12th Aug 2014 10:42
LONDON (Alliance News) - Akers Biosciences Inc Tuesday posted a wider loss for the first-half on the back of a drop in revenue and costs related to its dual listing, though it said sales of its flagship products were up during the period.
The rapid diagnostic screening and testing products firm said its pretax loss for the six months to June 30 increased to USD937,655 against USD25,731 last year. The company said the wider loss was down to significantly increased costs related to maintaining a dual listing of its stock on the NASDAQ Capital Market and on the London Stock Exchange.
Akers completed its NASDAQ initial public offering on January 23, raising USD15 million in gross proceeds.
Revenue in the first-half was down to USD2.5 million against USD2.7 million last year, though sales of the company's flagship PIFA Heparin/PF4 products rose 5% to USD642,790, against USD611,031 a year earlier.
The products got a boost in the first-half from additional US distribution agreements signed with Medline and Typenex, meaning that the products are now being marketed by the three largest distributors of healthcare supplies in the US. Akers also said it has signed multi-product distribution agreements in India, the Middle East, Australia and Singapore.
"We are very encouraged by the continuing upward trajectory of sales of the flagship PIFA Heparin/PF4 products; and we are yet to see meaningful contributions from recent additional distribution channels established for this product during the first half of this year," said Akers Executive Chairman Raymond Akers Jr.
"We are looking forward to continuing growth of PIFA Heparin/PF4 product sales in the second half, while opening new channels for this - and other - commercialised tests," Akers Jr added.
Akers Biosciences shares were trading at 239.00 pence on Tuesday morning up 3.9%.
By Sam Unsted; [email protected]; @SamUAtAlliance
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