Akers Biosciences Inc (NASDAQ:AKER) has announced the settlement of lawsuit Pulse Health LLC for alleged breach of contract. According to the settlement Pulse Health LLC will receive a sum of $930,000 from Akers Biosciences Inc. Akers Biosciences will also desist from producing or selling BreathScan OxiChek. The company has also announced a leadership change.
Akers Biosciences Inc Appoints Howard R. Yeaton as CEO
Akers Biosciences Inc has announced the appointment of Howard R. Yeaton as the Chief Executive Officer with immediate effect. He will report to the board of directors. Mr. Yeaton brings 30 years of experience in strategic business and finance. He is currently working as a Chairman, Vice Chairman, and Director of the audit committee for a community bank ‘Stewardship Financial Corporation (NASDAQ:SSFN)’.
Akers Biosciences Inc Accepts Resignation of Chief Executive Officer – John J. Gormally
John J. Gormally has submitted resignation to the post of Chief Executive Officer. He has also resigned from the membership of the board of directors. The board of directors at Akers Biosciences Inc has expressed gratitude for his contributions after his appointment in 2015.
Akers Biosciences Inc Focuses on Commercializing Particle Immuno Filtration Assay Technology platform
The board of directors of the company has decided to focus on commercializing the PIFA (Particle Immuno-Filtration Assay) Technology platform. The cutting-edge PIFA Technology is used to detect target antibodies and antigens. The company has also used the PIFA technology in PIFA® Pluss/PF4 rapid assay, and PIFA® Heparin/PF4, the core commercialized products, to identify the allergic reaction to Heparin. It contributes to a majority of the company’s revenues.
Akers Biosciences Inc is putting in considerable efforts to increase its footprint for these innovative products. The company will initiate several steps including conducting physician seminars to explain the risks of heparin-induced thrombocytopenia and publishing clinical studies. The company will continue the production of Tri-Cholesterol products and BreathScan Alcohol Detectors.
Akers Biosciences Inc Reports Q2 2018 Results
Akers Biosciences Inc has reported revenues of $526,601 in Q2 2018. The revenues from PIFA Heparin PF/4 Rapid Assay products are reported at $356,082 (down 17% from Q2 2017). However, it has reported an increase of 37% from Q1.