AXIM Biotechnologies Inc. (OTCMKTS:AXIM), a healthcare solutions company focusing on Dry Eye Disease (DED), announced on April 27, 2022, about successfully developing a rapid quantitative tear test for Lacritin, a tear protein that autonomously promotes tearing and is deficient in all forms of DED. The four quantitative tests that all use the same reader system are going to be a game changer for the industry.
Market Reaction
On Wednesday, AXIM stock fell 3.61% to $0.0800 with more than 342k shares, compared to its average volume of 416K shares. The stock moved within a range of $0.0790 – 0.0898 after opening trade at $0.0830.
AXIM Develops Quantitative Rapid Diagnostic Test for Lacritin; Now Boasts Four Dry Eye Disease Point-of-Care Biomarker Tests
Did you know that DED knowingly affects approximately 6.8% of the U.S. population? However, around 6 million people have also reported experiencing DED symptoms but have not been diagnosed or received treatment. The disease could significantly impair visual acuity, workplace productivity, and quality of life!
The condition worsens with age, but it is difficult to diagnose, as it is a multifactorial disease with many disparate causes and has a highly variable symptom profile at different stages of the disease. These issues make it tough for DED patients to get lasting relief.
Lacritin, a secreted protein found in tears, also promotes tear secretion, the proliferation and survival of epithelial cells, and corneal wound healing. Several tear proteins are deficient in different forms of Dry Eye. Several studies suggest that lacritin may be differentially downregulated in dry eye, including contact lens-related dry eye.
John Huemoeller, CEO of AXIM Biotech, has declared they are in the process of developing a multifaceted Dry Eye program, targeting several proteins and biomarkers that could help to accelerate DED diagnosis to potentially better treat diagnosed DED patients.
Key Quote
“We are well on our way to developing a multifaceted Dry Eye program, targeting multiple proteins and biomarkers that may help us speed up DED diagnosis to potentially better treat diagnosed DED patients,” said John Huemoeller, CEO of AXIM Biotech. “We believe that this portfolio of four quantitative tests that all use the same reader system is going to be a game changer for the industry and add tremendous shareholder value.”
Traders Review
AXIM stock is trading below the 20-Day and 50-Day Moving averages of $0.1048 and $0.1444 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.3922.
