NEW YORK, April 23, 2018 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (AXIM) (OTC:AXIM), a world leader in cannabinoid research and development, today announced that the company has secured additional funding needed to further its clinical development program through S-3 stock purchases.
The two-year Stock Purchase Agreement, which was reached on April 16, 2018, allows the company to sell shares of its common stock Registered on Form S-3 for up to an aggregate purchase price up to $50 million where the number of shares sold shall not exceed 12,000,000. The company retains the option to terminate the agreement once $5 million has been funded and funding shall not exceed $500,000 in a given month.
“This financing highlights our investor’s confidence in AXIM and our potential for success in cannabinoid-based pharmaceutical research,” said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM Biotech. “This deal will allow AXIM to move forward with a number of clinical projects including our bio-equivalent dronabinol chewing-gum based product and the MedChewRx™ program for treatment of pain and spasticity in Multiple Sclerosis patients.”
AXIM’s flagship pharmaceutical product MedChew Rx™ is the world’s first patented cannabinoid controlled-release chewing gum. Featured by Reuters global news agency, MedChew Rx™ is currently undergoing clinical research for treatment of pain and spasticity in Multiple Sclerosis (MS) patients. Credence Research, Inc estimates the global drug market size for MS patients was $16.13 billion in 2016 and is expected to reach $27.38 billion by 2025.
About AXIM®
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.
