LONDON (Alliance News) - Akers Biosciences Inc on Tuesday said revenue grew in 2017, but its loss widened due to increased costs across the business.
The AIM-listed biotechnology firm - which is also listed on NASDAQ - reported a pretax loss of USD5.8 million for 2017, widened from a pretax loss of USD3.3 million the year earlier.
Administrative expenses rose 36% to USD4.1 million from USD3.0 million the prior year. This more than offset a reduction in sales and marketing fees, which fell 4% to USD2.0 million from USD2.1 million.
Revenue came in at USD3.9 million, up 33% from USD3.0 million year-on-year, driven by improvements in product sales and license & service segment.
Although revenue from the group's Particle ImmunoFiltration Assay product decreased 13% to USD2.2 million from with USD2.6 million in 2016, the company's MicroParticle Catalyzed Biosensor product generated revenue of USD951,000, up from USD283,000 it made the year before.
Akers Bioscience Chief Executive Officer John Gormally said: "Having strengthened our business across key areas in 2017, Akers Bioscience is wholly focused on achieving a step-change in revenue growth in the current year and beyond."
The stock was trading 2.5% lower at 59.50 pence per share on Tuesday.
