Axim Biotechnologies Archives - Green Market Report

Jack SmithMarch 19, 2018
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4min14970

AXIM Biotechnologies (AXIM) reported fiscal 2017 full-year results, with CEO Dr. George Anastassov highlighting “solid progress” the company is making on its clinical pipeline, including it getting a mass-market chewing gum to help cancer patients with nausea and vomiting.

The company said it ended the year with $2.1 million in cash, losing 8 cents a share, compared to a loss of 17 cents in fiscal 2016. In addition to the chewing gum, Dr. Anastassov highlighted other achievements the company is working on.

“Our product development partner obtained the licenses to import and work with controlled drugs that are required to continue the development of MedChew Rx® pharmaceutical chewing gum to treat pain and spasticity associated with multiple sclerosis (MS),” Anastassov said in a statement. “We achieved encouraging clinical trial results from our phase IIA pilot trial for the treatment of irritable bowel syndrome (IBS) with our CanChew +® 50 mg CBD (cannabidiol) functional, controlled release chewing gum.”

Dr. Anastassov also noted the company received two patent allowances for cannabinoids-based ophthalmic solutions, which are used to treat glaucoma and conjunctival inflammation. It also has filed a new patent for a chewing gum that has a “controlled release of cannabinoids and opioid agonists and antagonists for the treatment of opioid addiction and cannabis dependence.”

“We are committed to innovation, and believe the company is well positioned for further growth given our robust IP portfolio and proprietary CGMP extraction and microencapsulation methods,” Dr. Anastassov added.

Axim now has three patents, one for a chewing gym which has cannabinoids and two others for patnets for ophthalmic solutions. It also has 12 patent applications and 28 national trademarks, covering a wide variety of topics and products for the company.

2017 also saw the the first phase II pilot trial of the company’s CanChew chewing gum, which is used for irritable bowel syndrome. The study, which still has to go to phase III before it can be approved by the FDA, saw a 50 percent higher pain reduction when patients took the drug as opposed to an active placebo.

Over the next 12 to 18 months, Axim said it expects to complete the Phase I-III clincal trials for MedChew, a bioequivalence study of its proprietary chewing gum-based functional delivery system to Marinol, the open-label phase II clinical trial of CanChew and a host of other clinical trials, relating to disesases such as glaucoma, opioid addiction and psoriasis.

It also expects to start proof of concept studies related to cannabis dependence, post-haerpetic neuralgia and a clinical trial on illicit drug-related psychosis.

 


StaffNovember 22, 2017
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4min15020

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


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