Axim Biotechnologies Inc - AXIM stock

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OTC Symbol: AXIM | OTC Tier: OTCQB

Introduction

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.

History

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.

Products

AXIMhopes 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.

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.

Operations

Facilities

AXIM is situated in the Sorrento Mesa area of San Diego, California, amongst other 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.

Licensing

The company holds a Medical Device Manufacturing License issued by the Public Heath Food and Drug Branch of California. With this license the company is authorized to manufacture medical devices, which will allow for the production of its ophthalmological diagnostic assays for commercial or clinical applications.

Significant Events

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.

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.