Akers Biosciences Continues Strategic Review; Explores Leveraging its 30-years of Laboratory Operations to Enter into the Hem...
December 05 2019 - 8:45AM
Akers Biosciences, Inc. (the “Company” or “we”) (NASDAQ: AKER), a
developer of rapid health information technologies, today announced
that it will continue its strategic review and has identified the
hemp and minor cannabinoid sectors as promising adjacent
opportunities that could benefit from Akers’ core competencies. The
company is exploring how to leverage its 30 years of operational
history in its medical device business, where its current products
have U.S. Food and Drug Administration (FDA) clearance, its current
operations practice Good Manufacturing Processes (cGMP), its
medical device facility is certified under ISO 13485 – 2016 and the
facility carries an Analytical Lab Certification for Schedules 2,
3, 4 and 5 controlled substances issued by the U.S. Drug
Enforcement Administration (DEA) and the State of New Jersey.
The Company has an extensive history in the
development, production, and distribution of rapid screening and
testing products designed to deliver medical information to
healthcare providers. We believe that recent public statements by
regulators, including the FDA, expressing concerns about the safety
of certain cannabidol products on the market creates an opportunity
for a company like Akers, with experience in manufacturing and
developing safe diagnostic tools, to pursue this opportunity, and
help develop new safe products derived from cannabinoids.
Akers has also formed an Advisory Board with
expertise in the hemp and minor cannabinoid industry to assist the
Board of Directors in its strategic review including, potentially,
the extraction, testing, purification and formulation of safe
cannabinoids within the hemp industry. The Advisory Board may also
explore a pathway to consumer products with a focus on minor
cannabinoids.
The Company intends to work closely with its new
Advisory Board members Bob Hoban and Michael Patterson, as well as
its own legal counsel. Hoban is the President and Founder of Hoban
Law Group which is a full-service law firm specializing in
‘cannabusiness.’ Hoban won the landmark Cannamart case in 2010
which led to Colorado’s commercial cannabis regulatory system in
2011. Patterson is a Health Care executive with over 25 years of
experience who is currently the Chief Executive Officer of U.S.
Cannabis Pharmaceutical Research and Development LLC. Michael is a
subject matter expert in the Global Cannabis Industry and a Board
member of the American Journal of Endocannabinoid Medicine.
Michael Patterson said, “With the passage of the
2018 Farm Bill legalizing hemp and CBD derived from hemp, and the
recent release of USDA guidelines requiring laboratory testing be
performed by a DEA licensed laboratory, it is an opportunistic time
for Akers to pursue possible opportunities in the hemp/ cannabinoid
testing and product formulation business.”
He continued, “Their decades of experience in
bioscience and highly regulated healthcare industries provide could
be synergistic in providing trusted hemp/ cannabinoid testing and
product formulations to companies across the United States and
internationally”
Additionally, Akers is consulting with two
industry leaders on possible opportunities in the hemp/ cannabinoid
industries, David Goldstein and Yoray Halevy, who previously
launched a medical cannabis recommendation engine called PotBotics
and compiled a cannabinoid-based database through their former
company PotBotics. Possible opportunities may include the
development of consumer facing products, such as cosmetics and
sleep aids using minor cannabinoids. The Company believes that it
is possible that cannabinoids may be able to be utilized in a
myriad of goods to provide users with natural alternative remedies
ranging from sleep benefits to workout recovery.
About Akers Biosciences Inc.
Akers Biosciences develops, manufactures, and
supplies rapid, point of care screening and testing products
designed to bring health related information directly to the
patient or clinician in a timely and cost-efficient manner.
Additional information on the company and its
products can be found at www.akersbio.com.
Forward-Looking Statements
Statements in this press release relating to
plans, strategies, trends, specific activities or investments, and
other statements that are not descriptions of historical facts and
may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
information is inherently subject to risks and uncertainties, and
actual results could differ materially from those currently
anticipated due to a number of factors, which include any risks
detailed from time to time in Akers' reports filed with the
Securities and Exchange Commission, Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Forward-looking statements may be identified by terms such as
"may," "will," "expects," "plans," "intends," "estimates,"
"potential," or "continue," or similar terms or the negative of
these terms. Although Akers believes the expectations reflected in
the forward-looking statements are reasonable, they cannot
guarantee that future results, levels of activity, performance or
achievements will be obtained. Akers does not have any obligation
to update these forward-looking statements other than as required
by law. Contact:
Investor Relations:
Hayden IRBrett Mass, Managing PartnerPhone: (646)
536-7331Email: brett@haydenir.comwww.haydenir.com
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