Akers Biosciences to price $15 million initial public sale of stock

Funds used for general corporate purposes, including working capital

By Devika Patel

Knoxville, Tenn., Dec. 31 - Akers Biosciences, Inc. plans to sell $15 million of common stock in its initial public offering with a 45-day, 15% greenshoe, according to a free-writing prospectus filed Tuesday with the Securities and Exchange Commission. The deal was announced Aug. 7.

Aegis Capital Corp. is the bookrunner.

Proceeds will be used for general corporate purposes, including working capital, product development, marketing activities, expanding the company's internal sales organization and further developing sales channels and other capital expenditures.

Based in Thorofare, N.J., Akers develops, manufactures, and supplies rapid, point-of-care screening and testing products designed to bring health-related information directly to the patient or clinician. The company intends to list its common stock on the Nasdaq stock exchange under the symbol "AKER."

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