AKR.L Regulatory News (AKR)

14 Jan 2005 07:00

Embargoed: 0700hrs 14 January 2005 Akers Biosciences (the "Company") Trading Update Thorofare, NJ, USA-January 14, 2005--Akers Biosciences Inc. ("Akers" or the"Company", LSE:AKR)Following the Company's year-end on 31 December 2004, the Board of Akers takesthis opportunity to update the Company's shareholders on recent developments.Towards the end of 2004, the Company experienced problems with the supply ofkey components for the company's PIFA HPF4 test from third party suppliers.These issues unfortunately prevented Akers from shipping any significant volumeof this product as was originally intended.As a result, the Company announces that a substantial portion of revenue fromsales of the Company's PIFA Heparin/PF 4 antibody rapid test ("PIFA HPF4test"), estimated to be approximately $3 million, have been delayed and revenuefor 2004 will therefore fall short of expectations. The company has sincerectified these supply problems, and expects to begin fulfilling orders for thePIFA HPF4 test next week. The Company expects to ship its current order backlogduring the first quarter of this year. The Board believes that this revenuewill be additive to sales expectations in the first half of 2005 and as aconsequence remains confident in the prospects of the Group for 2005.Sales of other products were in line with expectations.Separately, the Company is pleased to announce that it has already receivedorders for its breathalyzer products for shipment in the first half of 2005totalling approximately $1million, nearly double the entire amount of productshipped in 2004.Dr. Raymond Akers, CEO of Akers, said "While we are disappointed that we werenot able to recognize the initial revenue from our PIFA HPF4 test in the secondhalf of 2004, we are heartened to see that our manufacturing problems have beensolved and the shipments are under way. Moreover, the initial market responseto this product has been positive. We are confident that we will be able tobuild revenues for this product while simultaneously growing revenues fromother products in our portfolio, such as our breathalyzers and lithium tests."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.comEnquiries:Dr. Ray Akers Chief Executive Officer, Akers Biosciences, 020 7917 9476 Inc. Paul Freedman 001 856 848 Chief Financial Officer, Akers Biosciences, 8698 Inc. Ben Simons Hansard Communications 020 7245 1100END