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AXIM Obtains More Financing for Its Cannabinoid Therapies for MS and Bowel Diseases

June 21, 2017

AXIM Biotechnologies has secured an additional $4 million in institutional financing to advance clinical trials of its cannabinoid therapies for multiple sclerosis (MS) and irritable bowel syndrome. AXIM created MedChew Rx (dronabinol) as a bio-equivalent to AbbVie’s gel capsule, Marinol (dronabinol), an approved treatment for nausea and loss of appetite in cancer patients. The new financing will let the company continue developing a patented chewing-gum-delivered therapy for pain and spasticity. A clinical trial assessing MedChew Rx’s effectiveness in MS patients will take place at the Free University of Amsterdam in the Netherlands and will last 12 months.

However, Marinola has its shortcomings. Only 90% of the drug is metabolized, or converted to a form that the body can use (which happens in the liver). This causes significant side effects, like impaired thinking. AXIM designed MedChew Rx to bypass metabolism in the liver as a way of decreasing its side effects. “This financing enables us to continue to build on the progress we have made with our cannabinoid clinical development program for indications where there are currently no effective treatments,” Dr. George Anastassov, chief executive officer of AXIM, said in a press release. “It is encouraging to see that investors recognize the potential of our robust clinical development pipeline. We are now better positioned to execute on cannabinoid research and commercialization.”