Full Press Release Details
Biosciences Announces a Leadership Change, Strategic Update, Legal Settlement and an AIM Update
N.J., October 8, 2018 (GLOBE NEWSWIRE) - Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers Bio" or
the "Company"), a developer of rapid health information technologies, announces a leadership change, an update to
the Company's business strategy, the settlement of its lawsuit with Pulse Health LLC ("Pulse Health") and the
resignation of its Nominated Adviser on the London Stock Exchange's AIM market.
of Chief Executive Officer
R. Yeaton has been appointed to the position of Chief Executive Officer effective immediately. Mr. Yeaton's role of Chief
Executive Officer is not a board position although he will work very closely with the Board of Directors and will report to them.
Yeaton brings accounting and transaction experience with respect to emerging public companies. He has over 30 years of senior
financial and strategic business experience and has served as a consultant to the Company since April, 2018.
Yeaton has been the Managing Principal of Financial Consulting Strategies, LLC since 2003, a firm serving principally early stage
public companies with financial reporting support and other related strategic services. Mr. Yeaton currently serves as a director,
Vice Chairman and Chairman of the audit committee for Stewardship Financial Corporation, a community bank. Mr. Yeaton has served
as Interim Chief Financial Officer of Propel Media, Inc. since 2014 and, from July 2014 to July 2015, Mr. Yeaton served as Interim
Chief Financial Officer of Energous Corporation, a public company listed on the Nasdaq Capital Market; both clients of Financial
Consulting Strategies, LLC. In addition, prior to founding Financial Consulting Strategies, LLC, Mr. Yeaton served in various
financial leadership positions for Konica and Teco Energy. Mr. Yeaton began his career with Deloitte, an international accounting
and auditing firm. Mr. Yeaton has a BS in accounting from Florida State University in Tallahassee, FL, and a Masters in Business
Administration from the University of Connecticut in Storrs, CT.
J. Gormally has resigned both as Chief Executive Officer and as a member of the Board of Directors of the Company effective immediately.
The Board of Directors thanks Mr. Gormally for his contribution to the Company since joining Akers Bio in 2015 and its Board of
a review of the Company's commercial and product development strategies, the Board of Directors has determined that it is
in the best interests of the Company to focus primarily on the commercialization of its Particle Immuno-Filtration Assay (PIFA )
Technology platform. PIFA technology is a cutting-edge, patented immunoassay method which rapidly and accurately detects
target antigens or antibodies. It is the technology platform utilized in the Company's core commercialized products, the
PIFA Heparin/PF4 and PIFA Pluss/PF4 rapid assays, which test for an allergic reaction to Heparin. These products account
for the significant majority of the Company's current revenues. The Company is taking steps to improve its market presence
for these products including the use of specialized Independent Sales Representatives and through a program to educate the marketplace
through the preparation and publication of additional clinical studies and physician seminars on the risks associated with heparin
induced thrombocytopenia. The Company will continue to explore other commercial opportunities for the deployment of PIFA
technology, which is also utlized in the Company's PIFA PLUSS Chlamydia rapid assay in development.
Bio will continue to manufacture BreathScan Alcohol Detectors (based on the Company's Micro Particle Catalyzed (MPC )
Biosensor technology platform) and Tri-Cholesterol products (based on the Company's Rapid Enzymatic Assay (REA ) technology
of Pulse Health Lawsuit
Bio announces that it has reached a settlement agreement with Pulse Health which had filed a lawsuit against the Company on September
30, 2016 in United States Federal District Court, District of Oregon, alleging a breach of contract under the settlement agreement
entered into by the Company and Pulse Health on April 8, 2011. Pursuant to the settlement reached between Pulse Health and Akers
Bio, the Company will pay $930,000 to Pulse Health. Akers Bio has also agreed to a permanent injunction and will not make, use,
sell or offer to sell the BreathScan OxiChek product, any product that detects aldehydes or oxidative stress in exhaled
human breath or breath condensate using either basic fuchsin or sodium metabisulfite or any form, analog or equivalent thereof,
and the BreathScan Lync device, or any equivalent thereof, as part of a test for aldehydes or oxidative stress in human exhaled
breath or breath condensate. The United States District Court for the District of Oregon filed the injunction on October 3, 2018,
and the injunction was entered on the docket on October 4, 2018. The Company does not anticipate a material impact on revenues
as a result of the withdrawal of the BreathScan OxiChek product from sale.
of AIM Nominated Adviser
Ltd, the Company's Nominated Adviser on the AIM market of the London Stock Exchange, gave the Company formal three months'
notice of its resignation as the Company's Nominated Adviser and Broker on October 6, 2018. finnCap has also informed the
Company that its resignation will be accelerated so as to take immediate effect if the whole Board of Directors does not attend
an AIM Rules briefing hosted by finnCap no later than 4.30 p.m. BST on October 12, 2018. The Board of Directors is working with
finnCap to ensure that this deadline is adhered to and that the necessary arrangements are made for the AIM Rules briefing to
take place. Should finnCap cease to act as the Company's Nominated Adviser and the Company does not appoint a replacement
Nominated Adviser, the Company's shares will be suspended from trading on AIM with immediate effect. The Company would then
have one further month to appoint a replacement Nominated Adviser failing which the admission of its AIM securities will be cancelled.
R. Yeaton, Chief Executive Officer and Interim Chief Financial Officer
Communications (Global Public Relations)
Simons / Fiona Henson
Akers Biosciences, Inc.
Bio 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.
Note Regarding Forward-Looking 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 the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect
the Company's expectations about its future operating results, performance and opportunities that involve substantial risks
and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, compliance
with the requirements of various regulatory agencies and certain NASDAQ Stock Market listing rules, objectives, projections, expectations
and intentions and other statements identified by words such as "projects," "may," "will,"
"could," "would," "should," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "potential" or similar expressions, as they relate
to the Company, its subsidiaries, or its management. These statements are based upon the current beliefs and expectations of the
Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's
filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially
from those set forth in, or implied by, the forward-looking statements. These forward-looking statements involve certain risks
and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control).
The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.