Achiko AG Production and Company Update

Rhea-AI Summary

Achiko AG has successfully completed a production pilot for its Generation 2 AptameX™ Covid-19 test kit, aiming for mass commercial production. The company plans to fulfill a contract with Nahdlatul Ulama, the world's largest Islamic organization, to deliver 5 million tests monthly by Q4 2022, ramping up to over 10 million in 2023. Despite previous distractions affecting the timeline, Achiko is optimistic about commencing delivery in 2023. The AptameX™ tests are designed to be affordable and efficient, targeting low and middle-income countries.

Positive

• Completion of production pilot for Generation 2 AptameX™ Covid-19 test kit.
• Plans to commence delivery to Nahdlatul Ulama contract starting 2023.
• Targeting substantial test delivery volume (5 million/month by Q4 2022; over 10 million/month in 2023).

Negative

• Contract delivery timeline is currently behind schedule.
• Corporate distractions in the previous year have affected operational focus.

• Completing Production Pilot for Generation 2 of AptameX™ as a Precursor to Mass Commercial Production
  
• Expect to Commence Delivery to Sales and Marketing Contract with Nahdlatul Ulama on Commencement of Mass Production

ZURICH, Switzerland, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Ad hoc announcement pursuant to Art. 53 LR – Achiko AG (SIX: ACHI; OTCQB: ACHKF; ISIN CH0522213468) (“Achiko”, the “Company”) is proud to announce that it has successfully completed a production test with PT Indofarma Tbk as a precursor to mass production of its Generation 2 AptameX™ Covid-19 test kit. Generation 1 was successfully calibrated and delivered near perfect results earlier this year. Generation 2 is optimized for cost and production.

“We’re excited to pass this milestone,” said Mr. Steven Goh, CEO of Achiko AG. “We’ve been distracted with corporate issues this year, and we’re keen to get back to delivering on our sales and marketing contract with Nahdlatul Ulama.”

Earlier in 2022, the Company announced a sales and marketing contract with Nahdlatul Ulama, the world’s largest Islamic organization with over 90 million registered members primarily in Indonesia. The plan was to deliver 5 million tests per month in Q4 2022 rising to over 10 million per month in 2023. The contract is currently behind, however the Company expects to commence delivery as the Company enters the new year.

“As we move to the endemic phase, Covid-19 presents a serious challenge for healthcare, critical manufacturing, key services such as government and education, tourism, and leisure. The distractions in the middle of the year are regrettable and we are working with key shareholders and partners to organize ourselves with the right board and management configuration to more consistently realize the value of an affordable, fast, highly accurate, user friendly Covid-19 test such as AptameX in low and middle income countries (LMIC) such as Indonesia,” added Goh.

ABOUT ACHIKO AG  
Achiko AG (SIX: ACHI.SW; OTCQB: ACHKF; www.achiko.com) is developing disruptive diagnostic solutions that put people first. The Company’s lead product, AptameX™, is a rapid, reliable Covid-19 test with a companion app, Teman Sehat™, offering a user-friendly digital health passport.   AptameX™ and Teman Sehat™ were launched in Indonesia in mid-2021 and AptameX™ received the CE Mark in the European Union in May 2022.

The AptameX™ DNA aptamer tests can be rapidly chemically synthesized, are cost-effective, easily scalable and have broad potential across multiple disease areas. Achiko aims to deliver fast, accurate and affordable diagnostic testing for a range of diseases in the rapidly evolving healthcare diagnostics field.

Headquartered in Zurich, Achiko has offices in Jakarta, and staff around the world.

Media contacts:

ACHIKO AG
Investor Relations
E: ir@achiko.com

Switzerland & Global
Marcus Balogh
Farner Consulting Ltd
E: achiko@farner.ch
T: +41 44 266 67 67

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties, and other factors, which could cause the actual results, financial condition, performance, or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

FAQ

What is Achiko AG's latest news regarding its Covid-19 test kits?

Achiko AG has completed a production pilot for its Generation 2 AptameX™ Covid-19 test kits and plans to begin mass production.

What is the delivery schedule for Achiko AG's AptameX™ tests?

Achiko AG aims to deliver 5 million AptameX™ tests per month starting in Q4 2022, increasing to over 10 million per month in 2023.

Who is Nahdlatul Ulama in relation to Achiko AG?

Nahdlatul Ulama is the world's largest Islamic organization and a key partner in Achiko AG's sales and marketing contract for AptameX™ tests.

What challenges is Achiko AG facing in its operations?

Achiko AG is currently facing delays in their contract timelines due to previous corporate distractions.