Axim Biotechnologies Inc (AXIM)

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Sapphire Biotech, Subsidiary of AXIM® Biotechnologies, Awarded Prestigious Phase I Small Business Innovation Research Grant by National Cancer Institute Press Release | 08/11/2020

SAN DIEGO, Aug. 11, 2020 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech,” “AXIM” or “the Company”), an international healthcare solutions company targeting oncological and COVID-19 research, announces that its wholly-owned research and development subsidiary, Sapphire Biotech, Inc. (“Sapphire Biotech” or “Sapphire”), has been awarded a $395,880 phase I Small Business Innovation Research (SBIR) grant by the National Cancer Institute (NCI). The grant will support the continued development of novel small molecules that inhibit the enzymatic activity of Quiescin Sulfhydryl Oxidase I (“QSOX1”) based on a lead compound. QSOX1 is a tumor-derived enzyme that is important for cancer growth, invasion and metastasis.

QSOX1 is an understudied but attractive cancer target because it facilitates the invasion of metastatic tumor cells into normal tissues. Many different tumor types secrete QSOX1, broadening the appeal of inhibitors for this tumor-derived enzyme. Since metastasis is the cause of death in over 90 percent of cancer patients, the development of molecules that inhibit metastatic enzymes has strong potential for translation to the clinic.

Sapphire is conducting this research with technology it has exclusively licensed from Skysong Innovations, LLC, the intellectual property management company for Arizona State University. Sapphire will subcontract tumor biology work for evaluating analog inhibitors for QSOX1 to Dr. Doug Lake’s laboratory at Arizona State University and Mayo Clinic Arizona. Dr. Lake’s laboratory was the first to report over-expression of QSOX1 in pancreatic and other cancers. Dr. Lake’s laboratory will evaluate analogs of Sapphire’s lead compound for the ability to suppress the invasive properties of tumors. The results of these experiments will guide the synthesis of new analogs with increased potency and bioavailability.

In June of this year, Sapphire Biotech announced that it has begun pre-clinical animal drug studies on its leading candidate for suppressing QSOX1, SPX-1009.

“This SBIR grant validates our cancer work using QSOX1 as a target. Any time an external panel of scientists favorably reviews your work, you know you’re on the right path,” said Catalina Valencia, Chief Executive Officer of Sapphire Biotech.

Sergei Svarovsky, Ph.D., MBA, Chief Scientific Officer of Sapphire Biotech said, “We are grateful to the NCI for the opportunity to continue development of analogs for inhibitors of QSOX1. Unlike many approaches which focus on directly killing tumor cells leading to drug-resistant tumors, our approach is to develop compounds that suppress metastasis which can be used in combination with anti-neoplastic drugs.”

Research reported in this publication was supported by the National Cancer Institute of the National Institutes of Health under Award Number R43CA250719. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.

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