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New U.S. Patent Allowance Granted to AXIM® Biotechnologies for Extraction and Purification of Delta-9-THC For Use in MedChew RX Clinical Program
Leading Cannabinoid Biotechnology Company Receives Patent Allowance on Invention of Method to Extract and Purify the Most Commonly Known Cannabinoid Molecule from Medicinal Cannabis
NEW YORK, June 19, 2018 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (AXIM® Biotech) (OTC:AXIM), a world leader in cannabinoid research and development, today announced that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Application Serial Number 15/146,668, a patent on a methodology developed by the company for extraction and purification of the cannabinoid molecule delta-9-tetrahydrocannabinol, most commonly known as THC. A Notice of Allowance is issued after the USPTO makes a determination that a patent can be granted from AXIM’s patent application, filed in May 2015.
This first-of-its-kind process enables the company to produce cGMP-compliant, pure THC molecules to be used as the active pharmaceutical ingredient (API) in products currently undergoing research for multiple indications and delivered in a variety of pharmaceutical formats such as the company’s proprietary controlled-release, functional chewing gum delivery system. Most significantly, AXIM® Biotech plans to utilize this methodology to extract THC for use in its MedChew® RX program that aims to treat pain and spasticity in Multiple Sclerosis (MS) patients.
“This patent allowance is uniquely significant as cannabinoid research companies across the world have an important need for purified cannabinoid molecules, especially THC, and we were able to develop this highly efficient and effective process that renders a pharmaceutical-quality product,” said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM® Biotech. “In our industry it is not only research and trials that enable companies to bring medications to market, but a consistent supply of pure molecules is necessary to achieve FDA compliance. Our now patented process is the first of its kind and will position AXIM even further as a world leader in cannabinoid pharmaceuticals, pushing ahead our MedChew® RX program as well as working to expand the process to other cannabinoid molecules across our pipeline.”
According to research firm GlobalData, the value of the MS treatment market is estimated to reach $20 billion by 2024, primarily driven by the continued development of new products and an increase in diagnosis rates across major markets including the US, France, Germany, Italy, Spain, the UK, Japan, Canada, China, and India.
About AXIM® Biotechnologies
AXIM® Biotechnologies, Inc. (AXIM) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. Our flagship products include CanChew+®, a CBD-based controlled release chewing gum, CanChew+ 50®, containing 50 mg of CBD undergoing clinical trials in patients with IBS and MedChew Rx®, a combination CBD/THC gum that will undergo clinical trials for the treatment of pain and spasticity associated with multiple sclerosis. AXIM has a number of products developed or in developmental stage for treatment and/ or prevention of multiple conditions and symptoms. We prioritize the well-being of our customers while embracing a solid fiscal strategy. For more information, please visit 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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