THOROFARE, N.J., March 27, 2014 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (LSE:AKR) (Nasdaq:AKER), (the "Company" or "ABI"), a leading designer and manufacturer of rapid diagnostic screening and testing products, announces the appointment of Edwin C. Hendrick as Executive Vice President, Sales and Marketing.
Mr. Hendrick is a recognized leader in product positioning and the development and execution of sales and marketing strategies in the medical device industry. In a career in healthcare that began with Abbott Diagnostics and now spans nearly 25 years, he has led the commercial aspects of diagnostic and healthcare services companies ranging in size from $10 million to $1 billion in revenues. Some were publicly traded corporations; others were start-up or mid-sized companies backed by private equity or venture capital firms. In every case, Mr. Hendrick contributed to more than doubling or tripling revenues and profitability of those businesses, leading to successful sales of his past three companies to industry leaders.
In his most recent position as Executive Vice President, Sales and Marketing of PLUS Diagnostics, Mr. Hendrick helped lead the company's transformation from a regional lab generating $10 million in revenues to a national leader in its field achieving more than $100 million in revenues. PLUS' growth culminated in the company's successful sale to Miraca Life Sciences in 2013.
Prior to PLUS, Mr. Hendrick served as an executive with US Labs, a start-up company. He built the company's operations and sales and marketing organizations, leading a team of over 60 to achieve triple-digit growth annually, culminating in US Labs' $155 million acquisition by LabCorp.
Mr. Hendrick also led sales and marketing for Ventana Medical Systems, a medical device and reagent business that was acquired by Roche Group in 2008. He launched two of the company's biggest selling product lines, contributing to revenue growth from $3 million to over $75 million.
Raymond F. Akers, Jr. PhD, Executive Chairman of the Board, commented: "The NASDAQ IPO in January enables Akers Biosciences to put significant weight behind our commercialization strategy. Edwin Hendrick's capabilities in in vitro diagnostics are evidenced in his track record of delivering exponential revenue growth. We look forward to working with Edwin and his team to capitalize on market opportunities for the Company's diagnostic tests which are either in-market or approaching commercialization."
Edwin C. Hendrick added: "More than two decades of medical science have been invested in Akers Biosciences' intellectual property resulting in the development of critical diagnostic tests which have the potential to disrupt existing procedures in large markets ranging from diabetes, pulmonary health and coagulation. I am very excited to help expand the size, scope and structure of the current sales and marketing organization to help Akers Biosciences convert ground-breaking science into shareholder value and genuine improvements in the quality of patient diagnoses."
As Mr. Hendrick is not being appointed to the Board of Directors, there are no disclosures required in respect of Rule 17, Schedule 2 (g) of the AIM Rules.
ABOUT AKERS BIOSCIENCES, INC.
Akers Biosciences develops, manufactures, and supplies rapid, point of care screening and testing products designed to bring healthcare information both rapidly and directly to the consumer or healthcare provider. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical products distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics. Additional information on the Company and its products can be found at www.akersbiosciences.com.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Akers Biosciences, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.