Axim Biotechnologies Inc - AXIM stock
OTC Symbol: AXIM | OTC Tier: OTCQB
Introduction[edit]
AXIM Biotechnologies, Inc. (OTC: AXIM) is a vertically integrated research and development company in the biotechnology and pharmaceutical industries. The company focuses on alleviating the scenery for diagnosing ophthalmological conditions via rapid diagnostic tests. Dry Eye Disease (DED) is a typical example of such a condition. The firm develops and distributes healthcare solutions in SARS-CoV-2, eye health, and oncology. AXIM is developing diagnostic tests that track the levels of functional neutralizing antibodies that prevent SARS-CoV-2 from attaching to human cells; serological diagnostic tests detect neutralizing antibodies that measure the adaptive immune response to the SARS-CoV-2 virus, and tests for the management of COVID-19 Patients to detect biomarkers related to inflammation. The company is also engineering fast quantitative tear tests for Matrix metalloproteinase-9, an inflammatory biomarker for dry eye disease; SBI-183, an anti-metastatic compound suppressing tumor cell growth and blocking metastasis; and SPX-1009, an anti-metastatic treatment to measure levels of Quiescin Sulfhydryl Oxidase 1 (QSOX1) related to cancer. AXIM was founded in 2010 as Axim International Inc. and changed its name to AXIM Biotechnologies, Inc. in July 2014. The firm is headquartered in San Diego, California. Its common stock is publicly-trade on OTC markets under the AXIM ticker symbol.[1]
Business Operations[edit]
AXIM's mission is to improve the quality of life for patients worldwide through the production and commercialization of diagnostic solutions for an array of medical conditions. The company’s product portfolio falls into three categories: SARS-CoV-2 neutralizing antibody tests; Eye Health, where it grabbed two FDA-cleared 510(k) tests out of the total five for dye eye disease and managed to develop a third array; and; Oncology, where it licensed Quiescin Sulfhydryl Oxidase 1 from Mayo Clinic and Arizona State University. The firm’s diagnostic solutions are accessible to clinicians in North America via its partnership with Verséa Ophthalmic, LLC. Besides its ophthalmological solutions, the company is actively engaged in other diagnostic tools in the ophthalmology and COVID-19 antibody detection areas. It is also rooted in the development of new and innovative diagnostic solutions with clients across the U.S.[2]
The company’s COVID-19 rapid neutralizing antibody test, ImmunoPass, measures the levels of functional neutralizing antibodies believed to bar SARS-CoV-2 from occupying human host cells. AXIM also generates reliable diagnostic tests for early cancer detection and small-molecule drugs to treat cancer and block metastasis. AXIM also offers point-of-care (POC) lab testing systems that help eye-care physicians detect and quantify various biomarkers related to external ocular disorders.[3]
Facility Highlights[edit]
AXIM is situated in the Sorrento Mesa area of San Diego, California, a beehive to numerous established and emerging biotechnology companies. The high density of biotech companies in the zone enables local contract service companies to source turnaround services conveniently. The company’s laboratory comprises approximately 2,000 sq ft of mixed labs for chemistry, assays, molecular, and cell biology. The equipment contained in the lab includes a dedicated tissue culture room, an 8-feet chemistry hood well-equipped for synthetic chemistry, and a dedicated BSL2 enclosure used to conduct biomedical studies.[4]
Historical Business Operations[edit]
The company was initially incorporated as AXIM International, Inc. in Nevada on November 18, 2010. Its name was changed in July 2014 to AXIM Biotechnologies, Inc. Its original operations focused on research, development, and production of cosmetic, pharmaceutical, and nutraceutical products levered on its proprietary technologies. AXIM acquired 1005 of Sapphire Biotech, Inc., a diagnostic healthcare solutions company, in March 2020, which led to a shift in the firm’s business operations. The company later, in August 2021, purchased significant eye disease technology from a Delaware Limited Liability Company, Advanced Tear Diagnostics, LLC. The package consisted of a biomarker for dry eye disease, a 510(K) license for Lactoferrin, and a 510(K) license for IgE, a biomarker for allergic ocular reaction.[5]
Vital Company News[edit]
AXIM announced on October 4 that it secured an initial order of 100 readers targeting ocular surface diseases and 19,000 point-of-care (POC) diagnostic tests, its first mega revenue-generating order. The deal was received via Verséa Ophthalmics, LLC, its global commercialization partner. Axel confirmed that the components of the order had successfully been manufactured and were ready for shipment. The order comprised the tear-based tests for Lactoferrin and Immunoglobulin E (IgE), plus the digital reader for quantitative test results.[6]
On September 17, the company notified shareholders that it had entered an exclusive global commercial partnership agreement with Verséa Ophthalmics, LLC, a fast-growing healthcare company in the U.S. that majors in the sale and distribution of visual diagnostic and therapeutic solutions. The deal provided Verséa with exclusive commercial rights to AXIM’s products. The move by AXIM aimed at increasing the customer base and generating more revenue from its novel technological innovations.[7]
The company released its MDA report ending June 30, 2022, on August 16. Highlights of the firm’s results of operations include:
- Revenue from continued operations for the six months ended June 30, 2021, and 2022 were $47,524 and $0, respectively.
- The company recorded research and development expenses for the three and six months ended June 30, 2022, and 2021 of $918,708, $1,876,915, $1,499,917, and $2,293,263, respectively. The decrease was linked to accounting, advertising, consulting, and legal services expenditures.
- Depreciation expenses for the three months that ended June 30, 2022, were $7,402.
- Cash and cash equivalents, as of June 30, were $65,163
- Deficit working capital was$2,538,329
- Interest expenses for the three months were $60,176[8]
Governance[edit]
Board of Directors[edit]
John W. Huemoeller II, Chief Executive Officer
- Has worked in financial markets and publicly traded companies for more than 30 years
- Has expertise in corporate finance, executive management, investment banking, sales and marketing, mergers and acquisitions, leveraged buyouts, and private placements of securities
- He is the CEO and President of Air Water Earth Inc.
- He was the chairman, CEO, and CFO of Propell Technologies Group Inc. between March 2013 and January 2016
- Mr. Huemoeller has held Series 3, 7, 24, 63, and 79 Securities Licenses and was registered by several state insurance boards.
Timothy R. Scott, Ph.D., Director
- Serves on Medical Marijuana, Inc.’s board of directors since 2015
- He has served on the boards of various companies in the medical sector, including Naturewell, ICH Corporation, and Project Reach World, Inc., a 501(c)(3), as chairman and president.
- He attained his Ph.D. in Theology from Christian University in 1981 and served as a Professor of Philosophy and Religion at Pacific International College from 1981 to 1985
Other directors are Robert Cunningham and Mauricio Javier Gatto-Bellora.[9]
Environmental Issues[edit]
No significant pollution or hazardous emissions result from the company's operations. The company thus merely expects material interference in its activities from federal, state, or local provisions regarding environmental controls. AXIM has incurred zero material costs in complying with environmental, health, and safety requirements. The firm, however, continues to track emerging developments in compliance with the state, federal and local requirements regarding protecting the environment.[10]
- ↑ yahoo.com/quote/AXIM/profile?p=AXIM – Company Description.
- ↑ ABOUT AXIM BIOTECH – AXIM Biotech website.
- ↑ cnbc.com/quotes/AXIM?tab=profile/COMPANY DETAILS - CNBC News. Retrieved on 12/5/2022.
- ↑ AXIM Biotech Inc. Facility Highlights – AXIM Biotech website. Accessed on 12/5/2022.
- ↑ QUARTERLY REPORT under SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2022, page 35. – Sec.gov. Retrieved on 12/6/2022.
- ↑ AXIM® Biotechnologies Receives Initial Order for Diagnostic Solutions as Exclusive Partner Verséa Ophthalmics Commences Initial Commercial Launch- Yahoo Finance News.
- ↑ AXIM® Biotechnologies Signs Exclusive Global Commercialization Agreement With Verséa™ Ophthalmics for Distribution and Sales of Novel Ophthalmic Diagnostics Solutions – aximbiotech.com.
- ↑ of Operations (form 10-Q), Pages 59 &60 – Market Screener. Retrieved on 12/6/2022.
- ↑ AXIM’s Board of Directors – AXIM Biotech website. Accessed on 12/6/2022.
- ↑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2022, page 55. – Sec.gov. Retrieved on 12/6/2022.
