Akers Biosciences, Inc. Provides Revenue Guidance for the Year Ended December 31, 2016 and for the Year 2017
February 01, 2017 at 12:30 pm IST
Share
Akers Biosciences, Inc. provided revenue guidance for the year ended December 31, 2016 and for the year 2017. For the year, total product revenue is expected to be approximately $3.0 million, representing an increase of 66% over the prior year's product revenue of $1.8 million. Approximately 87% of product revenue was generated from sales of the company's PIFA Heparin PF/4 Rapid Assay, which tests for a condition associated with the widely used blood-thinner, heparin.
For the year 2017, the company expects revenues will continue to be dominated by sales of PIFA Heparin PF/4 Rapid Assay products, as the strategy to focus on integrated delivery networks, such as the Greater New York Hospital Association, with access to very large numbers of hospitals, begins to accelerate the numbers of hospital end-users. Additionally, demand from China, once provincial pricing approvals are granted, is expected to contribute strongly in the future; although the Company currently has no visibility over the timing of fulfillment of further orders. Revenue from other product lines - in particular breathalyzer products which contributed approximately $0.3 million of sales in 2016 - is expected to grow in 2017 as the customer base for Akers Wellness products is further established; and orders for the company's rapid cholesterol self-test are received from First Check Diagnostics, LLC, under the distribution agreement announced in December 2016.
MyMD Pharmaceuticals, Inc. is a clinical-stage pharmaceutical company. The Company is focused on developing two novel therapeutic platforms that treat the causes of disease rather than only addressing the symptoms. The Companyâs MYMD-1 is a drug platform based on a clinical-stage small molecule that regulates the immune system to control TNF-a, which drives chronic inflammation, and other pro-inflammatory cell signaling cytokines. MYMD-1 is being developed to delay aging, increase longevity, and treat autoimmune diseases. It also shows potential as an anti-fibrotic and anti-prolific therapeutic. The Companyâs second drug platform, Supera-CBD, is being developed to treat chronic pain, addiction, and epilepsy. Supera-CBD is a synthetic, preclinical cannabidiol derivative that has been demonstrated to effectively target cannabinoid type 2 (CB2) receptors. Supera-CBD binds to and inhibits opioid receptors, comparing it side by side with plant-based cannabidiol (CBD).