AXIM Biotechnologies’ Tear Based Testing Platform Continues to Gain Traction After Successful Clinical Validation

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.”