New U.S. Patent Allowance Granted to AXIM® Biotechnologies for Suppository Formulations Comprised of Cannabinoids
By GlobeNewswire, October 23, 2018, 09:10:00 AM EDT
NEW YORK, Oct. 23, 2018 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. ("AXIM® Biotech" or "AXIM") (OTCQB:AXIM), a world leader in cannabinoid research and development, today announced that the United States Patent and Trademark Office (USPTO) has issued a patent (US 10,092,538 B2) on a suppository composition comprising cannabinoids developed by the company. The USPTO made the determination that a patent can be granted from AXIM's patent application, filed in Oct. 2017.
The company's proprietary suppository composition is formulated for easy absorption through the mucosal membrane, allowing for useful administration of cannabinoids in patients with pain, nausea, vomiting, and other conditions preventing swallowing, or conditions wherein suppository administration is required. Most significantly, AXIM plans to utilize this formulation for use in its clinical program that aims to treat gastrointestinal (GI) conditions such as post-operative ileus and/or Inflammatory Bowel Disease (IBD), Irritable Bowel Syndrome (IBS), and others.
"We are pleased to have reached another milestone in the development of AXIM's cannabinoid-based drug products to treat challenging health conditions with no currently known sustainable cure," said Dr. George E. Anastassov, MD, DDS, MBA, and Chief Executive Officer of AXIM® Biotechnologies. "This patent is significant because it aligns with AXIM's intellectual property asset portfolio that protects the research we are conducting and strengthens our competitive advantage in the market. Our now patented product formulations will position AXIM further as a leader in cannabinoid pharmaceuticals and move forward our clinical programs. AXIM remains committed to finding research-based cannabinoid solutions to help people suffering from gastrointestinal disorders with no effective remedies."
AXIM is currently contemplating continuous clinical trials at the University of Wageningen in the Netherlands for treatment of indications such as IBD and IBS with the company's cannabinoid- based suppository product and CanChew® Rx CBD (cannabidiol) functional, controlled release chewing gum.
For more information about the company and its clinical product pipeline, please visit www.aximbiotech.com.
