Axim Biotechnologies Inc (OTCMKTS:AXIM) Looks To Have Bottomed

Axim Biotechnologies Inc (OTCMKTS:AXIM) spent all of 2018 on a steady downtrend. The stock peaked at $6.96 last April and it was all downhill from there. AXIM finally bottomed in December at $0.46 a share. Since then, the stock has been making a series of higher lows and higher highs. The price action on Tuesday where the stock rallied over 44% is the clearest signal yet that the worst is behind the company and that a low is finally in. AXIM Daily ChartAxim BiotechnologiesFirst up, a little background info for those that are not familiar with AXIM.AXIM Biotechnologies, Inc. (AXIM) describes itself as a world leader in the research and development of cannabinoid-based pharmaceutical and nutraceutical products. Along with building a robust intellectual property portfolio, AXIM is focused on clinical development programs that bring more efficacy and/or lower side effects than existing alternatives and require small to medium budgets and timelines to bring to market which presents a high added-value to the pharmaceutical field.AXIM's flagship products include MedChew^® with Dronabinol, which is planned to undergo a bioequivalence study to fast track through FDA as an alternative to approved Marinol; Medchew RL^TM, which is planned to undergo clinical trials for treatment of restless leg syndrome; and MedChew Rx^TM, a combination cannabidiol (CBD)/tetrahydrocannabinol (THC) functional, controlled-release chewing gum that is planned to undergo clinical trials for the treatment of pain and spasticity associated with Multiple Sclerosis (MS).New US PatentAXIM just received a US patent for a method to treat atopic dermatitis, also known as eczema, using a topical cream containing cannabinoids – specifically cannabidiol (“CBD”) and cannabigerol (“CBG”). The USPTO granted this allowance from AXIM’s patent application 16/106,524, filed on August 21, 2018.With this patent allowance, AXIM has formulated a topical cream for relief of itching, pain, and inflammation that often accompany atopic dermatitis. All creams formulated under this patent will contain cannabinoids and utilize AXIM’s proprietary combination of CBG and CBD. AXIM’s topical cream is projected to be one of the first CBG products available on the market.This patent allowance also grants protection for a method to treat atopic dermatitis using a cannabinoid topical cream like above and chewing gums containing cannabinoids, another product protected by a patent in AXIM’s current patent portfolio. The combination of AXIM’s various patented products and methods works to accentuate the value of AXIM’s intellectual property portfolio and exemplifies AXIM’s research and development direction. CEO John W. Huemoeller said:

“As AXIM moves forward with its long-term business strategy, this patent allowance offers the opportunity to bring another one of our innovative products into the pipeline for both pharmaceutical and nutraceutical markets. This patent allowance expands our intellectual property portfolio and makes room for us to build treatment options for consumers suffering from varying medical conditions. Through the formulation of one of the first CBG products available to consumers, AXIM remains a leader in cannabinoid research and development.”

Research has shown evidence that both CBD and CBG provide anti-inflammatory and pain relief benefits. AXIM’s proprietary blend of CBG and CBD is the ideal combination for harnessing these benefits. AXIM aims to provide consumers with a topical cream for the $5 billion atopic dermatitis treatment market.Bottom LineWe said back in January that the stock was due for a bounce. We said that AXIM was likely to continue its climb and we were right on the money. With the stock still a long ways away from its highs near $7, we believe there's still a big runway for Axim Biotechnologies to keep running.We will be updating our subscribers as soon as we know more. For the latest updates on AXIM, sign up below!Disclosure: We have no position in AXIM and have not been compensated for this article.Image courtesy of Pexels