Shares in Akers Biosciences Inc (LON:AKR, NASDAQ:AKER) shot up in London as the company trumpeted a major US distribution deal for its cholesterol self-testing kit.
The developer of rapid health information technologies has signed a distribution agreement with First Check Diagnostics, the major global diagnostic device and service provider.
First Check will rebadge the Akers Tri-Cholesterol “Check” test and distribute it exclusively in the US under the “First Check” brand. The test does not require US Food & Drug Administration approval so it can be sold over the counter.
First Check products are sold through major retailers including, CVS, Rite Aid, Target, Kmart, Meijer, Giant Eagle, Stop & Shop, Giant and ShopKo.
The Tri-Cholesterol “Check” test is the only combined rapid test that provides an estimate of a person’s total cholesterol as well as their so-called ‘good cholesterol’, from which a person can estimate their ‘bad cholesterol’.
The test is disposable, uses just a finger-stick blood sample and is rapid – as in giving a result in five minutes or so.
“Being able to differentiate between a person’s ‘good cholesterol’ and their ‘bad cholesterol’ is the key to making over-the-counter, rapid self-testing for this condition truly meaningful. We developed the only test marketed in the USA with the capacity to achieve this and we believe that is why First Check – a major force in rapid diagnostics – has chosen to start selling our test through their popular brand,” said Raymond Akers, vice chairman of Akers Bio.
“We hope this is the start of a mutually beneficial relationship between First Check and Akers Bio, which could even expand beyond cholesterol and into other areas of rapid testing,” he added.
The company’s chief executive, John Gormally, said: We believe our Tri-Cholesterol rapid manual test coupled with the industry leader in near-patient testing creates a formidable force in the retail market segment. First Check has huge distribution into major US drugstores, which could potentially lead to significant exposure for this product and a marked improvement in the quality of self-testing cholesterol levels.”
Shares were trading 24% higher at 230p in lunchtime trading in London.
Story by ProactiveInvestors