AKR.L Regulatory News (AKR)

13 Feb 2006 07:00

Embargoed: 0700hrs, 13 February 2006 Akers Biosciences, Inc ("Akers Biosciences" or the "Company") Trading Update Akers Biosciences, the United States based developer, manufacturer, andsupplier of rapid, point of care screening and testing products, is pleased toannounce that revenues and results at the operating level for the year ended 31December, 2005 were in line with market expectations.During 2005 the Company launched two of its flagship rapid tests, whichcontributed to the approximately three-fold increase in sales over the prioryear. The PIFA‚® Heparin/ Platelet Factor-4 Rapid Assay is now being used inover 260 hospitals in the U.S., and is the only rapid test available to detectlife-threatening side-effects of the widely used-anticoagulant heparin. TheTri-Cholesterol Check Assay has been introduced to U.S. physician and retailmarkets, and is the only FDA-cleared home test that determines total, HDL("good"), and LDL ("bad") cholesterol.Cash balances at the end of the year were $ 3.2 million.Following the adoption by the Company of U.S. GAAP treatment of options andwarrants, it is expected that reported results for the period will be impactedby a non-tax charge estimated at $1.6 million. This reflects, to a largeextent, the accounting impact of the warrants issued in conjunction with thedebt facility with Platinum Partners which was announced on 14 March 2005.The Company expects to make a preliminary announcement of its results for theyear ended 31 December, 2005 in early April.Chief Executive Officer Ray Akers said, "We are very pleased to reportrecord-breaking revenues for our Company in the fiscal year 2005, and expectrevenues in 2006 to be even stronger. Momentum for our core products continuesto build, and the company will expand the market for its products in 2006through the strengthening of existing strategic alliances, and the developmentof new partnerships."Enquiries:Dr. Raymond Akers Chief Executive Officer, 020 7917 9476 Akers Biosciences, Inc. Paul Freedman Chief Financial Officer, 001 856 848 8698 Akers Biosciences, Inc. Ben Simons Hansard Communications 020 7245 1100 Akers Biosciences, Inc. develops, manufactures, and supplies rapid, point ofcare screening and testing products designed to bring healthcare informationboth rapidly and directly to the patient or healthcare provider. The Companyhas advanced the science of diagnostics while responding to major shifts inhealthcare through the development of several proprietary platformtechnologies. The company's state-of-the-art rapid diagnostic assays can beperformed virtually anywhere in minutes when time is of the essence. Akers hasaligned with major healthcare companies and high volume medical products distributors to maximize product offerings, and to be a major worldwidecompetitor in diagnostics. Additional information on the Company and itsproducts can be found at www.akersbiosciences.com.ENDAKERS BIOSCIENCES INC