Axim Receives Patent for its Purification and Extraction Methods of THC
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AXIM® Biotechnologies has announced that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Application Serial Number 15/146,668, a patent on a methodology developed by the company for extraction and purification of the cannabinoid molecule delta-9-tetrahydrocannabinol, most commonly known as THC. A Notice of Allowance is issued after the USPTO makes a determination that a patent can be granted from AXIM’s patent application, filed in May 2015.
This first-of-its-kind process enables the company to produce cGMP-compliant, pure THC molecules to be used as the active pharmaceutical ingredient (API) in products currently undergoing research for multiple indications and delivered in a variety of pharmaceutical formats such as the company’s proprietary controlled-release, functional chewing gum delivery system. Most significantly, AXIM® Biotech plans to utilize this methodology to extract THC for use in its MedChew® RX program that aims to treat pain and spasticity in Multiple Sclerosis (MS) patients.
“This patent allowance is uniquely significant as cannabinoid research companies across the world have an important need for purified cannabinoid molecules, especially THC, and we were able to develop this highly efficient and effective process that renders a pharmaceutical-quality product,” said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM®Biotech. “In our industry it is not only research and trials that enable companies to bring medications to market, but a consistent supply of pure molecules is necessary to achieve FDA compliance. Our now patented process is the first of its kind and will position AXIM even further as a world leader in cannabinoid pharmaceuticals, pushing ahead our MedChew® RX program as well as working to expand the process to other cannabinoid molecules across our pipeline.”
According to research firm GlobalData, the value of the MS treatment market is estimated to reach $20 billion by 2024, primarily driven by the continued development of new products and an increase in diagnosis rates across major markets including the US, France, Germany, Italy, Spain, the UK, Japan, Canada, China, and India.