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AXIM® Biotechnologies to Acquire Technology Including Two FDA-Cleared 510(k)’s for Diagnostic Testing of Dry Eye Disease
AXIM® Biotechnologies to Acquire Technology Including Two FDA-Cleared 510(k)’s for Diagnostic Testing of Dry Eye Disease.
About this update from Axim Biotechnologies, Inc.
[{"type":"text","content":"\n SAN DIEGO, Aug. 03, 2021 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech,” “AXIM” or “the Company”), a leader in the development of diagnostic testing for COVID-19 and cancer, announced today that the Company has signed a Binding Term Sheet to acquire the technology for the testing of Dry Eye Disease (DED), including two FDA authorizations and approvals for the commercial sale of two ophthalmic diagnostic lab tests. AXIM and Advanced Tear Diagnostics, LLC, have signed a Binding Term Sheet and intend to enter into the Definitive Agreement for the transaction to close no later than October 1, 2021. However, the Binding Term Sheet will remain in full force and effect until such time as the Definitive Agreement is executed by the parties. AXIM intends to immediately implement the strategy for commercial launch of the first product projected for the beginning of 2022. According to the American Academy of Ophthalmology, approximately 20 million people in the United States (344 million people worldwide) have Dry Eye Disease and that number is growing in both young and old adults, making it imperative that clinicians figure out how best to diagnose and treat it. According to the American Journal of Ophthalmology, a study reported that as of July 2017 an estimated six million people reported having experienced Dry Eye Disease symptoms but had not been diagnosed.The prevalence of Dry Eye Disease can significantly impair visual acuity, workplace productivity, and quality of life and increases with age. Dry Eye Disease is a common condition that occurs when your tears aren't able to provide adequate lubrication for your eyes. Tears can be inadequate and unstable for many reasons. For example, dry eyes may occur if you don't produce enough tears or if you produce poor-quality tears. This tear instability leads to inflammation and damage of the eye's surface. According to Transparency Market Research, the global dry eye disease diagnostics & treatment market is on the course to reach $9.8 billion by the end of 2030. Diagnosing Dry Eye Disease is a challenge because it’s a multifactorial disease with many disparate causes. It has a highly variable symptom profile at different stages of the disease, and there’s often a discordance betwe...