AXIM Biotechnologies, Inc. (OTC:AXIM) announced today that the company has secured $4 million in institutional financing to further advance its clinical trials for the treatment of irritable bowel syndrome ("IBS"), pain and spasticity in multiple sclerosis ("MS").
In addition to the advancement of AXIM's clinical trials, the funding will also allow the company to continue a bio-equivalency study on creating an alternative to AbbVie's (NYSE:ABBV) FDA-approved Marinol drug using the company’s patented chewing-gum delivery system.
Robust Development Pipeline
“This financing enables us to continue to build on the progress we have made with our cannabinoid clinical development program for indications where there are currently no effective treatments,” said George Anastassov, MD, the CEO of AXIM.
Anastassov continued, “it is encouraging to see that investors recognize the potential of our robust clinical development pipeline. We are now better positioned to execute on cannabinoid research and commercialization.”
AXIM's Chewing Gum Technologies
AXIM's MedChew Rx is a THC/CBD controlled-release chewing gum, which is currently undergoing clinical research to treat pain and spasticity in patients with multiple sclerosis. AXIM aims to capture a portion of the massive MS treatment market, which Grand View Research, Inc. estimates will grow to $24.8 billion USD by 2024.
According to the same research, the major companies currently operating in the multiple sclerosis treatment market are Biogen (NASDAQ:BIIB), Teva Pharmaceuticals (NYSE:TEVA), Bayer Healthcare (OTC:BAYRY), Pfizer (NYSE:PFI), Sanofi (NYSE:SNY), Merck (NYSE:MRK), Novartis (NYSE:NVS), and AbbVie. If AXIM's product were to become FDA approved for these indications, it would catapult the company into the ranks of the aforementioned biotech giants.
AXIM's CanChew Plus is the company's "new and improved functional chewing gum" with a higher active pharmaceutical ingredient of CBD, and is currently undergoing Phase II clinical trials for treatment of IBS at the University of Wageningen in The Netherlands. CanChew Plus uses AXIM's patented microencapsulation technology for increased bioavailability and absorption.
AXIM's MedChew Dronabinol is a prototype chewing gum that the comapny is developing with a U.S.-based controlled-substances API company as a bio-equivalent product to AbbVie's Marinol® for treatment of nausea and loss of appetite in cancer treatment patients. This would offer patients the ability to choose between the existing dronabinol capsules on the market and a controlled release chewing gum. Dronabinol is a laboratory-made equivalent of delta-9-THC, an active ingredient found in cannabis plants.
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