RE: Good news8 Nov 2018 07:55
The board of directors at Akers Biosciences Inc. said Wednesday the South Jersey medical-device company has "initiated a process to evaluate strategic alternatives to maximize shareholder value."
Based in Thorofare, Gloucester County, Akers develops and markets rapid screening and testing products for use in health care.
The board said the evaluations process will consider a range of potential strategic alternatives "including, but not limited to, business combinations." Akers said company representatives do not plan to disclose or comment on developments regarding the strategic review process until it is complete, or further disclosure is deemed appropriate.
“The board of directors and management of the company believes that now is the right time to review strategic alternatives to assess how best to maximize value for our shareholders," said Howard R. Yeaton, CEO of Akers. "During this process, the team will remain focused on advancing our current business operations and serving our customers.”
Yeaton was named CEO at Akers in October, the same month the company settled a lawsuit in part by agreeing to discontinue marketing efforts for its BreathScan OxiChek product or any product that detects oxidative stress in exhaled human breath.
The company said last month it will focus on its Particle Immuno-Filtration Assay (PIFA) technology platform that features a patented immunoassay method for rapidly and accurately detecting targeted antigens or antibodies. The technology platform is used in Akers PIFA Heparin/PF4 and PIFA Pluss/PF4 rapid assays that test for an allergic reaction to the blood-thinning medicine Heparin. These products, the company said, account for the “significant majority” of its revenues.
Akers also said Wednesday that the company to meet Nasdaq's minimum listing requirement of a minimum $1 per share stock price for companies listed on the exchange will implement a one-for-eight reverse stock split on Nov. 8.
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