AXIM Biotechnologies announced it has secured financing from private sources to continue its testing of medical cannabinoid products as potential treatments for multiple indications, including pain and spasticity in people with multiple sclerosis (MS).
Specifically, AXIM is testing pharmaceutical delivery systems and active ingredients for its medical marijuana line.
“This financing provides us with the opportunity to boldly continue our efforts in the extremely promising and intricate space of cannabinoid-based therapeutics,” George E. Anastassov, MD, DDS, MBA , AXIM Biotechnologies’ chief executive officer, said in a press release. “We’re pleased that our investors have the full trust that we do in our executive team and advisory board … leaders with proven track records in the multiple indications our company is developing products for.”
One of the company’s most promising therapeutics is MedChew Rx, a chewing gum containing cannabinoids, being developed to address pain and muscle spasticity in MS patients. The gum is designed to offer more consistent relief than existing cannabis-derived products meant to be smoked or eaten.
A clinical trial assessing MedChew Rx in MS patients is planned to take place at the Free University of Amsterdam, in The Netherlands, in collaboration with the University of Plymouth, U.K., and an unnamed academic center in the United States, according to the release. The duration of the trial is expected to be 12 months, the company said in the release, “prior to FDA/EMA registration,” a reference to the U.S. Food and Drug Administration and its European counterpart, the European Medicines Agency.
On its website, AXIM states that a number of studies are underway at universities across Europe and the U.S.
If MedChew RX obtains regulatory approvals, it will be formulated with 5 mg each of the hemp-derived cannabinoids cannabidiol (CBD) and tetrahydrocannabinol (THC), and marketed as a pharmaceutical drug for treating MS.
AXIM’s cannabigerol (CBG)-based portfolio also includes: Renecann, for skincare; Oraximax, for oral care; Suppocann, for inflammatory bowel disease, inflammatory bowel syndrome, and Crohn’s disease; and Ophthocann and Cannbleph, both being developed to reduce intraocular pressure and provide relief for conjunctivitis.