Thu, 1st Dec 2016 12:00
1 December 2016
This announcement contains inside information
Akers Biosciences, Inc.
US Distribution Agreement for Rapid Cholesterol Self-test
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), (the "Company" or "Akers Bio"), a developer of rapid health information technologies, has signed a distribution agreement with First Check Diagnostics, LLC ("First Check"), the major global diagnostic device and service provider, to serve as the exclusive distributor of the Company's rapid cholesterol self-test in the United States under their "First Check" brand.
First Check products are sold through major retailers including, CVS, Rite Aid, Target, Kmart, Meijer, Giant Eagle, Stop & Shop, Giant and ShopKo.
Akers Bio's Tri-Cholesterol "Check" test is the only combined rapid test which provides an estimate of a person's Total cholesterol as well as their High Density Lipoprotein ("HDL") cholesterol levels - their 'good cholesterol'; thereby providing an estimate of a person's Low Density Lipoprotein ("LDL") levels - their 'bad cholesterol'. These features are essential to accurately differentiating between a person's 'good' and 'bad' cholesterol thereby making it a truly effective screening test for high cholesterol.
The Tri-Cholesterol "Check" test is disposable, uses just a finger-stick blood sample and gives a result in only 5 minutes. The test may be sold immediately over-the-counter in the United States as it is exempt from the Food and Drug Administration ("FDA") approval process. The test has three CE marks for the European Economic Area and a Health Canada approval.
According the United States Centers for Disease Control and Prevention, 73.5 million adults (31.7%) in the United States have high 'bad cholesterol' and fewer than 1 in every 3 of them has the condition under control. Too much cholesterol puts people at risk for heart disease and stroke, two leading causes of death in the United States. However, with responsible actions such as self-testing with Akers Bio's Tri-Cholesterol "Check" test, people can take steps to manage their cholesterol levels and lower their risk.
Raymond F. Akers, Jr. PhD, Vice Chairman of Akers Bio, said: "Being able to differentiate between a person's 'good cholesterol' and their 'bad cholesterol' is the key to making over-the-counter, rapid self-testing for this condition truly meaningful. We developed the only test marketed in the USA with the capacity to achieve this and we believe that is why First Check - a major force in rapid diagnostics - has chosen to start selling our test through their popular brand. We hope this is the start of a mutually beneficial relationship between First Check and Akers Bio which could even expand beyond cholesterol and into other areas of rapid testing."
"We are extremely excited at Akers Bio about our new agreement with First Check," commented John J. Gormally, Chief Executive Officer of Akers Bio. "We believe our Tri-Cholesterol rapid manual test coupled with the industry leader in near patient testing creates a formidable force in the retail market segment. First Check has huge distribution into major US drugstores, which could potentially lead to significant exposure for this product and a marked improvement in the quality of self-testing cholesterol levels."
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. 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. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.
About First Check Diagnostics, LLC
First Check, based in Waltham, MA, is committed to leading the market in both home testing for drug use and other health concerns, in the privacy of your own home. We are committed to innovative leadership in high-quality home diagnostic test kits that assist people in living safer, healthier lives. We offer a full portfolio of drug testing products ranging from a marijuana home drug test to a 12 panel test that includes 5 prescription drugs. For more information, please visit www.firstcheckfamily.com.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Akers Biosciences, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
For more information:
Akers Biosciences, Inc.
John J. Gormally, Chief Executive Officer
Raymond F. Akers, Jr. PhD, Vice Chairman
Tel. +1 856 848 8698
Taglich Brothers, Inc. (Investor Relations)
Tel. +1 917 445 6207
finnCap (UK Nominated Adviser and Broker)
Adrian Hargrave / Scott Mathieson (Corporate Finance)
Steve Norcross (Broking)
Tel. +44 (0)20 7220 0500
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7830 9704