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Akers Biosciences Inc
- BY: Andrew Hore |
- POSTED: 09/06/2010 |
- COMMENTS: Add yours
Diagnostic products developer Akers Biosciences Inc is starting to produce a new forensic version of its BreathScan alcohol detection technology.
The BreathScan PRO will be used by professionals in the law enforcement and human resources sectors because it also offers the quantitative precision of an electronic analyser. The PRO does not require recalibration and can be stored at a wide range of temperatures.
Akers is applying for 510(k) clearance by the US FDA. Pre-sales have started but deliveries won’t start until September.
Akers still has not published its 2009 results. Last year they were published in March. Daniel Stewart forecasts that Akers will slump into loss in 2009 after a slump in revenues from $6.1m to $1.9m. Akers reported a fall in revenues from $3.43m to $1.18m in the six months to June 2009 due to a delay in a contract to supply the US military with its BreathScan product. The broker expects a $900,000 loss in 2009 and breakeven in 2010.
Southridge Capital Management (Brittany Capital) has continued to cut its stake. It has fallen from 13.8% to 6.64% since last November.
At 10.5p a share, Akers is valued at £12m.
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