Axim Biotechnologies Inc. (AXIM) delivered its third-quarter earnings with revenues essentially flat, but losses were trimmed as the research and development expenses increased dramatically.
Revenues weren’t even mentioned in the company’s press release regarding its earnings for the quarter ending September 30, 2017. Revenues were recorded at $9,758, a slight increase over last year’s $9,600. Gross profits were $8,114, a nice move over last year’s reported loss of $4,061. The net loss for the third quarter of 2017 was $1.6 million for a net loss per share of $0.03 compared to last year’s loss of $1.8 million or $0.07 per share.
Operating expenses fell to $1.1 million from last year’s $1.5 million. R&D expenses shot up to $632,674 from $87,718 and SG&A expenses fell. The stock was lately trading at $7.09, down from its 52-week high of $19.80, but off its lows of $4.45.
“We are very excited to see clinical evidence of our theory and the therapeutic effects of CBD gum and mastication on IBS patients. We learned a great deal from the pilot study that will help us to construct the next steps in our IBS program. We plan to extend this study as an open-label trial for prolonged duration and with set dosing and intervals. This will allow us to analyze the effects of controlled dosing on symptom management,” said Dr. George Anastassov CEO of AXIM Biotechnologies.
“During the quarter, we received two new patent allowances for cannabinoids-based ophthalmic solutions for the treatment of glaucoma and symptomatic relief of conjunctival inflammation and methods to use the same. We continue to make progress on our MedChew Rx® Multiple Sclerosis program. With clinical stage assets, innovative research pipeline and experienced management, AXIM is well positioned to establish ourselves as a leader in the growing cannabinoid pharmaceutical space and address various unmet medical needs.”
Looking ahead, the company outlined its future expectations in a statement:
In the next 12-18 months the Company plans to accomplish the following clinical programs:
- Complete the open-label phase II clinical trial with CanChew+® 50 mg CBD in patients with IBS at the University of Wageningen, The Netherlands
- Complete Phase I-III clinical trial with MedChew® Rx in four independent academic centers for treatment of chronic pain and spasticity in patients with multiple sclerosis
- Complete bioequivalence study of its proprietary chewing gum-based functional delivery system to Marinol to help treat patients with chemotherapy-induced nausea and vomiting and AIDS patients experiencing appetite and weight loss
- Complete proof of concept study with MedChew RL™ in patients with restless leg syndrome
- Start pre and clinical trials for treatment of IBD (ulcerative colitis and Crohn’s disease)
- Start clinical trials in glaucoma and dry eye syndrome with AX-1603 and AX 1606
- Start proof of concept study for treatment of opioid addiction and cannabis dependence
- Start clinical trials at the University of British Columbia, Canada on patients suffering from illicit drug-related psychosis
- Start proof of concept study for treatment of patients with post-haerpetic neuralgia
- Develop improved topical system for treatment of psoriasis, and atopic dermatitis and vitiligo with an improved delivery platform