17th Oct 2005 06:00
Embargoed: 0700hrs, 17 October 2005 Akers Biosciences, Inc ("Akers Biosciences" or the "Company") Additional Listing The Company announces that the investment group, led by Platinum Partners ValueArbitrage Fund, LP ("Platinum"), has exercised Common Stock Warrants which hadbeen issued in conjunction with a $2,500,000 financing, announced on 14 March2005. As previously announced, the exercise price for those warrants was themarket price at the close of the transaction (60 pence).Accordingly, Akers Biosciences will issue 2,604,167 new Ordinary Shares toPlatinum and is pleased to have received funds of ‚£1,562,500. This funding,together with the recently announced $2,500,000 financing and the Company'scommercial debt facilities, puts the Company in a strong financial position.These resources are expected to be sufficient to fund the Company'smanufacturing and inventory requirements to meet the demand for its PIFAHeparin/PF4 and Tri-Cholesterol Check rapid assays. The Company does notenvisage raising any additional funds unless sales growth exceeds expectations.Application has been made to the London Stock Exchange for 2,604,167 newOrdinary Shares to be admitted to trading on AIM. Admission is expected tooccur on 20 October 2005.For the purpose of this announcement, the exchange rate used is ‚£1.00: $1.76. -Ends- For further information please contact,Paul B. Freedman, Chief Financial OfficerTel. 001 856 848 2116Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDAKERS BIOSCIENCES INCRelated Shares:
AKR.L