AKERS BIOSCIENCES, INC. (AKER) SPO
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|Company Name||AKERS BIOSCIENCES, INC.|
|Company Address||201 GROVE RD
THOROFARE, NJ 08086
|CEO||John J. Gormally|
|Employees (as of 12/20/2017)||28|
|State of Inc||NJ|
|Fiscal Year End||12/31|
|Shares Over Alloted||0|
|Shareholder Shares Offered||--|
|Lockup Period (days)||180|
|Quiet Period Expiration||1/29/2018|
We estimate that the net proceeds from sale of Units offered by us will be approximately $5.4 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, and based on a public offering price of $0.15 per Class A Unit and $1,000 per Class B Unit. If the underwriter’s over-allotment option is exercised in full, we estimate that our net proceeds will be approximately $6.2 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, and based on a public offering price of $0.15 per Class A Unit and $1,000 per Class B Unit. The principal purposes of this offering are to increase our capitalization and financial flexibility, and increase our visibility in the marketplace. As of the date of this prospectus, we cannot specify with certainty all of the particular uses for the net proceeds of this offering. However, we currently intend to use the net proceeds to us from this offering, together with existing cash, primarily for general corporate purposes, including working capital, product development, marketing activities, expanding our internal sales organization and further developing sales channels and other capital expenditures. We may also use a portion of the net proceeds for the acquisition of, or investment in, businesses, products, technologies or other assets that complement our business, although we have no present commitments or agreements to enter into any material acquisitions or investments. We will have broad discretion over the uses of the net proceeds in this offering.
Competitors of Akers include other companies developing and marketing rapid, point-of-care diagnostic devices and companies with dedicated laboratory instruments and/or automated test systems. We face intense competition from companies with dominant market positions within the in vitro diagnostic testing market such as Abbott, ACON Laboratories, Inc., Alere, Diagnostica Stago, SA., Immucor, Inc., OraSure Technologies, Inc., and Quidel Corporation. The Company believes the primary criteria for determining competitiveness within the rapid point-of-care sector are cost, ease-of-use, speed, readability, accuracy and flexibility. The time required by Akers to develop a working prototype test ready for clinical trials typically ranges from eight to twelve weeks from inception. We believe that competitors’ laboratory tests normally require at least a year to develop to a similar point. However, our competitors have significantly greater financial, technical, marketing and other resources than we have and may be better able to: • respond to new technologies or technical standards; • devote resources to the development, production, promotion, support and sale of products; • acquire other companies to gain new technologies or products that may displace our product lines; • react to changing customer requirements and expectations; • manufacture, market and sell products; and • deliver a broad range of competitive products at lower prices. Our principal competitors are able to leverage their broader product portfolios and dominant market positions in some segments by, for example, bundling their products into specially priced packages that create strong financial incentives for their customers to purchase their products. These practices may negate savings customers would gain from buying select products from Akers and may deter such customers from buying Akers’ products. We expect competition in the markets in which we participate to continue to increase as existing competitors improve or expand their product offerings.
Akers Bio 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 time- and cost-efficient manner. Akers believes it has advanced the science of diagnostics through the
development of several proprietary platform technologies that provide product development flexibility. All of Akers’ rapid, single-use tests are performed in vitro(outside the body) and are designed to enhance patient well-being and reduce total outcome costs of healthcare. The Company’s current product offerings and pipeline products focus on delivering diagnostic assistance in a wide variety of healthcare fields/specialties, including cardiology/emergency medicine, metabolism/nutrition, diabetes, respiratory diseases and infectious diseases detection, as well as for on and off-the-job alcohol safety initiatives. Akers believes that low-cost, unit-use testing not only saves time and money, but also allows for more frequent, near-patient testing which may save lives. We believe that Akers’ FDA-cleared rapid diagnostic tests help facilitate targeted diagnoses and real-time treatment. We also believe that Akers’ rapid diagnostic tests surpass most other current diagnostic products with their flexibility, speed, ease-of-use, readability, low cost and accuracy. In minutes, detection of disease states and medical conditions can be performed from single-patient specimens, without sacrificing accuracy. We believe the use of rapid tests, which can be performed at the point-of-care when and where the patient is being consulted, can allow for immediate diagnostic decisions and subsequent treatment regimens and is an important development in the practice of medicine. Point-of-care testing addresses today’s challenges in the healthcare industry, such as: • cost pressures/efficiency of healthcare delivery; • need for fast, easy to use, accurate at-home tests for individuals to monitor their personal health and wellness; • need for affordable mass screening tests for key infectious diseases, cardiac conditions, and metabolic markers; and • public health needs in developing countries lacking basic health infrastructure. Recently, the Company has developed tests for non-medical use within the health and wellness industry. These tests will monitor general markers of health and wellness as they relate to diet, nutrition and exercise programs. --- The Company was incorporated under the laws of the State of New Jersey on March 9, 1989 under the name A.R.C. Enterprises, Inc. The Company changed its name to Akers Research Corporation on September 28, 1990. On February 24, 1996 the Company changed its name from Akers Research Corporation to Akers Laboratories, Inc. On March 26, 2002 the Company changed its name to Akers Biosciences, Inc. The Company was co-founded by the current Executive Chairman of the Board of Directors (the “Board”), Raymond F. Akers, Jr., PhD. Our executive offices are located at 201 Grove Road Thorofare, New Jersey USA 08086, and our telephone number is (856) 848-8698. Our website address is www.akersbio.com.
|Auditor||Morison Cogen LLP|
|Company Counsel||Lucosky Brookman LLP|
|Lead Underwriter||Joseph Gunnar and Co., L.L.C|
|Transfer Agent||VStock Transfer, LLC|
|Underwriter Counsel||Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.|
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