REDONDO BEACH, CA–(Marketwired – Jan 31, 2017) – SECFilings.com, a leading financial news and information portal offering free real time public company filing alerts, announces the publication of an article discussing AXIM® Biotechnologies Inc.’s (OTCQB: AXIM) efforts to keep its drug development costs at a minimum.
The average cost of developing a prescription drug is some $2.6 billion, according to the Tufts Center for the Study of Drug Development, which includes $1.4 billion in out-of-pocket costs and an estimated $1.2 billion in returns that investors forego during the 10+ year timeframe that a drug candidate spends in development. This analysis was drawn from 106 randomly selected drugs from 10 pharmaceutical companies between 1995 and 2007.
The problem with these costly endeavors is that it forces many smaller development-stage pharmaceutical companies to concentrate their efforts on one or two clinical programs. A failure therefore typically results in a bankruptcy or significant loss for shareholders. The good news is that success in Phase II clinical trials can often result in partnerships that offload some of the risk or an outright acquisition that can provide shareholders with an exit.
AXIM Biotech is pioneering a low-cost approach to pharmaceutical development by focusing on cannabinoid compounds with prior ‘evidence of safety’ and leveraging its delivery system to differentiate itself from others. On January 19, the company announced that it has begun clinical trials at Wageningen University in the Netherlands for the treatment of irritable bowel syndrome (IBS) with its CanChew Plus® cannabidiol (CBD) gum. The company has also developed a robust clinical pipeline targeting other conditions in various stages of clinical development.
Last quarter, the company spent less than $90,000 on research and development, according to its 10-Q filing, which amounts to about $360,000 on an annualized basis. While the company is in the early stages of these clinical trials, the near-term projected approvals in its pipeline suggest that the team is pursuing fast-track status for many indications.
Dr. George Anastassov, CEO of AXIM, commented, “Here at AXIM, through collaboration with leaders in their respective fields of expertise, we strive to drastically cut costs of R&D as well as to fast track to clinical confirmation of efficacy. By developing products for more reasonable cost we are increasing shareholder value and will pass savings to the consumer once the products are on the market.”
Please follow the link to read the full article: http://analysis.secfilings.com/articles/148-axim-biotech-building-a-lower-cost-portfolio-of-cannabinoid-therapeutics
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