Companies: AKR   

This developer of rapid-working diagnostic products has high hopes for the second half of the year. Sales are ‘expected to significantly exceed’ first half revenues. During the six months to June these rose 22% to $1.04m – helped by a one-off $713,000 payment. This allowed losses to be cut by 35% to $1.15m.

Much of the growth will come from a test that can tell in minutes if a patient is allergic to Heparin, a commonly used anti-coagulant drug administered before a range of surgical procedures. Those allergic to Heparin can die but there is an alternative treatment. Sales of the test only started in early summer, but 140 US hospitals have now agreed to use the product. Cardinal Healthcare has been signed up as a distributor and this should boost sales substantially.

In addition other products are coming on stream, including a cholesterol test sold over the counter. Pfizer will distribute the test to those prescribed the group’s top-selling anti-cholesterol drug Lipitor. The group also has a portable breathalyser, used by transport operators and the Italian government, as well as tests to measure the level of white blood cells and lithium in the blood stream.

The anticipated sales growth will see the group break even by the end of the year and make a profit in 2006. Only $1m cash remains but Akers maintains that no further money will be needed.