ABI Licenses Lithium System

14 Jul 2008 07:00

Embargoed: 0700hrs, 14 July 2008

Akers Biosciences, Inc.

("ABI" or the "Company")

ABI Licenses Lithium CLIA-Waived System to ReliaLAB

Akers Biosciences, Inc (AIM:AKR), a leading designer and manufacturer of rapid diagnostic screening and testing products, is pleased to announce the licensing of its Lithium CLIA-Waived System to ReliaLAB, Inc., the point-of-care diagnostic systems specialist.

ReliaLAB, based in New York City, USA will pay ABI $512,000 to obtain and maintain, in perpetuity, the rights to use the system and certain inventory developed by ABI to provide rapid assessment of blood lithium levels, particularly in those suffering from bipolar disorder.

The Company is further pleased to note that it is in advanced negotiations with the new licensee to enter into a supply agreement to produce the Lithium CLIA-Waived Systems for them. 

Thomas A. Nicolette, Chief Executive, commented,

"This is an excellent example of a situation where ABI can capitalize on a non-core product that it has developed, from one of its' 6 Platform Technologies, prior to it entering the market place. After realizing the initial upside, through a licensing payment, we are then able to offer our unique knowledge and supply-expertise to the licensee, thus continuing to benefit financially. This third business model will continue to be pursued alongside our two existing models of product development and marketing through distribution and third-party funded development projects with ongoing supply agreements. 

The Lithium CLIA-Waived System is a niche product that will be of tremendous benefit to sufferers of bipolar disorder and other mental health conditions."

Enquiries:

Thomas A. Nicolette

President and CEO

Tel. +1 856 848 8698

Ben Simons or Eleanor Williamson

M: Communications

Tel. +44 (0)20 7153 1540

Alasdair Younie

Arbuthnot Securities Limited

Tel. +44 (0)20 7012 2139