LONDON (Alliance News) - Akers Biosciences Inc, which recently listed on Nasdaq, Wednesday reported a first-quarter net loss of USD595,600, mainly due to the costs of the initial public offering.
The maker of rapid diagnostic screening and testing products, which is also listed on London's AIM market, reported revenue of USD1.2 million, up from USD571,473 in the fourth quarter of 2013, driven by sales of its CHUBE disposable alcohol breathalyzers and PIFA Heparin/PF4 rapid assay products.
It said it had achieved a gross margin of 45% due to an increase in the average selling price of its products.
Its general and administrative expenses in the quarter were USD653,682, including the IPO costs, while sales and marketing expenses were USD211,098.
"The successful NASDAQ IPO on January 28, 2014 provided financial stability and, with that, the opportunity to exclusively focus on the execution of our business plan. The first quarter of 2014 has seen the company begin to put its capital to work through investment in sales and marketing capabilities and product development initiatives," co-founder and Chairman Raymond Akers said in a statement.
The company raised gross proceeds of about USD15 million in its Nasdaq IPO.
Akers Biosciences shares last traded at 280 pence on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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