GlobeNewswire Inc | Dec 3, 2020 09:00AM EST

December 03, 2020

SAN DIEGO, Dec. 03, 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, announced today the development and patent filing for an enzyme-linked immunosorbent assay (ELISA)-based diagnostic test (the Test) for the detection of SARSCoV-2 neutralizing antibodies. This application marks AXIMs fourth COVID-19 neutralizing antibody-focused patent application. The Company heavily focuses its resources on advancing research on what it believes will soon become the most prevalent need in the post-vaccine COVID-19 fight, the need to know levels of neutralizing antibodies in longitudinal studies of vaccine response.

From the onset of the pandemic, our scientists have dedicated themselves to creating solutions focused on neutralizing antibody detection. Since no one knows how long vaccines will provide immunity, we continue our development of neutralizing antibody COVID-19 tests, said AXIM Biotech CEO John W. Huemoeller II. With the addition of our ELISA-based neutralizing antibody diagnostic test, AXIM hopes to help simplify the testing process for determining a vaccines efficacy through clinics across the world.

AXIM has internally developed the Test, and its own reagents and proteins used in the test kits. The Company has just completed live SARS-CoV-2 virus microneutralization tests at a Biosafety Level (BSL-3) laboratorywith samples from COVID-19 patients to validate diagnostic tests per current Food and Drug Administration (FDA) guidelines. AXIM intends to file its third Emergency Use Authorization (EUA) with the FDA soon.

The Companys additional pending COVID-19 testing-focused patents include:

-- Rapid point-of-care neutralizing antibody test that delivers results in 10 minutes

-- NeuCovix-HT, a high throughput (HT) diagnostic test that measures levels of functional neutralizing antibodies in plasma or serum

-- Recombinant virus binding protein (VBP) for SARS-CoV-2 that is more potent and stable than current VBP options on the market

The ELISA test isthe most widely used type of immunoassay in diagnostic and research labs.ELISA is a high throughput test used to detect or quantify various biomolecules, including antibodies against pathogens or pathogen-derived proteins. ELISA is simple, sensitive, requires only microliter quantities of test samples and can be automated.

Unlike few currently available ELISA, our uniquely designed assay offers a simple and relatively short test time to detect and rank SARS-CoV-2 neutralizing antibodies by their potency. We believe it will help to evaluate the immune status of patients who recovered from COVID-19 or to monitor immunization efficiency more accurately than other ELISAs, said AXIM Biotech Chief Technology Officer Alim Seit-Nebi, Ph.D.

To learn more about AXIMs COVID-19 focused research, visit https://aximbiotech.com/science/covid-19-diagnostic-research/.

About AXIM BiotechnologiesFounded 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). AXIMs COVID-19 rapid neutralizing antibody test 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 DISCLAIMERThe 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 Axims 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 Companys diagnostic candidate is successful, it may generate only limited revenue and profits for the Company, including whether any of Axims diagnostic products will receiveclearance 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 Axims 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 atwww.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:Public Relations Contact:Kathryn BrownAccount SupervisorCMW MediaP. 858-264-6600kathryn@cmwmedia.comwww.cmwmedia.com

AXIM Corporate Contact Info:6191 Cornerstone Ct., Ste. 114San Diego, CA 92121, USAP. 858-923-4422

Investor Relations Contact:investors@aximbiotech.com888-759-0844