Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), announced today that its investment company AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech” or “AXIM”) has signed a binding term sheet to acquire leading oncology research and development company Sapphire Biotech, Inc. (“Sapphire”) as a wholly-owned subsidiary.
| SAN DIEGO, Jan. 9, 2020 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today that its investment company AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech” or “AXIM”) 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. “AXIM has been a leader in cannabinoid research and development for many years now and we’re very excited to witness AXIM’s shared success with Sapphire Biotech to now become a leader in oncology research and development as well,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “Ninety percent of cancer deaths are caused by metastatic cancer and Sapphire has made great strides in discovering and analyzing cancer cells before they metastasize. AXIM will help accelerate these efforts significantly from the post pre-clinical phase to animal studies and eventually to human trials.” 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. “With the acquisition of Sapphire Biotech, we will be able to broaden our offerings on cannabinoid research to also concentrate on furthering oncology research, diagnostics and drug development,” said John W. Huemoeller II, Chief Executive Officer of AXIM® Biotech. “We look forward to contributing our research to the global market for cancer treatment, which is projected to reach $182 billion by 2023.” For more information about AXIM, please visit www.aximbiotech.com. For more information about Sapphire Biotech, please visit www.sapphirebiotech.com. About Medical Marijuana, Inc. To see Medical Marijuana, Inc.'s corporate video, click here. Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop. About AXIM® Biotechnologies AXIM’s flagship pharmaceutical product, MedChew® with dronabinol, is planned to undergo a bioequivalence study in the near future to fast track through FDA as an alternative to approved Marinol. For more information, please visit www.AXIMBiotech.com. FORWARD-LOOKING DISCLAIMER FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE LEGAL DISCLOSURE CONTACT: Investor Relations Contact:
SOURCE Medical Marijuana, Inc. | ||
Company Codes: OTC-BB:AXIM, OTC-PINK:MJNA, OTC-QB:AXIM, OTC-QB:MJNA |
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