Akers Biosciences Inc. Reports Preliminary Consolidated Earnings Results for the Year Ended December 31, 2011; Provides Earnings Guidance for the Third Quarter 2012
June 28, 2012 at 11:30 am IST
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Akers Biosciences Inc. reported preliminary consolidated earnings results for the year ended December 31, 2011. For the period, the company reported total revenue of $1,785,068 against $3,053,281 for the same period a year ago. Loss from operations was $3,852,830 compared to $1,132,593 for the same period a year ago. Loss before income taxes was $3,882,168 compared to $1,203,296 for the same period a year ago. Net loss was $3,584,278 compared to $919,883 for the same period a year ago. Basic & diluted loss per share was $0.02 compared to $0.01 for the same period a year ago. Net cash used in operating activities was $2,261,762 compared to net cash used in operating activities of $1,729,100 for the same period a year ago. Purchases of property, plant and equipment was $57,179 compared to $256,285 for the same period a year ago. Adjusted loss before tax was $3.58 million compared with $920,000 a year ago. Loss before interest, depreciation, taxes & amortization was $3.3 million against $649,000 a year ago.
The company provided earnings guidance for the third quarter fiscal 2012. For the quarter, the company expected measurable results to accrue beginning of 2012.
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).
Akers Biosciences Inc. Reports Preliminary Consolidated Earnings Results for the Year Ended December 31, 2011; Provides Earnings Guidance for the Third Quarter 2012