Akers Bio public offering closes

Akers Biosciences has announced the closing of the underwritten public offering, for total gross proceeds of $6,900,000, gross, including the underwriter's full exercise of the over-allotment option.

The securities offered by the company consist of:

(i) Class A units consisting of 21,500,000 shares of common stock and warrants to purchase 21,500,000 shares of common stock, at a public offering price of $0.15 per unit

(ii) Class B units consisting of 3,675 shares of series B convertible preferred stock, with a stated value of $1,000, and convertible into an aggregate of 24,500,000 shares of common stock, and warrants to purchase 24,500,001 shares of common stock, at public offering price of $1,000 per unit.

All the warrants have an exercise price of $0.1875, will be exercisable upon issuance and will expire five years from the date of issuance. The funds raised will be used for working capital, product development, marketing activities, expanding our internal sales organisation and further developing sales channels and other capital expenditures.