AXIM® Biotechnologies Receives Initial Order for Diagnostic Solutions as Exclusive Partner Verséa Ophthalmics Commences Initial Commercial Launch

Rhea-AI Summary

AXIM Biotechnologies announced a significant milestone by securing an initial order of 19,000 point-of-care diagnostic tests and 100 digital readers from Verséa Ophthalmics, marking the company's first large revenue-generating order. This order will enable the company to provide rapid diagnostic tests for ocular surface diseases, receiving substantial momentum from a commercial launch at the 2022 American Academy of Ophthalmology conference. The tests, which are FDA-cleared, facilitate accurate diagnoses in under 10 minutes, paving the way for improved patient care.

Positive

• First large-scale revenue-generating order of 19,000 tests and 100 readers.
• FDA-cleared tests enable rapid diagnosis of ocular conditions.
• Potential for repeat orders indicates strong market demand.

Negative

• None.

Healthcare Solutions Company Receives Initial Order for Ophthalmic Diagnostic Tests and Readers, Marking First Large Revenue Generating Order for Company

SAN DIEGO, Oct. 04, 2022 (GLOBE NEWSWIRE) -- AXIM Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM Biotech,” “AXIM” or “the Company”), an international healthcare diagnostic solutions development company, announced today that it has received an initial order of 19,000 point-of-care (POC) diagnostic tests and 100 readers targeting ocular surface diseases through its exclusive global commercialization partner Verséa Ophthalmics, LLC (“Verséa”), marking the Company’s first large-scale revenue generating order.

The order is part of the recently announced exclusive global commercialization agreement reached between Verséa and AXIM to support the commercial launch of sales at the 2022 American Academy of Ophthalmology (AAO) conference in Chicago. The order represents the largest revenue-generating event in the history of the Company. AXIM has successfully completed manufacturing and is preparing the order for shipment from its lab facilities in San Diego, California as per Verséa’s direction. The order includes both the tear based tests for Lactoferrin and Immunoglobulin E (IgE) as well as the associated digital reader that allows for quantitative test results. The tests provide doctors with access to real-time quantitative results within 10 minutes, allowing them to more accurately diagnose and prescribe targeted therapy to patients, leading to overall improved personalized patient care. Both tests are FDA-cleared and have dedicated Medicare CPT codes that allow for rapid POC diagnosis of common ocular conditions such as dry eye disease (DED) and allergic conjunctivitis.

“This large order through our agreement with Verséa Ophthalmics marks a pivotal point for AXIM, where we are not only revenue generating, but we will soon boast that our tests and readers are available in over 100 clinics nationwide – a true testament to the quality of our diagnostic platform and the strength of Verséa as our commercial partner,” said John W. Huemoeller II, Chief Executive Officer of AXIM® Biotech. “Even more exciting is the fact that this is just the initial order through Verséa. While our readers can be used over and over again, our test strips are one-time use and should this initial deployment of our tests go well, we expect to receive repeat orders from clinicians who have performed the tests and for this to be additive to the growing new test demand. I could not be more proud of our scientific team for their hard work in developing these diagnostic tools as well as delighted with our newly minted relationship with Verséa.”

“We are extremely optimistic about the initial reception seen with our launch of the ocular surface disease testing platform and hope that this is just the beginning of a robust testing pipeline of future diagnostic test solutions that can be introduced on the same digital reader system,” said Rob Sambursky, MD President of Verséa Holdings, Inc. and Verséa Ophthalmics, LLC. “Eye care professionals have struggled with differentiating mild allergic conjunctivitis from dry eye disease as well as distinguishing between different causes of dry eye [aqueous deficient versus evaporative] which impacts clinical decision making. The portfolio of rapid, tear-based, quantitative point of care tests allows for more specific diagnoses, targeted therapeutic intervention and the potential for therapeutic monitoring which is a true breakthrough for the industry.”

For more information on the tests or to speak with a member of the Verséa team on carrying the diagnostic tools, please contact ophthalmics@versea.com.

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.

About Verséa Holdings, Inc.
Verséa Ophthalmic, LLC (“Verséa”), a subsidiary of Verséa Holdings, Inc. headquartered in Tampa, FL, is a U.S. healthcare company founded by experienced business executives and prominent scientific medical experts, all committed to transforming scientific discoveries into applicable healthcare and wellness solutions that are critical to improving patients’ lives. To learn more, visit: www.versea.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
Kyle Porter
CMW Media
P. 858-221-8001
axim@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 recent order did AXIM Biotechnologies secure?

AXIM secured an initial order for 19,000 point-of-care diagnostic tests and 100 digital readers.

When was the order for AXIM's tests announced?

The order was announced on October 4, 2022.

What do AXIM's diagnostic tests aim to diagnose?

The tests aim to diagnose ocular surface diseases like dry eye disease and allergic conjunctivitis.

How quickly can AXIM's tests provide results?

The tests provide results within 10 minutes.

What partnership facilitated the recent order for AXIM?

The order was facilitated through AXIM's partnership with Verséa Ophthalmics.