SAN DIEGO, Sept. 22, 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, announced today that the United States Patent and Trademark Office (USPTO) has issued the Company a new Notice of Allowance for a patent (Application No. 15/748,784) on anti-neoplastic compounds and methods targeting Quiescin Sulfhydryl Oxidase 1 (QSOX1), an enzyme important for tumor cell growth, invasion and metastasis.
Earlier this year, Sapphire Biotech, a subsidiary of AXIM, announced that Skysong Innovations, LLC, the intellectual property management company for Arizona State University, exclusively licensed Patents, Technical Information and Materials (the “Technology”) to Sapphire on behalf of ASU and the Mayo Clinic.
The licensed Technology includes SBI-183, which is covered by this patent. SBI-183 selectively targets QSOX1 and, in animal models, has been found to inhibit tumor growth, invasion and suppress metastasis of tumors by inactivating QSOX1.
“At our core, we are an oncology company dedicated to reducing metastasis in cancer patients around the world. This year, roughly 1.8 million people will be diagnosed with cancer in the U.S. alone and we hope to help as many of those people prolong their life as possible,” said AXIM® Biotech CEO John W. Huemoeller II. “This patent proves that the oncology research we are doing at AXIM is different from the approach others are taking and we are confident in our choice to do so.”
Under this invention, AXIM intends to continue generating and testing analogs of SBI-183 to discover the most biologically active form of the compound. Currently, SPX-1009 has proven itself to be tenfold more potent in suppressing tumor invasion and metastasis in vitro than SBI-183. After further testing, SPX-1009 was shown to suppress invasion of breast, kidney and pancreas tumor cells in 2D and 3D invasion assays at tenfold lower concentrations than the parent compound SBI-183.
“I am enthusiastic about the future of analogs of our lead compound SBI-183. Since QSOX1 is a major player in metastasis, identification of QSOX1 inhibitors that suppress metastasis can be used in combination with other anti-neoplastic drugs to deliver a ‘one-two punch’ against cancer,” said Dr. Douglas Lake, Ph.D. and co-founder of Sapphire Biotech.
About AXIM® Biotechnologies
Founded in 2014, AXIM® Biotechnologies, Inc. (AXIM) is a vertically integrated research and development company focused on changing diagnosis and treatment for oncology and SARS-CoV-2 (COVID-19). AXIM’s COVID-19 rapid neutralizing antibody test is the first rapid diagnostic test measuring levels of functional neutralizing antibodies that are believed to prevent SARS-CoV-2 from entering the host cells. Additionally, the Company is developing rapid diagnostic tests for the early detection of cancer and proprietary small molecules drugs to treat cancer and block metastasis. For more information, please visit www.AXIMBiotech.com.
Forward-Looking Statements
The statements made by Axim Biotechnologies Inc., in this press release may be “forward-looking” in nature within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe Axim’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Axim Biotechnologies, Inc. Actual results could differ materially from those projected due to there being no assurance that our diagnostic candidate will be successfully shown to detect SARS-CoV-2 neutralizing antibodies, that the diagnostic candidate will be approved for use by the U.S. FDA or any equivalent foreign regulatory agency, that the diagnostic candidate can be manufactured in large quantities or that third parties with an established presence in blood collection clinics, vaccine development, employer or individual use will enter into agreements or purchase from the Company, and even if the Company’s diagnostic candidate is successful, it may generate only limited revenue and profits for the Company, including whether any of Axim’s diagnostic products will receive clearance from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies to sell its products and whether and when, if at all, they will receive final approval from the U.S. FDA or equivalent foreign regulatory agencies, the fact that there has never been a commercial diagnostic test utilizing neutralizing antibodies approved for use and various other factors detailed from time to time in Axim’s SEC reports and filings, including our Annual Report on Form 10-K filed on May 13, 2020 and our subsequent quarterly report on Form 10-Q filed on June 30, 2020, and other reports we file with the SEC, which are available at www.sec.gov. Axim Biotechnologies, Inc., undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, unless otherwise required by law.
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