AXIM Biotechnologies Completes Optimization of Only FDA-Cleared IgE Rapid Diagnostics Test – In-House Manufacturing Lowers Cost and Eliminates Supply Chain Expenditures

Rhea-AI Summary

AXIM Biotechnologies, Inc. (OTCQB: AXIM) has completed the optimization of a rapid diagnostic test for the quantitative measurement of Ocular Immunoglobulin E (IgE), a biomarker for ocular allergies. This FDA-cleared test, which previously took 15 minutes, has been miniaturized to deliver results in just 7 minutes. With approximately 40% of the population experiencing allergic conjunctivitis, this enhanced test allows primary eye care providers to double their patient testing capacity, potentially leading to increased profitability for AXIM.

Positive

• FDA-cleared rapid test for IgE is now optimized to provide results in 7 minutes, down from 15 minutes.
• Potential to double patient testing capacity for primary eye care providers, increasing profitability.

Negative

• None.

SAN DIEGO, May 24, 2022 (GLOBE NEWSWIRE) -- AXIM Biotechnologies, Inc (OTCQB: AXIM) (“AXIM Biotech,” “AXIM” or “the Company”), an international healthcare solutions company targeting ocular surface diseases announced today that its scientific team has completed the optimization of a rapid diagnostics test for the quantitative measurement of Ocular Immunoglobulin E (IgE), a biomarker for ocular allergies. The test is a simple, rapid, and non-invasive immuno-chromatographic test that enables the identification of allergic conjunctivitis in one single step.

This quantitative test is the only FDA-cleared and reimbursable rapid test for IgE and is of high clinical utility in the confirmation of the presence of active ocular allergens. AXIM acquired the technology for this test and has since been optimizing the test to provide quicker and more accurate results. The test when acquired was a 15-minute test and the development team has been able to miniaturize the test and reduce time to result to seven minutes.

“Until recently, few allergy testing options were available for in-office use by primary eye care providers, and we want to be leaders in changing that,” said John W. Huemoeller II, Chief Executive Officer of AXIM® Biotech. “Because we’ve cut the time of giving the test in half, we can give doctors the opportunity to test double the number of patients every day and, since we will be manufacturing the test in-house, we firmly believe that it has the potential to be a profitable new offering.”

Although approximately 40% of the general population experiences allergic conjunctivitis, it is often underdiagnosed and consequently undertreated due to the lack of diagnostic tools. AXIM’s rapid IgE test helps in the assessment of total tear IgE levels and is useful for the clinical diagnosis of allergic conjunctivitis and its severity. The presence of an allergen often mimics the signs and symptoms of Dry Eye Syndrome associated with aqueous deficiency and evaporative dry eye or both.  

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.

CONTACT
Public Relations
Kathryn Brown, Account Director
CMW Media
P. 858-221-8001
kathryn@cmwmedia.com

AXIM Corporate
6191 Cornerstone Ct., Ste. 114
San Diego, CA 92121, USA
P. 858-923-4422

Investor Relations
investors@aximbiotech.com
888-759-0844

FAQ

What is the recent development by AXIM regarding allergic conjunctivitis testing?

AXIM Biotechnologies has optimized a rapid diagnostic test for the quantitative measurement of Ocular Immunoglobulin E (IgE), reducing the testing time from 15 minutes to 7 minutes.

Why is AXIM's rapid IgE test significant?

The rapid IgE test is the only FDA-cleared and reimbursable test for allergic conjunctivitis, addressing a significant need in ocular allergy diagnosis.

What percentage of the population experiences allergic conjunctivitis?

Approximately 40% of the general population experiences allergic conjunctivitis.

How could AXIM's rapid test affect patient care?

By reducing testing time, AXIM's rapid test could enable primary eye care providers to test double the number of patients daily.

What are the implications of AXIM's test optimization for its business?

The optimization may lead to increased revenue and profitability by enhancing the efficiency of diagnosis in eye care.