AXIM® Biotechnologies Releases Rapid NeuCovix™ Test Results Showing Strong Agreement with COVID-19-Based Neutralization Tests

SAN DIEGO, July 23, 2020 (GLOBE NEWSWIRE) — AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech,” “AXIM” or “the Company”), an international healthcare solutions company targeting oncological and COVID-19 research, announces the completion of a study highlighting the performance of NeuCovix™, AXIM’s rapid test to measure levels of neutralizing anti-COVID-19 antibodies.

The NeuCovix™ test was compared to a gold standard pseudovirus-based test. NeuCovix™ accurately classified serum from patients who strongly neutralized SARS-CoV-2 and serum from patients who poorly neutralized the virus. Additionally, NeuCovix™ did not cross-react with serum from patients with seasonal respiratory infections including seasonal coronaviruses, suggesting that the test has 100 percent specificity for COVID-19.

In contrast to current tests using live viruses, which are time-consuming, expensive and require trained personnel in a tightly controlled laboratory environment to measure neutralizing antibodies, NeuCovix™ is a portable, low cost, rapid point-of-care test that determines levels of neutralizing antibodies in approximately 10 minutes.

Since NeuCovix™ agrees with virus-based assays, it could be an effective and low-cost tool for monitoring large numbers of vaccine recipients for neutralizing antibodies. NeuCovix™ can also be used to measure levels of neutralizing antibodies in patients receiving hyperimmune globulin or convalescent plasma so that healthcare providers can decide on the proper dosing of neutralizing antibodies that correlates with favorable outcomes.

“We are extremely pleased with the initial test results that NeuCovix showed,” commented AXIM® Biotech CEO John W. Huemoeller II. “The difference in time and money for blood centers and vaccine developers that our test delivers is staggering.”

“While we still have work to do for the EUA, our 10-minute point-of-care test is showing almost identical protective immune responses in plasma samples from patients with low titers and high titers as other more expensive and time-consuming lab tests,” said Sergei Svarovsky, Ph.D., MBA, Chief Scientific Officer of Sapphire Biotech, a wholly-owned subsidiary of AXIM® Biotech.

NeuCovix^TM has not been approved by the FDA. 

About AXIM® Biotechnologies
Founded in 2014, AXIM® Biotechnologies, Inc. (AXIM) is a vertically integrated research and development company focused on changing diagnosis and treatment for oncology and SARS-CoV-2 (COVID-19). AXIM’s NeuCovix^TM is the first rapid diagnostic test measuring levels of functional neutralizing antibodies that are believed to prevent SARS-CoV-2 from entering the host cells. Additionally, the Company is developing rapid diagnostic tests for the early detection of cancer and proprietary small molecules drugs to treat cancer and block metastasis. For more information, please visit www.AXIMBiotech.com.

FORWARD-LOOKING DISCLAIMER

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 be successfully shown to detect SARS-CoV-2 neutralizing antibodies, that the diagnostic candidate will be approved for use by the U.S. FDA or any equivalent foreign regulatory agency, that the diagnostic candidate can be manufactured in large quantities or that third parties with an established presence in blood collection clinics, vaccine development, employer or individual use will enter into agreements or purchase from the Company, and even if the Company’s diagnostic candidate is successful, it may generate only limited revenue and profits for the Company, including whether any of Axim’s diagnostic products will receive  clearance from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies to sell its products and whether and when, if at all, they will receive final approval from the U.S. FDA or equivalent foreign regulatory agencies, the fact that there has never been a commercial diagnostic test utilizing neutralizing antibodies approved for use and various other factors detailed from time to time in Axim’s SEC reports and filings, including our Annual Report on Form 10-K filed on May 13, 2020 and our subsequent quarterly report on Form 10-Q filed on June 30, 2020, 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.

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