• ACHI shares resumed trading on SIX Swiss Exchange on 1 September after successful completion of Audit and Financing
• Key Swiss investors provide CHF 1.3 million via convertible notes
• Successful calibration of Generation 2 AptameX™ product
• Steven Goh, CEO, to step down upon appointment of successor

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 AptameX^TM, its proprietary, low-cost rapid Covid-19 diagnostic test that is integrated into its platform, Teman Sehat^TM (“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. 

Media contacts:

ACHIKO AG
Investor Relations
E: ir@achiko.com

Switzerland & Global
Marcus Balogh
Farner Consulting Ltd.
E: achiko@farner.ch
T: +41 44 266 67 67

Disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

Zurich, 31 August 2022: Ad hoc announcement pursuant to Art. 53 LR – Achiko AG (SIX: ACHI; OTCQB:  ACHKF; ISIN CH0522213468) (“Achiko”, the “Company”) announces its financial results for the year ended 31 December 2021.

On 9 August 2022, the Company announced that Achiko will publish its 2021 annual report on 31 August 2022 at the latest. Achiko has published its 2021 annual financial statements on 26 June 2022. With a decision dated 27 June 2022, SIX Exchange Regulation (“SER”) concluded that the annual financial statements published on 26 June 2022 do not comply with Art. 49 and 51 of the Listing Rules of SIX Swiss Exchange (“LR”) and suspended trading of Achiko’s shares based on Art. 57 LR as of 28 June 2022 until the orderly conditions are restored. In addition, Achiko was given a deadline until 31 July 2022 to publish audited financial statements in accordance with Art. 49 and 51 LR. Achiko has filed an exemption request with SIX Exchange Regulation (SER) regarding the publication of the annual report and the annual financial statements 2021. On 7 August 2022, SER granted Achiko the requested extension until 31 August 2022. On 9 August 2022 Achiko noted it has conferred with its existing significant shareholders and is working to ensure compliance with Art. 49 and 51 LR. 

With the support of its significant shareholders, creditors and staff, the Company is now pleased to publish its 2021 annual financial statements that comply with Art. 49 and 51 LR.  Of material note is the Company entering into USD 1,250,000 in convertible notes, exercisable at CHF 0.059, of which USD 275,000 was provided as a bridge, and the conversion of various trade creditors, staff and all save one of the Directors and Advisory Board members past and present of their claims to being subordinated for the purposes of Art. 725 para. 2 of the Swiss CO to an additional USD 806,106 over and above the amount reported at 31 December 2021.

For the year ended 31 December 2021, the Group recorded a net loss of USD 9,231,779 resulting in an increase of the Group’s accumulated losses to USD 34,568,395.   The Company notes that the financial results are unchanged, but the newly published Annual Report replaces the previously published Annual Report in its entirety.

The Annual Report is available for download at: https://www.achiko.com/financials/.

The Annual General Meeting of shareholders will take place in late September or early October 2022 on a date to be announced in due course.

ABOUT ACHIKO AG

Achiko AG (SIX: ACHI.SW; OTCQB: ACHKF; www.achiko.com) is developing disruptive diagnostic solutions that puts people first. The company’s lead product is a rapid, reliable Covid-19 test with a companion app offering a user-friendly digital health passport. The test and companion app were launched in Indonesia in mid-2021 and AptameX received the CE mark in the European Union in May 2022.

Achiko creates and develops aptamer-based diagnostics through its biotechnology division, AptameX^TM and companion health apps via its digital mobile health technology division, Teman Sehat^TM. The AptameX DNA aptamer tests can be rapidly chemically synthesised, are cost-effective and have wide potential across multiple disease diagnostics. Leveraging AptameX and Teman Sehat, Achiko aims to deliver fast, accurate and affordable diagnostic testing for a range of pathogenic diseases and therapeutic indications in the rapidly evolving healthcare diagnostics field.

Headquartered in Zurich, Achiko has offices in Jakarta, and staff around the world.

Media contacts:

ACHIKO AG
Investor Relations
E: ir@achiko.com

Switzerland & Global
Marcus Balogh
Farner Consulting Ltd.
E: achiko@farner.ch
T: +41 44 266 67 67

Disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

Zurich, 9 August 2022: Ad hoc announcement pursuant to Art. 53 LR – Achiko AG (SIX: ACHI; OTCQB: ACHKF; ISIN CH0522213468) (“Achiko”, the “Company”) announces that Achiko will publish its 2021 annual report on 31 August 2022 at the latest. 

Achiko has published its 2021 annual financial statements on 26 June 2022. With a decision dated 27 June 2022, SIX Exchange Regulation (“SER”) concluded that the annual financial statements published on 26 June 2022 do not comply with Art.49 and 51 and suspended trading of Achiko’s shares based on Art. 57 LR as of 28 June 2022 until the orderly conditions are restored. In addition, Achiko was given a deadline until 31 July 2022 to publish audited financial statements in accordance with Art. 49 and 51 LR.

Achiko has conferred with its existing significant shareholders and is working to ensure compliance with Art. 49 and 51 LR.  Achiko considered it was most likely to not be able to meet the deadline of 31 July 2022 according to the SER decision, but will be able to do so within a reasonable period of time if a request to extend the deadline was granted.

Achiko has filed an exemption request with SIX Exchange Regulation (SER) regarding the publication of the annual report and the annual financial statements 2021. On 7 August 2022, SER granted Achiko the requested extension.

As required by SER, Achiko hereby reprints para 1 of SER’s respective decision:

I. The exemption application of Achiko Ltd (Issuer) dated 23 July 2022 requesting an extension of the deadline to publish its 2021 annual report and to file such report with SIX Exchange Regulation AG until 31 August 2022 at the latest is granted from the Issuers Committee of the Regulatory Board with the following reservation (lit. a and b) and under the following conditions (lit. c):

a. Since the deadline to publish the 2021 annual report and to file such report with SIX Exchange Regulation AG has been extended several times, it is to be noted that the extension is granted for the last time until 31 August 2022.

b. The suspension of trading of the registered shares of the Issuer remains in place until the 2021 annual report is published in accordance with the provisions on ad hoc publicity (Art. 53 of the Listing Rules [LR] in connection with the Directive on Ad hoc Publicity [DAH]) and filed with SIX Exchange Regulation AG.

c. Achiko is required to publish a notice in accordance with the provisions on ad hoc publicity (Art. 53 LR in connection with the DAH) concerning this decision until Tuesday, 9 August 2022, 07.30 am CET, at the latest. The notice must contain:

– the unaltered reproduction of the wording of para. I. of this decision, placed in a prominent position;

– the reasons for the application of the Issuer requesting an extension of the deadline to publish its 2021 annual report and to file such report with SIX Exchange Regulation AG.

An investor update and video is available on the Achiko website at https://www.achiko.com/financials (investor presentation) and https://www.achiko.com/news (video).

ABOUT ACHIKO AG

Achiko AG (SIX: ACHI.SW; OTCQB: ACHKF; www.achiko.com) is developing disruptive diagnostic solutions that puts people first. The company’s lead product is a rapid, reliable Covid-19 test with a companion app offering a user-friendly digital health passport. The test and companion app were launched in Indonesia in mid-2021 and AptameX received the CE mark in the European Union in May 2022.

Achiko creates and develops aptamer-based diagnostics through its biotechnology division, AptameX^TM and companion health apps via its digital mobile health technology division, Teman Sehat^TM. The AptameX DNA aptamer tests can be rapidly chemically synthesised, are cost-effective and have wide potential across multiple disease diagnostics. Leveraging AptameX and Teman Sehat, Achiko aims to deliver fast, accurate and affordable diagnostic testing for a range of pathogenic diseases and therapeutic indications in the rapidly evolving healthcare diagnostics field.

Headquartered in Zurich, Achiko has offices in Jakarta, and staff around the world.

Media contacts:

ACHIKO AG
Investor Relations
E: ir@achiko.com

Switzerland & Global
Marcus Balogh
Farner Consulting Ltd.
E: achiko@farner.ch
T: +41 44 266 67 67

Disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

Zurich, 28 June 2022: Ad hoc announcement pursuant to Art. 53 LR – Achiko AG (SIX: ACHI; OTCQB: 
ACHKF; ISIN CH0522213468) (“Achiko”, the “Company”) announces that it has received notification from SIX Exchange Regulation AG {“SER”) that the trading of Achiko’s shares shall be suspended as of Tuesday, 28 June 2022.

On 27 June 2022, SER has performed an initial review of Achiko’s annual financial statements published on 26 June 2022 and determined that they do not comply with Art.49 and Art 51 of the Listing Rules1 (“LR”) requiring the Issuer to publish an annual financial report, comprising the audited annual financial statements in accordance with the applicable financial reporting standard, as well as the corresponding audit report. SER noted that the audit report included in the annual report 2021 of Achiko issues an Adverse Opinion and, based on the auditor’s conclusion, there is strong indication that the Issuer has breached Art. 49 and 51 LR, one of the most important conditions for maintaining a listing.  Therefore, SER advised that the trading of Achiko’s shares shall be suspended based on Art.57 LR as of Tuesday, 28 June 2022, until the orderly conditions are restored. Furthermore, SER has given Achiko AG a deadline until 31 July 2022 to publish audited financial statements in accordance with Art 49 and 51 LR.

As noted in the Company’s adhoc announcement of 26 June 2022, Achiko is looking forward to immediately completing a capital increase. The Company is working with its auditors, lawyers and a number of investors and financiers to resolve the situation as soon as possible and expects to be able to comply with SER’s requirement in advance of the 31 July deadline.

The Company has commenced production to supply Nahdlatul Ulama in Indonesia with its affordable, non-invasive Covid-19 saliva-based rapid test AptameX™ and this week has started supplying tests to 600 schools in Indonesia.  The Company is also producing samples for prospective customers in other Asian countries, the UK, Europe and The Middle East. 

ABOUT ACHIKO AG

Achiko AG (SIX: ACHI.SW; OTCQB: ACHKF; www.achiko.com) is developing disruptive diagnostic solutions that puts people first. The company’s lead product is a rapid, reliable Covid-19 test with a companion app offering a user-friendly digital health passport. The test and companion app were launched in Indonesia in mid-2021 and AptameX received the CE mark in the European Union in May 2022.

Achiko creates and develops aptamer-based diagnostics through its biotechnology division, AptameX^TM and companion health apps via its digital mobile health technology division, Teman Sehat^TM. The AptameX DNA aptamer tests can be rapidly chemically synthesised, are cost-effective and have wide potential across multiple disease diagnostics. Leveraging AptameX and Teman Sehat, Achiko aims to deliver fast, accurate and affordable diagnostic testing for a range of pathogenic diseases and therapeutic indications in the rapidly evolving healthcare diagnostics field.

Headquartered in Zurich, Achiko has offices in Jakarta, and staff around the world.

Media contacts:

ACHIKO AG
Investor Relations
E: ir@achiko.com

Switzerland & Global
Marcus Balogh
Farner Consulting Ltd.
E: achiko@farner.ch
T: +41 44 266 67 67

Disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

Zurich, 26 June 2022– Achiko AG (SIX: ACHI; OTCQB:  ACHKF; ISIN CH0522213468) (“Achiko”, the “Company”) announces its financial results for the year ended 31 December 2021, and progress since then.

For the year ended 31 December 2021, the Group recorded a net loss of USD $9,231,779 resulting in an increase of the Group’s accumulated losses to USD $34,568,395.   The Company also notes that Achiko AG is currently managing creditors, and that while the assets of the Group at the reporting date was negative $4.584m, it also has over $2.4m in subordinated loans. 

As a result, the Company’s auditors have given an adverse opinion, noting the Company’s ability to remain a going concern depends on the successful approval of an increase in Authorised Capital at the upcoming General Meeting, and the support of the Company’s creditors and shareholders.

“2021 was a challenging year”, said Mr Steven Goh, Co-Founder and CEO of Achiko. “We realise that the Covid-19 challenge and for us to deliver a timely solution continues to evolve.  For some markets, there’s an optimism that the challenges Covid-19 presents may be over.  For many others, they’re finding it’s anything but.”

The Company moved to reduce costs in the last half of 2021, and encountered numerous operational challenges, including continuity of the Company’s accounting and finance function.

“From a personal standpoint, after two years being restricted in travel and movement, I’ve spent the last few months travelling including fixing production in Indonesia including review, solving issues and optimising production, managing technology development in Europe, seeing investors and working to get the Accounts out.”, added Goh. 

It’s with some irony that in the middle of audit completion, I’ve had my own Covid-19 experience.  The delays have been a continuing source of frustration, however I am confident that the Company’s accounting and finance function is now stabilized and that post reporting date we have successfully reinstitionalised financial controls and the Company’s ability to keep books and records.”

Despite the challenging environment, the Company has continued to progress the development of its core Aptamex™ technology and is positioned to capitalise on the substantial competitive benefits of its differentiated chemistry for the detection of Covid-19 and application to various other pathogens.

Post-balance date highlights include:

1. The Company reported that calibration testing of its affordable, non-invasive Covid-19 saliva-based rapid test AptameX correctly differentiated 100% of test samples up until a comparable reverse transcription polymerase chain reaction (RT-PCR) cycle threshold (CT) value of 33, indicating the system’s ability to deliver a >97% sensitive and > 97% specific rapid test at a wider range of viral loads than most other rapid tests.
2. Having secured the full approval of the optimized second-generation of AptameX with the Indonesia’s Ministry of Health for five years, Achiko, with the support of our local production partner Indopharma, secured a large-scale landmark sales deal with Nahdlatul Ulama (“NU”), one of the world’s largest membership organisations with direct reach to over 90 million people to produce 1,000,000 tests now, and on success to produce 5,000,000 or more tests per month from October 2022 onwards.
3. Successful registration of a CE Mark, enabling the Company to commence commercialisation efforts in the European Union and other geographies.

“Given the Company’s level of indebtedness, we understand and appreciate the auditor’s adverse opinion, and note that we are in agreement that the Company’s ability to remain a going concern depends on approval at the upcoming General Meeting to increase share capacity,  the continued support of shareholders, creditors, and investors,  the Company’s access to capital, and timing of sales and commercialisation efforts.  To that end, we are looking forward to immediately completing a capital increase, and to the General Meeting to expand the Company’s authorized capital.” said Goh

The Annual Report is available for download at: https://www.achiko.com/financials/.

The Annual General Meeting of shareholders will take place in July 2022 on a date to be announced in due course.

ABOUT ACHIKO AG

Achiko AG (SIX: ACHI.SW; OTCQB: ACHKF; www.achiko.com) is developing disruptive diagnostic solutions that puts people first. The company’s lead product is a rapid, reliable Covid-19 test with a companion app offering a user-friendly digital health passport. The test and companion app were launched in Indonesia in mid-2021 and AptameX received the CE mark in the European Union in May 2022.

Achiko creates and develops aptamer-based diagnostics through its biotechnology division, AptameX^TM and companion health apps via its digital mobile health technology division, Teman Sehat^TM. The AptameX DNA aptamer tests can be rapidly chemically synthesised, are cost-effective and have wide potential across multiple disease diagnostics. Leveraging AptameX and Teman Sehat, Achiko aims to deliver fast, accurate and affordable diagnostic testing for a range of pathogenic diseases and therapeutic indications in the rapidly evolving healthcare diagnostics field.

Headquartered in Zurich, Achiko has offices in Jakarta, and staff around the world.

Media contacts:

ACHIKO AG
Investor Relations
E: ir@achiko.com

Switzerland & Global
Marcus Balogh
Farner Consulting Ltd.
E: achiko@farner.ch
T: +41 44 266 67 67

Disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.