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AXIM® Biotechnologies to Acquire Leading Oncology Research and Development Company Sapphire Biotech, Inc.
AXIM® Biotechnologies to Acquire Leading Oncology Research and Development Company Sapphire Biotech, Inc..
About this update from Axim Biotechnologies, Inc.
[{"type":"text","content":"\n SAN DIEGO, Jan. 08, 2020 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech,” “AXIM” or “the Company”), a world leader in cannabinoid research and development, announced today that the Company has signed a binding term sheet to acquire leading oncology research and development company Sapphire Biotech, Inc. (“Sapphire”) as a wholly-owned subsidiary. AXIM and Sapphire intend to enter into Definitive Documents for the transaction no later than February 28, 2020. However, the binding Term Sheet will remain in full force and effect until such time as the Definitive Documents are executed by the parties or until the Term Sheet is terminated by mutual consent of the parties. Sapphire is a research and development company that aims to improve global cancer care through the development of proprietary therapeutics for inhibiting cancer growth and metastasis.  Sapphire has discovered a leading compound that inhibits and suppresses invasion in vitro and metastasis in vivo. Sapphire intends to begin testing its new drug in mouse models and then in a subsequent phase I application. Sapphire is also developing a novel line of diagnostics for early cancer detection, response to treatment and recurrence monitoring, one of which is currently being evaluated in a clinical trial for its potential to diagnose pancreatic cancer.  Emerging pre-clinical research demonstrates that cannabinoids can have a significant effect on the growth and progression of cancer. AXIM and Sapphire scientists have been collaborating on the development of new innovative synthetic cannabinoid-like molecules with potential to treat symptoms of a wide range of diseases, including cancer. AXIM is taking a science-based, data-driven, validated approach to the discovery and development of novel and promising therapeutic molecules that are similar to cannabidiol (CBD) and cannabigerol (CBG). AXIM believes that with further testing, the Company will be able to show significant improvements in the chemical efficacy of cannabinoid molecules that will be more potent, more bioavailable, safer and more effective. AXIM chose to acquire Sapphire because of its focus on cancer therapeutics for inhibiting cancer growth and metastasis, its diagnostics line, and a world-renowned research team....