Achiko AG / Key word(s): Miscellaneous
Achiko AG Corporate and Operational Update
Zurich, 6 September 2022: Ad hoc announcement pursuant to Art. 53 LR – Achiko AG (SIX: ACHI; OTCQB: ACHKF; ISIN CH0522213468) (“Achiko”, the “Company”) is pleased to provide an update on the Company, and its production progress and technology transfer for AptameXTM, its proprietary, low-cost rapid Covid-19 diagnostic test that is integrated into its platform, Teman SehatTM (“Health Buddy”).
The Company’s shares resumed trading on the SIX Swiss Exchange on 1 September 2022 and Achiko will hold its Annual General Meeting in late September or October 2022 on a date to be announced in due course.
“We regret the delays with the audit, accounts and recent suspension”, stated Steven Goh, CEO of Achiko AG. “I underestimated the challenges over the past 12 months and we are working with our key Swiss stakeholders to ensure that this never happens again. This means establishing the right foothold in Switzerland, including updating the Board of Directors and adding leadership in finance and other positions.”
The Company had earlier announced a Sales and Marketing contract with Nahdlatul Ulama, the largest Islamic association in the world with over 90m registered members, and distribution and manufacturing with Indofarma, to produce 1m kits per month by August 2022, and 5m per month onwards, and a CE Mark registration in May 2022.
The SIX trading suspension temporarily affected the Company’s operations including product development, and marketing and sales.
“We are around two to three months behind our contractual commitments in Indonesia and responding to sales interest from around the world”, added Goh. “Fortunately, as we live with Covid-19, the demand for the right user friendly, affordable and highly accurate test for key government, healthcare, vulnerable communities, and other key industries has only gone up and AptameX is in a good position here.”
The Company has also closed a financing round for CHF 1.3 million in convertible notes, exercisable as to 50% between 6 and 12 months from issue at CHF 0.059 with the balance exercisable at the Company’s election on the same terms or repayable, 12 months from issue. The round was led by key Swiss shareholders, Buranto AG and SSUG Pipe Fund, together with other new investors.
“The financing enables us to deploy the production capacity in Indonesia and Taiwan needed to respond to demand and get the Company to cashflow positive.”
“Irrespective of the delays, we have successfully applied the updated calibration for our Generation 1 product. We’re pleased to report that we’ve continued to show strong results with a sensitivity and specificity over 98% when compared to PCR results, and Generation 2 similarly shows strong results over 93%.” said Goh. “Further performance gains may be achieved as the Company collects more data and is able to optimise the system.”
Mr Steven Goh will be stepping down as CEO later this year and is working with the Company’s Board and Advisory Board to search for a Swiss based successor. Going forward, he will remain an Executive at the Company, overseeing commercialisation efforts particularly in Asia.
“Despite some challenges, it’s been an incredible journey,” said Goh. “It became apparent during the pandemic that the opportunity to bring contemporary diagnostics solutions to market in Indonesia not only would be good for our shareholders, but also that disruption in diagnostics was urgently needed by patients and desired by the healthcare systems that serve them, especially here in Asia.”
ABOUT ACHIKO AG
Achiko AG (SIX: ACHI.SW; OTCQB: ACHKF; www.achiko.com) is developing disruptive diagnostic solutions that put people first. The Company’s lead product, ApatameX™, is a rapid, reliable Covid-19 test with a companion app, Teman Sehat™, offering a user-friendly digital health passport. AptameX™ and Teman Sehat™ were launched in Indonesia in mid-2021 and AptameX™ received the CE Mark in the European Union in May 2022.
The AptameX™ DNA aptamer tests can be rapidly chemically synthesised, are cost-effective, easily scalable and have broad potential across multiple disease areas. Achiko aims to deliver fast, accurate and affordable diagnostic testing for a range of diseases in the rapidly evolving healthcare diagnostics field.
Headquartered in Zurich, Achiko has offices in Jakarta, and staff around the world.
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