Akers Biosciences Continues Strategic Review; Explores Leveraging its 30-years of Laboratory Operations to Enter into the Hemp and Minor Cannabinoid Processing Industry
Thorofare, New Jersey, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (the “Company” or “we”) (NASDAQ: AKER), a developer of rapid health information technologies, today announced that it will continue its strategic review and has identified the hemp and minor cannabinoid sectors as promising adjacent opportunities that could benefit from Akers’ core competencies. The company is exploring how to leverage its 30 years of operational history in its medical device business, where its current products have U.S. Food and Drug Administration (FDA) clearance, its current operations practice Good Manufacturing Processes (cGMP), its medical device facility is certified under ISO 13485 – 2016 and the facility carries an Analytical Lab Certification for Schedules 2, 3, 4 and 5 controlled substances issued by the U.S. Drug Enforcement Administration (DEA) and the State of New Jersey.
The Company has an extensive history in the development, production, and distribution of rapid screening and testing products designed to deliver medical information to healthcare providers. We believe that recent public statements by regulators, including the FDA, expressing concerns about the safety of certain cannabidol products on the market creates an opportunity for a company like Akers, with experience in manufacturing and developing safe diagnostic tools, to pursue this opportunity, and help develop new safe products derived from cannabinoids.
Akers has also formed an Advisory Board with expertise in the hemp and minor cannabinoid industry to assist the Board of Directors in its strategic review including, potentially, the extraction, testing, purification and formulation of safe cannabinoids within the hemp industry. The Advisory Board may also explore a pathway to consumer products with a focus on minor cannabinoids.
The Company intends to work closely with its new Advisory Board members Bob Hoban and Michael Patterson, as well as its own legal counsel. Hoban is the President and Founder of Hoban Law Group which is a full-service law firm specializing in ‘cannabusiness.’ Hoban won the landmark Cannamart case in 2010 which led to Colorado’s commercial cannabis regulatory system in 2011. Patterson is a Health Care executive with over 25 years of experience who is currently the Chief Executive Officer of U.S. Cannabis Pharmaceutical Research and Development LLC. Michael is a subject matter expert in the Global Cannabis Industry and a Board member of the American Journal of Endocannabinoid Medicine.
Michael Patterson said, “With the passage of the 2018 Farm Bill legalizing hemp and CBD derived from hemp, and the recent release of USDA guidelines requiring laboratory testing be performed by a DEA licensed laboratory, it is an opportunistic time for Akers to pursue possible opportunities in the hemp/ cannabinoid testing and product formulation business.”
He continued, “Their decades of experience in bioscience and highly regulated healthcare industries provide could be synergistic in providing trusted hemp/ cannabinoid testing and product formulations to companies across the United States and internationally”
Additionally, Akers is consulting with two industry leaders on possible opportunities in the hemp/ cannabinoid industries, David Goldstein and Yoray Halevy, who previously launched a medical cannabis recommendation engine called PotBotics and compiled a cannabinoid-based database through their former company PotBotics. Possible opportunities may include the development of consumer facing products, such as cosmetics and sleep aids using minor cannabinoids. The Company believes that it is possible that cannabinoids may be able to be utilized in a myriad of goods to provide users with natural alternative remedies ranging from sleep benefits to workout recovery.
About Akers Biosciences Inc.
Akers Biosciences 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 timely and cost-efficient manner.
Additional information on the company and its products can be found at www.akersbio.com.
Statements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include any risks detailed from time to time in Akers' reports filed with the Securities and Exchange Commission, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Forward-looking statements may be identified by terms such as "may," "will," "expects," "plans," "intends," "estimates," "potential," or "continue," or similar terms or the negative of these terms. Although Akers believes the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. Akers does not have any obligation to update these forward-looking statements other than as required by law.
Brett Mass, Managing Partner
Phone: (646) 536-7331