AXIM® Biotechnologies Acquiree Sapphire Biotech, Inc. Signs License Agreement to Exclusively License Patent Rights in Cancer Technology
SAN DIEGO, Jan. 22, 2020 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech,” “AXIM” or “the Company”), an international healthcare solutions company targeting oncological research, announced today that its acquiree Sapphire Biotech, Inc. (“Sapphire”) has signed an agreement with Skysong Innovations, LLC (“SI”) to exclusively license rights to pharmaceutical compositions and methods for the treatment of cancer.
SI, the intellectual property management company for Arizona State University (“ASU”), licensed the Patents, Technical Information and Materials (“Technology”) to Sapphire on behalf of SI and Mayo Clinic.
The Technology was developed in the laboratory of Sapphire co-founder, Douglas Lake, Ph.D, Associate Professor at Arizona State University with an adjunct appointment at Mayo Clinic. After extensive testing, Dr. Lake discovered that QSOX1 promotes cancer invasion by remodeling the extracellular matrix (ECM) that serves as an adhesive surface to tumor cells.
Working together with Drs. Faigel and Ho at Mayo Clinic, Dr. Lake discovered that a certain compound, SBI-183, selectively targets QSOX1 (Quiescin Sulfhydryl Oxidase 1), an enzyme important for tumor cell growth, invasion and metastasis. In animal models, the Lake Laboratory found that SBI-183 inhibits tumor growth, invasion and suppresses metastasis of tumors by inactivating QSOX1.
“Sapphire is excited to develop a potential therapeutic treatment for multiple cancers that over-express QSOX1. Such tumors include breast, bladder, brain, colorectal, lung, liver, lymphoma, pancreatic, and prostate cancers. Our drug development efforts will be aimed at disabling this key enzyme which is involved in the replication of tumor cells,” said Catalina Valencia, Chief Executive Officer of Sapphire Biotech.
“AXIM Biotechnologies found Sapphire’s therapeutic approach for the treatment of cancer novel, and this was a compelling reason for acquiring the company,” said John H. Huemoeller II, Chief Executive Officer of AXIM® Biotech. “There is no more significant goal in developing a drug than saving lives, and, for this reason, AXIM is committed to support and be part of Sapphire’s mission.”
For more information about AXIM, please visit www.aximbiotech.com.
For more information about Sapphire Biotech, please visit www.sapphirebiotech.com.
About AXIM® Biotechnologies
AXIM® Biotechnologies, Inc. (AXIM) is a world leader in the research, development and production of cannabinoid-based pharmaceutical and nutraceutical products. Along with building a robust intellectual property portfolio, AXIM is focused on clinical development programs that bring more efficacy and/or lower side effects than existing alternatives and require small to medium budgets and timelines to bring to market which presents a high added-value to the pharmaceutical field.
AXIM's flagship pharmaceutical product, MedChew® with dronabinol, is planned to undergo a bioequivalence study in the near future to fast track through FDA as an alternative to approved Marinol. For more information, please visit www.AXIMBiotech.com.
About Sapphire Biotech
Sapphire Biotech, Inc. is a research and development company that has a mission to improve global cancer care through the development of proprietary therapeutics for inhibiting cancer growth and metastasis. Sapphire is also developing a line of novel diagnostics for early cancer detection, response to treatment, and recurrence monitoring. For more information, please visit www.SapphireBiotech.com.
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Released January 22, 2020