Full Press Release Details
Biosciences Acquires Licenses to Coronavirus Vaccine Candidate from Premas Biotech
| Established D-Crypt platform will be used to develop a proof-of-concept targeting three of the top five viral vaccine protein candidates for Coronavirus | ||
| Current Regulatory environment could lead to expedited clinical trials | ||
| Rapid commercial scale-up processes in place with Premas based on genetically engineered yeast platform |
New Jersey, March 24, 2020/ - Akers Biosciences, Inc. (the "Company") (NASDAQ: AKER), a developer of
rapid health information technologies, today announced that it has acquired a licensing agreement with Premas Biotech, under which
Akers will in-license a novel coronavirus vaccine candidate under development by Premas using Premas' genetically engineered
S. cerevisiae platform, D-Crypt , and partner with Premas to ultimately seek FDA approval. The current global crisis
has created the potential for an expedited review process from the FDA, which has recently noted its willingness to fast-track
human clinical trials for certain coronavirus candidates.
Kundu, Co-Founder and Managing Director at Premas
Biotech, added, "The strategic relationship today between Premas and Akers should accelerate our development timeline as
we leverage the proven D-CryptTm platform and Akers' 30 years of operational experience navigating the healthcare
regulatory environment. We believe our platform has three key advantages which we believe will set our potential vaccine apart
in the industry. First, it has successfully expressed more than 30 proteins of similar profile to those in the structure of COVID-19.
We believe our platform is well suited for the expression of difficult vaccine candidate proteins, a key and difficult step in
the process of developing a vaccine. Second, the technology platform is highly scalable with a robust process, which should represent
significant cost savings compared to other similar vaccine platforms, which we believe is a key advantage to peers in the field.
Third, we believe the current global pandemic might allow for an expedited FDA review timeline based on recent pronouncements
regarding other COVID-19 vaccine and treatment candidates. In fact, we would hope to have material updates regarding proof of
concept, drug design, and regulatory discussions in the near term."
is utilizing its D-Crypt platform to recombinantly express the major structural proteins of the coronavirus. Based on genetically
engineered baker's yeast S. cerevisiae, D-Crypt is highly scalable into commercial production quantities and
has been previously utilized for the production of multiple human and animal health vaccines candidates during its 10-year development
Kundu summarized, "Premas has worked successfully
with global pharmaceutical companies over the past 14 years and has been recognized as one of the 20 key global manufacturers
for difficult protein expression and production. We are experts in enabling gene to IND studies for drug and vaccine candidates
and currently have four candidates in clinical trials globally for our partners. Our processes are robust, fast, and scalable,
and aimed at reducing cost of goods, which if successful, will provide Akers with a significant competitive advantage as they
move through the milestone pathway for an nCoV-19 vaccine."
Schreiber, Executive Chairman of Akers, stated, "Akers is a Nasdaq Listed company with a 30-year history in the development
and manufacturing of rapid diagnostic tests. We have always been focused on solving global health challenges. After careful evaluation,
partnering with Premas to address the global health pandemic of Coronavirus represents an important opportunity to leverage our
expertise, leadership, and access to capital as a public company to end this threat. We are also evaluating the utilization of
our facility with Premas for the development of this vaccine candidate as we move the product forward."
the terms of the agreement, Akers is acquiring Cystron Biotech LLC for a $1 million upfront payment, 622,756 shares of common
stock or common stock equivalents and a royalty on net sales. In addition, Akers shall make additional payments of cash and stock
to the sellers of Cystron Biotech LLC upon the achievement of certain milestones, along with a change of control. Akers is also
required to make certain cash payments to Premas upon the achievement of additional milestones. For a more detailed description
of the transaction documents, please see Akers' Current Report on Form 8-K, filed with the U.S. Securities and Exchange
Commission on March 24, 2020.
Biotech develops novel & transformational technologies and partners with global biopharmaceutical companies to build and develop
novel biotherapeutic & vaccine candidates. Premas' key focus areas are infectious diseases, cancer, metabolic disorders
and inflammation. Besides D-CryptTM the difficult to express proteins expression platform, Premas' leading technologies
include Axtex-4D : an ex-vivo tissueoid generation platform and C-Qwence : a fully human naive India based
scFv antibody library. Further information is available on the Company's website: www.premasbiotech.com
email: contact@premasbiotech.com
Akers Biosciences Inc.
Biosciences develops, manufactures, and supplies rapid, point of care screening and testing products designed to bring health
related information directly to the patient or clinician in a timely and cost-efficient manner. Akers has previously announced
that that it had identified the hemp and minor cannabinoid sectors as promising adjacent opportunities that could benefit from
Akers' existing facility and its core competencies.
in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are
not descriptions of historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially
from those currently anticipated due to a number of factors, which include any risks detailed from time to time in Akers'
reports filed with the Securities and Exchange Commission, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K. Forward-looking statements may be identified by terms such as "may," "will," "expects,"
"plans," "intends," "estimates," "potential," or "continue," or similar
terms or the negative of these terms. Although Akers believes the expectations reflected in the forward-looking statements are
reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. Akers
does not have any obligation to update these forward-looking statements other than as required by law.
information on the company and its products can be found at www.akersbio.com.
Relations: Hayden IR
Mass, Managing Partner