Akers Biosciences Inks JV To Market Rapid Diagnostic Tests In China; Stock Jumps

(RTTNews) - Akers Biosciences, Inc. (AKER, AKR.L) has signed a Joint Venture Agreement with Hainan Savy Investment Management Ltd and Thomas Knox, the company's Non-executive Co-Chairman, to research, develop, produce and sell certain Akers' rapid diagnostic screening and testing products in China.

The Joint Venture company will be located in Haikou, the capital city of the province of Hainan, China, and is incorporated as Hainan Savy Akers Biosciences, Ltd.

The business will be structured to utilize numerous government incentives intended to develop and promote the Chinese diagnostic industry.

The Joint Venture will market and sell the majority of Akers' product line, with a special emphasis on diabetes, cardiac, and infectious diseases rapid diagnostic screening and testing products.

The Joint Venture will also explore other market opportunities in Asia.

AKR.L climbed 7.5 percent to 250.00 pence.

AKER, which closed at $3.57 on Wednesday, added 7.8 percent in pre-market activity.