Akers Biosciences Signs Agreement to Market Rapid Tests in India
May 16 2014 - 6:00AM
Akers Biosciences, Inc. (Nasdaq:AKER) (LSE:AKR), (the "Company" or
"ABI"), a leading designer and manufacturer of rapid diagnostic
screening and testing products, entered into an agreement (the
"Agreement") with Jai Capital LLC ("Jai"), a Nevada company
specializing in market development, distribution, and joint
ventures of medical devices in India, to market the Company's PIFA
Heparin/Platelet Factor-4 Rapid Assay, PIFA Dengue Assay,
Battlefield Blood Transfusion Card and Tri-Cholesterol rapid tests.
Under the terms of the Agreement Jai, which has an extensive
network of contacts throughout India, is expected to immediately
begin marketing the Company's tests to the Indian military and to
potential Indian diagnostic partners. The strategy is two-fold:
since the Indian military is able to purchase products based on
their own evaluations without further governmental approvals,
initial marketing efforts by Jai are expected to focus on the sale
of these products directly to the military, of which there are over
two million active or reserve members of the Army section alone.
Limited initial sales to the military are expected to enable the
military to carry out evaluations of the products. The Directors
believe that military approval, if obtained, is likely to occur in
the second half of the current financial year.
Secondly, Jai will seek to forge one or more strategic
partnerships with Indian medical diagnostic companies. It is the
Directors' opinion that, if formed, these partnerships may help to
facilitate a faster approval process for the Company's tests with
the Indian Government and as such it is expected that the approval
process will start in due course in the event that such strategic
partnerships are formed. Unlike with the military, these approvals
are necessary to sell the Company's products into the insurance and
medical marketplaces in India.
"India is one of the fastest growing major economies in the
world and an important market for ABI to penetrate," said Raymond
F. Akers Jr., Ph.D, Executive Chairman. "Identifying the right
partner to represent the Company's products in complex markets like
India is of upmost importance," continued Dr. Akers. "We have been
impressed with Jai's track record of partnering US firms with
Indian medical distributors and military forces and look forward to
working with them to bring healthcare improvements to the Indian
market through the introduction of certain of ABI's rapid testing
solutions."
ABOUT AKERS BIOSCIENCES, INC.
Akers Biosciences develops, manufactures, and supplies rapid,
point of care screening and testing products designed to bring
healthcare information both rapidly and directly to the consumer or
healthcare provider. 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 products distributors to maximize product offerings, and to
be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be
found on our website at www.akersbiosciences.com. Follow us on
Twitter @AkersBio.
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.
CONTACT: For more information:
Raymond F. Akers, Jr. PhD
Executive Chairman of the Board
Akers Biosciences, Inc.
Tel. +1 856 848 8698
Brendan Hopkins
RedChip Companies, Inc. (US Investor Relations)
Tel. +1 407 644 4256 x134
Antony Legge / Emma Earl
Daniel Stewart (Nomad and Broker)
Tel. +44 (0)20 7776 6550
Ben Simons / Alexandra Roper
Vigo Communications (UK Investor Relations)
Tel. +44 (0)20 7016 9570
akers@vigocomms.com
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