Thorofare, New Jersey, April 07, 2020 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (NASDAQ: AKER), a developer of rapid health information technologies, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 766,667 shares of the Company’s common stock, at a purchase price of $6.00 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about April 9, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from this offering are expected to be approximately $4.6 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use $250,000 of the net proceeds from this offering to pay the former members of Cystron Biotech, LLC, pursuant to the terms of that certain Membership Interest Purchase Agreement, dated as of March 23, 2020, and the remaining net proceeds from this offering for working capital and general corporate purposes.

About Akers Biosciences Inc.

Akers Biosciences is pursuing the development of a newly acquired license to a coronavirus vaccine candidate. In addition, the company 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. Akers has previously announced that that it had identified the hemp and minor cannabinoid sectors as promising adjacent opportunities that could benefit from Akers’ existing facility and its core competencies.