Axim Biotechnologies Inc (OTCMKTS:AXIM) has been soaring higher in recent sessions, on news that the company has secured private funding to continue its pharmaceutical clinical trials program in cannabinoid research and development for multiple indications. In all, we’ve seen over 350% in two days as news of the successful financing works its way through the ravenous cannabis market segment.
According to the key press release, “Axim will be conducting a clinical trial on MedChew Rx at the Free University of Amsterdam, The Netherlands in collaboration with the University of Plymouth, UK as well as an academic center in the USA for a novel, patented delivery form of cannabinoids for the treatment of chronic pain and spasticity in patients with multiple sclerosis. The anticipated duration of the trials prior to FDA/ EMA registration is approximately 12 months.”
Axim Biotechnologies Inc (OTCMKTS:AXIM) bills itself as a biotechnology company that focuses on the treatment of pain, spasticity, anxiety, and other medical disorders with the application of cannabinoid-based products.
It also focuses on the research, development, and production of pharmaceutical, nutraceutical, and cosmetic products, as well as procurement of genetically and nano-controlled active ingredients.
The company was formerly known as Axim International Inc. and changed its name to AXIM Biotechnologies, Inc. in July 2014. AXIM Biotechnologies, Inc. was founded in 2010 and is headquartered in New York, New York.
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AXIM’s most recent financing enables a lot of important steps to take place.
The response by the market is certainly exacerbated by the excitement and hype now flowing toward cannabis-related opportunities as we barrel headlong into the voting action on November 8, when nearly a third of the US will be represented in a broad referendum on the legal fate of cannabis.
With this funding, the company will be able to continue in the research and development of innovative pharmaceutical delivery systems and API (active pharmaceutical ingredients) for the treatment of conditions for which there is currently no effective remedy.
According to their recent release, “These indications currently include near-term prospects for: MedChew, a cannabinoid-medicated chewing gum involving pain and spasticity in multiple sclerosis (MS) which will soon undergo clinical trials in Europe; then for a topical application of the cannabinoid, Cannabigerol, for psoriasis and atopic dermatitis (eczema) which is also being initially developed in European markets. Other indications within AXIM’s future plans for future cannabinoid-based clinical development include: Parkinson’s disease, Alzheimer’s disease/dementia, attention deficit hyperactivity disorder, (ADHD), psychosis, post-traumatic stress disorder (PTSD), autism, restless leg syndrome, glaucoma, inflammatory bowel disease, irritable bowel syndrome, Crohn’s disease.”
“We’re extremely pleased that AXIM has received the financing it needs to continue clinical efforts with the Company’s two near-term prospects. Further, the financing will allow the AXIM team of visionaries and world leaders, with proven track records, to create further cannabinoid-based innovations that may address additional indications,” said Medical Marijuana, Inc. Chief Executive Officer Dr. Stuart Titus.
“AXIM Biotech’s cannabinoid-based innovations in the extremely promising space of these novel therapeutics will provide consumers with a wide variety of new options worldwide. We salute and support the AXIM Biotech team in their clinical efforts and believe their delivery method for cannabinoids will provide a therapeutically improved delivery for future cannabinoid-based pain medication.”
In recent action, we’ve witnessed 600% piled on for shareholders of AXIM stock on a major increase in overall attention, with volume climbing more than 530% beyond its prior sustained average level.
This is particularly important with a float in play that’s tight — fewer than 26M shares. This type of thing is something to watch out for: ramping trading activity can overwhelm available supply in a stock with this type of small float, leading to an upward burst in prices.
Now commanding a market cap of $72.1M, AXIM has an extremely small store of cash on the books, along with total assets above $480K, which must be weighed relative to an appreciable load ($2.97M) of total accumulated debt. Whether it’s in the cannabis space or not, this is a biotech play. And what we have learned time and time again over the years is this: everything comes down to who can get the funding. There are tons of great projects out there, but stockholders never see a pay off if the company can’t fund the R&D. Recent news on this stock shapes the story in a big way. For continuing coverage on shares of $AXIM stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!