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Akers Biosciences Inc

  • BY: Andrew Hore |
  • POSTED: 03/12/2008 |

Akers Biosciences Inc has sold some of its tax losses for $700,000.

This further strengthens its balance sheet which already has more than $5m of cash in it.

The diagnostics developer has built up these losses in the past. New Jersey has a “Technology Business Tax Certificate Transfer Program”, which enables technology companies to turn their losses into cash. Akers has sold its unused losses in New Jersey at a discount but retained the Federal tax losses.

This did not stop the shares falling 0.625p to 7.875p each, which values Akers at £8.77m.

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