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Akers Biosciences soars as its testing tech endorsed via first cholesterol order

Tuesday, March 28, 2017 11:25
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(Before It's News)

Diagnostic device group Akers Biosciences Inc (NASDAQ:AKER, LON:AKR) certainly hasn’t stood still this year and today received an endorsement for its over-the-counter cholesterol self-test.

Shares in New York rocked over 64% to $2.30m while in London, they added almost 32% to stand at 155p.

READ – Akers Biosciences revenues up 66%, driven by demand for rapid heparin allergy test WATCH- Akers Biosciences secures ‘highly important’ patent protection for Breathscan cartridge

The group is developing proprietary, diagnostic technologies that accelerate the rate at which clinicians, and in some cases consumers, can obtain health information and has a number of products in the portfolio.

These include a breath alcohol test, ketosis test and cholesterol product.

Today’s share price rise was on the back of news its rapid, cholesterol self-test would soon be on the shelves of major US retailers under the First Check brand after it received a first order.

First Check Diagnostics, its exclusive distributor in the US, with which is truck a milestone distribution deal last December,  will sell it under its “First Check” brand, through US retailers such as CVS, Rite Aid, Target, Kmart and others, the firm said.

Over 73 million adults in the US are deemed as having high bad cholesterol, a major cause of heart disease and strokes.

The test uses a tiny blood sample and gives a result in only five minutes. Akers already has regulatory clearance in both the US and Europe.

Looking at the group’s financials, after a trading update in February this year, Akers chief executive John Gormally said the bioscience group would not be satisfied until it “actually” reached the “land of profitability”.

Product revenues rose 66% to US$3mln in the 12 months to December 31, driven by sales of its rapid test for a condition associated with the blood thinner heparin

Total sales in 2016 associated with that PF4 heparin test are expected to be around $2.6 million – 88% higher than the previous year.

The firm won a landmark agreement in December last year for PF4 with one of the largest hospital supply companies in the US.

The Greater New York Hospital Association (GNYHA) will introduce the drug to its network of 300 hospitals and two of these Kaleida Health and Kingsbrook Jewish Medical Center will carry out evaluations, it had said.

Meanwhile this year has also seen the group win patent protection for a new cartridge used in its BreathScan Lync technology.

This is a bluetooth-enabled reading device that allows users to track the results of breath tests using a phone or tablet.

The US Patent Office has signed off on the unique design of the disposable cartridge, which contains the reagent for the detection of wellness markers, the firm said.

The company said in February it is due to report financial results for 2016 this  month (March).

Story by ProactiveInvestors


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