United States securities and exchange commission logo
July 22, 2020
Christopher C. Schreiber
Executive Chairman of the Board
Akers Biosciences, Inc.
201 Grove Road
Thorofare, New Jersey 08086
Re: Akers Biosciences,
Inc.
Correspondence
filed July 21, 2020
Preliminary Proxy
Statement on Schedule 14A
Filed July 13, 2020
File No. 001-36268
Dear Mr. Schreiber:
We have reviewed your July 21, 2020, response to our comment on
the Preliminary
Proxy Statement filed June 13, 2020, and have the following comment.
Please respond to this comment within ten business days by
revising the filing or advise
us as soon as possible when you will respond. If you do not believe our
comment applies to your
facts and circumstances, please tell us why in your response.
After reviewing your
response to this comment, we may have additional comments.
Preliminary Proxy on Schedule 14A filed July 13, 2020
Proposal 1
Background, page 7
1. We note your response,
in particular in paragraph three where you explain that "[t]he
purpose of the
Acquisition was for the Company to obtain certain license rights of Cystron
under the License
Agreement with Premas. Based on discussions among transaction
parties, the Company
determined that, in lieu of Cystron assigning its rights under the
License Agreement to
the Company, it would be more efficient for the Company to
acquire Cystron since
Cystron had no assets other than its rights under the License
Agreement. More
specifically, Cystron was formed on March 10, 2020 for the sole
purpose of entering
into the License Agreement on such date. Subsequently, Cystron had
no paid employees,
financial results or business operations other than activities related to
the Acquisition with
the Company. As such, Cystron merely served as a holding company
for rights under the
License Agreement, and the Company s acquisition of Cystron was
Christopher C. Schreiber
Akers Biosciences, Inc.
July 22, 2020
Page 2
merely a legal construct to facilitate the acquisition of the license
rights by the
Company." We note in Proposal 1, in the section entitled "License
Agreement" that
Cystron holds a license with "Premas," which you do not identify by
its full name
anywhere in Proposals 1 or 2. In the shareholder table, you identify
Premas Biotech LTV,
Inc. It is unclear from the Premas website if Premas Biotech LTV, Inc.
is the full name of
that company, or if it is another related company. We note from the
Premas Biotech
website that "through a partnership with Akers Biosciences, Premas is
leveraging DCrypt
to develop a multicomponent recombinant protein vaccine against
COVID-19." Revise
the disclosure in the background section of Proposal 1 to provide the
above
information from your response, including clarifying that Cystron was
created specifically
to hold the Premas license for your purchase, to clarify to the nature
of the transaction you
state you have completed.
We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.
Please contact Abby Adams at (202) 551-6902 or Celeste Murphy at (202)
551-3257 with
any other questions.
FirstName LastNameChristopher C. Schreiber Sincerely,
Comapany NameAkers Biosciences, Inc.
Division of
Corporation Finance
July 22, 2020 Page 2 Office of Life
Sciences
FirstName LastName