AXIM® Biotechnologies Appoints Kurt Phinney as Chief Operating Officer to Drive Scaling and Optimization of Manufacturing Unit

Leading Diagnostic Healthcare Company Selects Accomplished Operations Executive to Spearhead Growth of Diagnostic Assays Manufacturing

SAN DIEGO, CA, May 23, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — AXIM Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM Biotech,” “AXIM” or “the Company”), an international healthcare diagnostic solutions development company, announced today the appointment of Kurt Phinney as its new Chief Operating Officer. Phinney, a seasoned healthcare operations executive, will play a vital role in scaling and optimizing AXIM’s manufacturing operations for its proprietary ophthalmological diagnostic assays to meet the rising demand.

With an extensive background in healthcare operations management and scaling diagnostic companies, Phinney brings valuable expertise to AXIM. In previous roles, he successfully reduced costs, increased capacity, and shortened production time, boosting manufacturing output from 11,000 assays to an impressive 225,000 assays per week. Phinney also enjoys a track record of implementing and managing Quality Management Systems (QMS) and has successfully teamed to obtain CLIA-waiver applications with the FDA, which he aims to replicate at AXIM.

“We are thrilled to welcome Kurt to our team as we continue to expand our manufacturing operations to meet the increasing demand for our diagnostic assays,” said John Huemoeller II, CEO of AXIM Biotechnologies. “Previously, AXIM’s manufacturing capacity was limited to smaller runs primarily used for research purposes. However, we are now experiencing significant interest in the commercial use of our assays. To ensure we meet this demand, we sought a proven leader with expertise in scaling similar organizations, regulatory compliance, and cost efficiency. Kurt’s experience aligns perfectly with our requirements, and we eagerly anticipate his contributions as we scale up manufacturing to fulfill the nationwide demand for DED diagnostics.”

AXIM recently commenced manufacturing of its proprietary Ocular Immunoglobulin E (IgE) and Lactoferrin diagnostic assays to fulfill orders from its commercialization partner, with a current manufacturing capacity of up to 25,000 units per month. The addition of Kurt Phinney to the team aims to increase this capacity by at least 50% by Q4 2023. This expansion is essential to meet the growing demand driven by AXIM’s commercialization partner, which is actively securing clinics across the country for the implementation of AXIM’s diagnostic assays.

According to the Ophthalmology Times, an “estimated 16 million Americans have been diagnosed with DED, but the actual number of Americans suffering from dry eye symptoms is likely much higher while other reports indicate that nearly half of all U.S. adults experience dry eye signs and symptoms, and 33% of patients in eye care clinics present with complaints about dry eye.” Market Scope expects manufacturers’ global revenues for dry eye treatments to rise from $4.6 billion in 2018 to $6.2 billion in 2023 due to the “rapid growth of elderly populations, increasing wealth, and growing awareness of the availability of treatment in these markets.”

For more information on AXIM’s diagnostic solutions or to speak with someone at AXIM’s commercialization partner Verséa about adding these innovative solutions to your clinic, please visit: https://www.versea.com/divisions/ophthalmics/.

About AXIM® Biotechnologies

Founded in 2014, AXIM® Biotechnologies, Inc. (AXIM) is a vertically integrated research and development company focused on improving the landscape for the diagnosis of ophthalmological conditions such as Dry Eye Disease (DED) through rapid diagnostic tests. The Company owns two of the only five FDA Cleared Diagnostic tests for Dye Eye Disease. For more information, please visit www.AXIMBiotech.com.

Forward-Looking Statements

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 ever be approved for use by the U.S. FDA or any equivalent foreign regulatory agency. Further, Axim’s eye care diagnostic products that are FDA cleared may not be manufactured in large enough quantities or that third parties with established eye care physicians will enter into agreements or purchase from the Company, and even if the Company’s diagnostic candidates are successful, they may generate only limited revenue and profits for the Company. Various other factors are detailed from time to time in Axim’s SEC reports and filings, including our Annual Report on Form 10-K filed on April 15, 2022, 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.

CONTACT

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