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4 Nov 2009 07:00
Embargoed: 0700hrs, 4 November 2009
Akers Biosciences Inc.
("ABI" or the "Company")
Trading Statement
Akers Biosciences, Inc (AIM:AKR), a leading designer and manufacturer of rapid diagnostic screening and testing products, provides an update on trading performance in the current financial year to 31 December 2009 ("FY2009").
Core product review:
PIFA®Heparin/Platelet Factor4 Rapid Assay
Sales of PIFA®Heparin/Platelet Factor4 Rapid Assay continue to steadily increase and will contribute approximately 37% of ABI's revenues in FY2009. ABI is actively seeking wider and accelerated distribution channels worldwide.
The Company has completed the development of a Point-of-Care version of the test ("PIFA® POC"). PIFA® POC incorporates the Company's FDA-approved and patent-pending Blood Cell Separation technology, allowing the assay to be used with fingerstick or venipuncture whole blood specimens to facilitate near-patient testing. This product line extension will expand the user network for the test to include personnel within intensive care units, critical care units, emergency rooms, dialysis centers, and doctors' surgeries. The currently marketed version of this product requires the use of fresh patient serum, which must be separated from whole blood in a laboratory or satellite facility. PIFA® POC will further decrease the time-to-result and provide physicians with true, real-time data that can be incorporated into immediate clinical and treatment decisions, even at the patient's bedside. The product is expected to be released in H1 2010.
BreathScan® Breath Alcohol Products
ABI's disposable Breath Alcohol detector technology, which will contribute approximately 31% of ABI's revenues in FY2009, is performing well in the new direct-to-consumer markets under the "First Check" trade name and volumes are beginning to increase after initial purchases began in April 2009. The BreathScan brand continues to be actively used by multiple military branches within the US Department of Defense as part of their comprehensive Privately Owned Vehicle ("POV") Safety Programs. However, ABI is yet to receive any further substantial government contracts for the products associated with this program. The Company remains cautiously optimistic that these will occur in the future, though the timing remains beyond ABI's control.
The BreathScan® PRO alcohol detection system is a BreathScan® product line extension that incorporates an enhanced, disposable BreathScan® device, and a digital analyser called the BreathScanner™. The test subject exhales into the BreathScan® PRO detector, the testing coordinator inserts it into the BreathScanner™, and using sophisticated optics, the analyser provides quantitative results of breath alcohol levels, ranging from 0.00 per cent to 0.15 per cent and above. An H1 2010 release is planned.
Free Radical Enzymatic Device
The Free Radical Enzymatic Device will contribute approximately 32% of FY2009 revenues. PULSE Health, for whom ABI supplies the product, has signed a contract with a leading nutraceutical marketer and it is anticipated that their relationship will lead to the commencement of large volume supply order for devices in early 2010.
FY2009 Trading
As described above ABI is yet to receive any further substantial government contracts for the BreathScan® products associated with the POV Safety Program. Although such orders may arrive, there would now be inadequate time to manufacture sufficient volumes to meet market expectations for FY2009. As a result, the financial performance this year will be substantially below market expectations.
Progress in all other areas, both existing core products and the pipeline tests (Breath Ketone "Check"®, Breath PulmoHealth "Check"®) is positive. The Company remains cautiously optimistic of receiving further government contracts for the BreathScan® products in the future, though the timing remains completely beyond ABI's control.
Enquiries:
Thomas A. Nicolette
President and CEO
Tel. +1 856 848 8698
Alasdair Younie
Arbuthnot Securities Limited
Tel. +44 (0)20 7012 2000
Ben Simons
M: Communications
Tel. +44 (0)20 7920 2340
About Akers Biosciences
Akers Biosciences, Inc. 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. ABI 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 at www.akersbiosciences.com.
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