NEW YORK, March 19, 2018 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (AXIM® Biotech) (OTC:AXIM), a world leader in cannabinoid research and development, today announced financial results for the quarter and year ended December 31, 2017, and provided an overview of recent operational highlights.
“During the year, we continued to make solid progress with our clinical pipeline of cannabinoid products. We moved forward to develop a dronabinol-based functional, controlled-release chewing gum product bioequivalent to Marinol® to help treat patients with chemotherapy induced nausea and vomiting and AIDS patients experiencing appetite and weight loss. 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). 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,” said Dr. George Anastassov, MD, DDS, MBA and CEO of AXIM Biotechnologies.
“In addition, we received two new patent allowances for cannabinoids-based ophthalmic solutions for the treatment of glaucoma and symptomatic relief of conjunctival inflammation, and announced the filing of a new patent of a chewing gum with controlled release of cannabinoids and opioid agonists and antagonists for 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.”
Fourth Quarter and Recent Highlights
During and since the fourth quarter of 2017, Axim Biotechnology achieved the following milestones and significant events:
Technology Achievements
Business Highlights
Upcoming Clinical Milestones
In the next 12-18 months the Company plans to accomplish the following clinical programs:
Year End 2017 Financial Results
As of December 31, 2017, cash was $2.1 million, compared to $0.7 million as of December 31, 2016. Net loss for the full year 2017 was $4.2 million with basic and diluted net loss per share of $0.08 compared to loss of $7.3 million and basic and diluted net loss per share of $0.17 the previous year.
About AXIM
AXIM® Biotechnologies, Inc. (OTC:AXIM) focuses on the research, development and production of cannabinoid-based pharmaceutical, nutraceutical and cosmetic products. Our flagship products include CanChew Plus®, a CBD-based controlled release chewing gum containing 10 mg of hemp-derived CBD, CanChew+ 50®, containing 50 mg of CBD undergoing clinical trials in patients with IBS and MedChew Rx, a combination CBD/THC gum that is undergoing clinical trials for the treatment of pain and spasticity associated with multiple sclerosis. We prioritize the well-being of our customers while embracing a solid fiscal strategy. For more information, please visit AXIMBiotech.com.
About CanChew® and CanChew Plus®
CanChew® is a unique hemp-derived CBD functional chewing gum that is distinctly different than any other brands of gum on the market. Features listed on the CanChew® website include:
CanChew Plus® is a vastly improved delivery system than the alpha version of CanChew® Gum. It is produced by a leading European functional gum manufacturer.
Featured in Healthy Living Magazine, CanChew® was also recognized by the HealthyLivinG Foundation and honored with its Triple Leaf Award.
FORWARD-LOOKING DISCLAIMER
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.
LEGAL DISCLOSURE
AXIM® Biotechnologies does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA).
Public Relations Contact
Andrew Hard
Chief Executive Officer
CMW Media
andrew.hard@cmwmedia.com
P. +1888 829-0070
www.cmwmedia.com
Investor Relations Contact
Shiwei Yin, Grayling
Shiwei.Yin@grayling.com
P. +1646 284-9474
Lucia Domville, Grayling
lucia.domville@grayling.com
P. +1646 284-9416
Corporate Contact Info
North American Address:
45 Rockefeller Plaza, 20th Floor, Suite 83
New York, NY 10111
+1 844 294 6246
European Address:
Boelewerf 32, Unit 3
2987 VD Ridderkerk, The Netherlands
+31 10 8209 227