Akers Biosciences Updates on Joint Venture in China
THOROFARE, N.J., Dec. 1, 2015 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (NASDAQ:AKER) (AIM:AKR.L), ("Akers Bio" or the "Company"), a developer and supplier of screening and testing technologies designed to deliver rapid health information to consumers and healthcare providers, announces an update on the progress of its 19.9%-owned Chinese joint venture company, Hainan Savy Akers Biosciences, Ltd ("Savy Akers" or the "Joint Venture"). Savy Akers was established in October 2014 to commercialize a number of Akers Bio's rapid diagnostic screening and testing products in China (excluding PIFA Heparin/PF4 Rapid Assay products for which Chinese distribution is handled by NovoTek).
The Company is pleased to announce that Savy Akers' 10,000 square foot production facility in Haikou National Hi-Tech Industrial Zone, Hainan province, is now fully operational. This facility is an addition to Savy Akers' 2,500 square foot headquarters and research and development facility in the same industrial zone. The production facility is fully staffed and regulatory approval for the manufacturing of products is expected imminently.
The Joint Venture has begun multi-channel marketing – including through major Chinese social media and e-commerce platforms - of several of Akers Bio's products, with a special emphasis on rapid breath tests in the prolific areas of diabetes, weight loss and fitness. The brands now being marketed in China include BreathScan® DKA (a medical test for diabetic ketoacidosis), the METRON® Breath Ketone Test (a test for an optimal metabolic state for weight loss) and Ke Tong (a fitness test).
Overall rates of obesity are estimated by the World Health Organization to be as high as 20% in some Chinese cities, resulting in the world's largest diabetes epidemic. There are now estimated to be approximately 20 million individuals in China suffering from Type 1 diabetes. Savy Akers has completed clinical trials, in accordance with the China Food and Drug Administration ("CFDA"), for the Company's single-use, non-invasive, breath device, BreathScan® DKA, to rapidly screen for diabetic ketoacidosis. Akers Bio's test provides real-time diagnostic information that allows diabetics and/or their caregivers/healthcare providers to determine if they have a severe level of ketone (acid) build up in their body. Such ketone build up can cause a life-threatening medical emergency called ketoacidosis. The clinical trials in China of BreathScan® DKA demonstrated 100 per cent correlation with blood-based reference laboratory testing procedures and the Joint Venture expects the test to be approved in the very near future.
The METRON® Breath Ketone Test, the only disposable breath-based diagnostic device that rapidly determines if the subject is in an optimal state for weight loss, known as Ketosis, is being marketed on China's WeChat e-commerce platform. The METRON® Breath Ketone Test is seeking to address the growing awareness amongst Chinese consumers of the need to combat obesity, which is now a major health concern.
The Ke Tong assay is being targeted to fitness enthusiasts seeking to be in a state of Ketosis for optimum athletic performance. This product is also being marketed through WeChat as well as JD.com.
"In only a year since formation of the Joint Venture, we have established a substantial, fully operational production facility in China," said Raymond F. Akers, Jr. PhD, Co-founder and Executive Chairman. "China represents a huge potential market for several of the Company's rapid diagnostic tests – and none more so than for our tests in the areas of diabetes and weight loss.
The scale of the obesity and diabetes problems in China requires simple, fast and affordable solutions that enable consumers and medical practitioners to monitor aspects of health in a more efficient way. We are extremely excited to have a world-class commercial entity on the ground in China addressing these – and other – serious health concerns," added Dr. Akers.
About Akers Biosciences, Inc.
Akers Biosciences 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.
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: Akers Biosciences, Inc. Raymond F. Akers, Jr. PhD Executive Chairman of the Board Tel. +1 856 848 8698 Taglich Brothers, Inc. (Investor Relations) Chris Schreiber Tel. +1 917 445 6207 Email: firstname.lastname@example.org finnCap (UK Nominated Adviser and Broker) Adrian Hargrave / Scott Mathieson (Corporate Finance) Steve Norcross (Broking) Tel. +44 (0)20 7220 0500 Vigo Communications (Public Relations) Ben Simons / Fiona Henson Tel. +44 (0) 20 7016 9570 Email: email@example.com