GlobeNewswire Inc | Nov 18, 2021 11:16AM EST

November 18, 2021

SAN DIEGO, Nov. 18, 2021 (GLOBE NEWSWIRE) -- AXIM Biotechnologies, Inc.(OTCQB: AXIM) (AXIM Biotech, or the Company), an international healthcare solutions company targeting oncological, COVID-19 and Dry Eye Disease (DED) diagnostics, today applauds the FDA on its recent update to its COVID-19 test policies that aims to increase nationwide access to at-home and point-of-care tests as well as ensure the accuracy and reliability of such diagnostic tests.

As part of the agencys mission to support increased access to at-home and point-of-care COVID-19 testing efforts, the FDA has announced its focus on emergency use authorization (EUA) requests for various diagnostic tests for use with or without a prescription that can be manufactured in high volumes. This includes lab-based and point-of-care high-volume antibody tests that can measure the amount of antibodies (fully quantitative antibody tests) or the amount of neutralizing antibodies. This further supports AXIMs development of its Rapid Neutralizing Antibody Test for COVID-19.

For the first time ever, the agency is publicly prioritizing the review and approval of neutralizing antibody tests, said John W. Huemoeller II, AXIM Biotech Chief Executive Officer. Only a specific subset of antibodies are able to neutralize the COVID-19 virus.Measuring the levels of neutralizing antibodies determines if a person has the specific antibodies that deactivate the virus and are associated with adaptive immune response. This is excellent news for AXIM as we made it a priority early on in the pandemic to develop a test to measure neutralizing antibodylevels.

Currently, AXIM has developed three different types of neutralizing antibody tests including:

-- A qualitative test that measures levels of neutralizing antibodies using a reader; -- A semi-quantitative test that provides three measures of neutralizing antibody levels -- low, medium and high; -- And a qualitative test that provides yes/no results indicating whether the number of neutralizing antibodies is likely to provide immunity from contracting the virus have been detected.

AXIM recently announced the publication of an article on the development of its test in theJournal of Clinical Virology,which was conducted by Dr. Douglas Lake, an associate professor at Arizona State University. The article outlined how the test can be performed in a point-of-care setting or by an individual and has demonstrated over 90% sensitivity and 100% specificity when benchmarked against an authentic SARS-CoV-2 neutralization assay using serum samples from COVID-19 patients. Additionally, AXIMs manufacturing partner Empowered Diagnostics has filed for Emergency Use Authorization for the point-of-care qualitative test, which is pending final review and approval in Canada and the EU.

About AXIM BiotechnologiesFounded in 2014, AXIMBiotechnologies, Inc.(AXIM) is a vertically integrated research and development company focused on changing the landscape of diagnosis of SARS-CoV-2 (COVID-19), dry eye disease (DED) and Oncological indications. AXIMs COVID-19 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 ophthalmological conditions such as DED. For more information, please visitwww.AXIMBiotech.com.

Forward-Looking StatementsThe statements made byAxim 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 ofAxim 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 theU.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 receive clearance from theU.S. Food and Drug Administrationor equivalent foreign regulatory agencies to sell its products and whether and when, if at all, they will receive final approval from theU.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 AximsSECreports and filings, including our Annual Report on Form 10-K filed onApril 15, 2021and other reports we file with theSEC, 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.

CONTACTPublic RelationsKathryn BrownAccount DirectorCMW MediaP.858-264-6600kathryn@cmwmedia.comwww.cmwmedia.com

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