Shares of Axim Biotechnologies Inc (OTCMKTS:AXIM) blasted off on Tuesday, breaking out above both the 50-day and 200-day simple moving averages on a major spike in trading volume. The action appears to be linked to positive IP news: the company just announced the issuance of a Notice of Allowance for a patent from the United States Patent and Trademark Office on a method to treat atopic dermatitis, also known as eczema, using a topical cream containing cannabinoids – specifically cannabidiol and cannabigerol.
According to the release, “the USPTO granted this allowance from AXIM’s patent application 16/106,524, filed on August 21, 2018. With this patent allowance, AXIM has formulated a topical cream for relief of itching, pain and inflammation that often accompany atopic dermatitis. All creams formulated under this patent will contain cannabinoids and utilize AXIM’s proprietary combination of CBG and CBD. AXIM’s topical cream is projected to be one of the first CBG products available on the market.”
Axim Biotechnologies Inc (OTCMKTS:AXIM) bills itself as a biotechnology company that researches, develops, produces, and sells pharmaceutical, nutraceutical and cosmetic, and genetically controlled botanical products.
It also engages in the extraction and purification of cannabinoids technologies based on its proprietary technologies.
The company sells its products through Internet, direct-to-consumer health and wellness stores, collectives, cooperatives, and affiliate sales and master distributors. Axim Biotechnologies, Inc. was formerly known as Axim International Inc. and changed its name to Axim Biotechnologies, Inc. in July 2014.
The company was founded in 2010 and is headquartered in New York, New York.
According to company materials, “AXIM® Biotechnologies, Inc. (OTCQB: AXIM) is a world leader in research and development of cannabinoid-based pharmaceutical products. AXIM is developing broad IP portfolio covering diverse aspects of both technology and clinical indications. Planned clinical development programs cover diverse indications including diseases with currently unmet or poorly met treatment needs and providing solutions with potentially significantly reduced side effects to the currently available ones.”
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As noted above, AXIM just announced the issuance of a Notice of Allowance for a patent from the United States Patent and Trademark Office on a method to treat atopic dermatitis, also known as eczema, using a topical cream containing cannabinoids – specifically cannabidiol and cannabigerol.
The chart shows 35% tacked on to share pricing for the listing in the past week. In addition, the stock has benefitted from a jump in recent trading volume to the tune of 89% over what the stock has registered over the longer term.
“As AXIM moves forward with its long-term business strategy, this patent allowance offers the opportunity to bring another one of our innovative products into the pipeline for both pharmaceutical and nutraceutical markets,” said John W. Huemoeller, CEO of AXIM Biotech. “This patent allowance expands our intellectual property portfolio and makes room for us to build treatment options for consumers suffering from varying medical conditions. Through the formulation of one of the first CBG products available to consumers, AXIM remains a leader in cannabinoid research and development.”
At this time, carrying a capital value in the market of $115.84M, AXIM has a bankroll ($632K) of cash on the books, which is balanced by about $6.2M in total current liabilities. AXIM is pulling in trailing 12-month revenues of $44K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -36.2%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $AXIM stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $AXIM, either long or short, and we have not been compensated for this article.