AXIM® Biotechnologies’ Tear Based Testing Platform Continues to Gain Traction After Successful Clinical Validation
AXIM Biotechnologies' commercialization partner, Verséa Ophthalmic, places a re-stock order for AXIM's digital assay reader, indicating a growing clinical presence and revenue opportunity. The order reflects successful clinical validation and an impending expansion of AXIM's diagnostic program.
02/20/2024 - 09:00 AM
The Company’s Commercialization Partner Verséa Ophthalmic Places Re-stock Order of AXIM’s Digital Assay Reader
SAN DIEGO, CA, Feb. 20, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – AXIM Biotechnologies, Inc . (OTCQB: AXIM ) (“AXIM Biotech,” “AXIM” or “the Company”), an international healthcare diagnostic solutions development company, announced today that the Company has received an additional order for its electronic readers designed to analyze both of the Company’s proprietary diagnostics assays from its commercialization partner Verséa Ophthalmics. The re-order of readers marks a pivotal milestone in AXIM’s expanding clinical presence and re-occurring revenue opportunity.
AXIM’s commercialization partner Verséa Ophthalmics has been ramping up sales of the Company’s proprietary, FDA-cleared ocular diagnostic assays in recent months. Both its ocular T-POC TOTAL IgE Immunoassay and T-POC LACTOFERRIN Immunoassay Kits use an electronic reader to analyze the results of tear samples at the point-of-care. Verséa Ophthalmics’ reorder of these readers indicates an impending clinical expansion of AXIM’s diagnostic program. Most clinics require at least two readers to efficiently perform both tests. Once a clinic receives a reader it must undergo a validation prior to its clinical use. The recent reorder reflects the successful clinical validation and implementation of the reader platform. AXIM expects clinics to perform approximately 150 tests per month. The reorder made by Verséa indicates that they have sold and/or disbursed the majority of their original inventory of readers to clinics and foresees additional interest in the platform from new clinics.
“Sales of our diagnostic platform which is based on a digital reader that allows for quantification of tear biomarkers, demonstrates momentum as shown by this re-order,” said John Huemoeller II, CEO of AXIM Biotechnologies. “As Verséa continues to expand sales, we will work with our recently announced manufacturing partner Auer to scale manufacturing to not only meet demand but improve efficiency wherever possible. Our platform was designed to create a re-occurring revenue stream for AXIM as the tests are one-time-use and have associated Medicare CPT codes. The more clinics we are able to add, the more monthly re-occurring revenue is produced for AXIM. We are extremely pleased by the positive reception Verséa Ophthalmic’s is getting from clinicians and look forward to fulfilling this re-order quickly, enabling a whole new set of clinics to begin testing on our platform.”
Both of AXIM’s ocular diagnostic assays were designed to provide clinicians with a tool to both diagnosis and properly treat Dry Eye Disease (DED) at the point-of-care, a previously unavailable solution. The tests quantitatively measure two different indicators in patient tear samples which have been shown to assist clinicians in proper diagnosis of DED, and render result in nine minutes. DED is historically under or mis-diagnosed with estimates that between 5% -15% of the entire US population
For more information on AXIM’s diagnostic solutions or to speak with someone at AXIM’s commercialization partner Verséa about adding these innovative solutions to your clinic, please visit: https://www.versea.com/divisions/ophthalmics/
About AXIM® Biotechnologies
Founded in 2014, AXIM® Biotechnologies, Inc. (AXIM) is a vertically integrated research and development company focused on improving the landscape for the diagnosis of ophthalmological conditions such as Dry Eye Disease (DED) through rapid diagnostic tests. The Company owns two of the only five FDA Cleared Diagnostic tests for Dye Eye Disease. For more information, please visit www.AXIMBiotech.com .
Forward-Looking Statements
The statements made by Axim Biotechnologies Inc., in this press release may be “forward-looking” in nature within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe Axim’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Axim Biotechnologies, Inc. Actual results could differ materially from those projected due to there being no assurance that our diagnostic candidate will ever be approved for use by the U.S. FDA or any equivalent foreign regulatory agency. Further, Axim’s eye care diagnostic products that are FDA cleared may not be manufactured in large enough quantities or that third parties with established eye care physicians will enter into agreements or purchase from the Company, and even if the Company’s diagnostic candidates are successful, they may generate only limited revenue and profits for the Company. Various other factors are detailed from time to time in Axim’s SEC reports and filings, including our Annual Report on Form 10-K filed on April 15, 2022, and other reports we file with the SEC, which are available at www.sec.gov . Axim Biotechnologies, Inc., undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, unless otherwise required by law.
CONTACTAXIM Corporate
Investor Relations investors@aximbiotech.com
What did Verséa Ophthalmic do related to AXIM Biotechnologies?
Verséa Ophthalmic placed a re-stock order of AXIM's digital assay reader.
What does the re-order of readers signify for AXIM?
The re-order marks a pivotal milestone in AXIM's expanding clinical presence and revenue opportunity.
What are the two proprietary diagnostics assays by AXIM?
AXIM's ocular T-POC TOTAL IgE Immunoassay and T-POC LACTOFERRIN Immunoassay Kits.
How do clinics use the electronic reader from AXIM?
Clinics use the electronic reader to analyze tear samples at the point-of-care.
What is the purpose of AXIM's diagnostic assays?
AXIM's assays aim to provide clinicians with a tool to diagnose and treat Dry Eye Disease (DED) at the point-of-care.
What percentage of the US population shows symptoms consistent with DED?
Estimates suggest that between 5%-15% of the entire US population exhibit symptoms consistent with DED.
