries and the economy as a whole, management has placed
increased emphasis on monitoring the risks associated with the
current environment, particularly the recoverability of current
assets, the fair value of assets, and the Company's liquidity. At
this point in time, there has not been a material impact on the
Company's assets and liquidity. Management will continue to monitor
the risks associated with the current environment and their impact
on the Company's results.
Operating Activities
ABI's net cash consumed by operating activities totaled
$2,757,258 during the nine months ended September 30, 2014. Cash
was consumed by the loss of $2,214,915 less non-operating gains of
$16,604 plus non-cash adjustments of $1,007,923 for depreciation
and amortization of non-current assets, the issuance of stock
options and the issuance of common shares for services. For the
nine months ended September 30, 2014, decreases in inventory and
other assets of $337,966 provided cash while a net increase in
trade receivables, trade receivables - related parties and other
receivables of $1,280,684 and a decreases in trade and other
payables, trade and other payables - related parties and deferred
revenue - related party of $590,944 consumed cash from operating
activities.
ABI's net cash consumed by operating activities was $1,868,345
during the nine months ended September 30, 2013. Cash was consumed
by the loss of $745,215, less non-operating gains of $282,901 plus
a non-cash adjustment of $265,799 for depreciation and amortization
of non-current assets. For the nine months ended September 30,
2013, decreases in trade receivables and license fees receivable -
related party generated cash of $477,880. Increases in trade
receivables - related party, other receivables, inventory, other
assets and decreases in trade and other payables, other payables -
related party, legal settlements and deferred revenue - related
party of $1,583,908 consumed cash from operating activities.
Conference Call Information:
Thursday, November 13, 2014
at 10:30 a.m. Eastern time
(3:30 p.m. GMT)
Domestic: 888-820-9415
International: 1-913-312-9330
Conference ID: 7992989
Webcast: http://ir.akersbiosciences.com/events.cfm
Replays - Available through
November 27, 2014
Domestic: 877-870-5176
International: 1-858-384-5517
Conference ID: 7992989
ABOUT AKERS BIOSCIENCES, INC.
Akers Biosciences develops, manufactures, and supplies rapid,
point of care screening and testing products designed to bring
healthcare information both rapidly and directly to the consumer or
healthcare provider. The Company has advanced the science of
diagnostics while responding to major shifts in healthcare through
the development of several proprietary platform technologies. The
Company's state-of-the-art rapid diagnostic assays can be performed
virtually anywhere in minutes when time is of the essence. The
Company has aligned with major healthcare companies and high volume
medical products distributors to maximize product offerings, and to
be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be
found on our website at www.akersbiosciences.com. Follow us on
Twitter @AkersBio.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties.
These statements include but are not limited to statements
regarding the intended terms of the offering, closing of the
offering and use of any proceeds from the offering. When used
herein, the words "anticipate," "believe," "estimate," "upcoming,"
"plan," "target", "intend" and "expect" and similar expressions, as
they relate to Akers Biosciences, Inc., its subsidiaries, or its
management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties, and other factors that could cause
the Company's actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements.
For more information:
Akers Biosciences, Inc.
Raymond F. Akers, Jr. PhD
Executive Chairman of the Board
Tel. +1 856 848 8698
RedChip Companies, Inc. (US Investor Relations)
Jon Cunningham
Tel. +1 407 644 4256 x107
finnCap (UK Nominated Adviser and Broker)
Geoff Nash / Scott Mathieson (Corporate Finance)
Steve Norcross (Broking)
Tel: +44 (0)20 7220 0500
Vigo Communications (UK Investor Relations)
Ben Simons / Alexandra Roper
Tel. +44 (0)20 7016 9570
Email. akers@vigocomms.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTGGGAGGUPCGGW
Akers Biosciences (LSE:AKR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Akers Biosciences (LSE:AKR)
Historical Stock Chart
From Sep 2023 to Sep 2024
