New U.S. Patent Allowance Granted to AXIM® Biotechnologies for Suppository Formulations Comprised of Cannabinoids
NEW YORK, Oct. 23, 2018 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (“AXIM® Biotech” or “AXIM”) (OTCQB: AXIM), a world leader in cannabinoid research and development, today announced that the United States Patent and Trademark Office (USPTO) has issued a patent (US 10,092,538 B2) on a suppository composition comprising cannabinoids developed by the company. The USPTO made the determination that a patent can be granted from AXIM’s patent application, filed in Oct. 2017.
The company’s proprietary suppository composition is formulated for easy absorption through the mucosal membrane, allowing for useful administration of cannabinoids in patients with pain, nausea, vomiting, and other conditions preventing swallowing, or conditions wherein suppository administration is required. Most significantly, AXIM plans to utilize this formulation for use in its clinical program that aims to treat gastrointestinal (GI) conditions such as post-operative ileus and/or Inflammatory Bowel Disease (IBD), Irritable Bowel Syndrome (IBS), and others.
“We are pleased to have reached another milestone in the development of AXIM’s cannabinoid-based drug products to treat challenging health conditions with no currently known sustainable cure,” said Dr. George E. Anastassov, MD, DDS, MBA, and Chief Executive Officer of AXIM® Biotechnologies. “This patent is significant because it aligns with AXIM’s intellectual property asset portfolio that protects the research we are conducting and strengthens our competitive advantage in the market. Our now patented product formulations will position AXIM further as a leader in cannabinoid pharmaceuticals and move forward our clinical programs. AXIM remains committed to finding research-based cannabinoid solutions to help people suffering from gastrointestinal disorders with no effective remedies.”
AXIM is currently contemplating continuous clinical trials at the University of Wageningen in the Netherlands for treatment of indications such as IBD and IBS with the company’s cannabinoid- based suppository product and CanChew® Rx CBD (cannabidiol) functional, controlled release chewing gum.
For more information about the company and its clinical product pipeline, please visit www.aximbiotech.com.
About AXIM® Biotechnologies
AXIM® Biotechnologies, Inc. (OTCQB: AXIM) is an innovative biotechnology and pharmaceutical company focusing on research, development and production of cannabinoid-based pharmaceutical and nutraceutical products. AXIM's flagship products include MedChew RxTM, a combination cannabidiol (CBD)/tetrahydrocannabinol (THC) functional, controlled-release chewing gum that will undergo clinical trials for the treatment of pain and spasticity associated with Multiple Sclerosis (MS); MedChew® Dronabinol, which will undergo a bioequivalence study to fast track through FDA as an alternative to approved Marinol; and Medchew RLTM, which will undergo clinical trials for treatment of restless leg syndrome. At AXIM®, we prioritize the wellbeing of our customers while embracing a solid fiscal strategy. For more information, please visit www.AXIMBiotech.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of AXIM Biotechnologies, Inc. to be materially different from the statements made herein.
AXIM® Biotechnologies does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA).
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Released October 23, 2018