AXIM Biotechnologies Inc has entered into a memo of understanding with a Korean specialty pharmaceutical company for the commercialization of two of the company’s cannabinoid-based propriety pharmaceutical applications, CanChew+ and MedChew, in South Korea.
The memo, which was reached on March 30, 2018, outlines how distribution partner will monitor the regulatory environment in the country and work with the South Korean Ministry of Food and Drug Safety (MFDS) in order to register the products for sale to the more than 50 million people in South Korea.
“Preparation for international market expansion is vital at this stage of our company’s growth,” says George E. Anastassov, MD, DDS, MBA, and AXIM Biotech CEO, in a release. “As the regulations and public perception of cannabinoid-based therapeutics shift toward acceptance throughout the world, AXIM will be ready to capture as much market share as possible for treatments of various indications. We have seen promising results in our initial studies that we hope to bring to a worldwide audience upon approval from regulatory officials.”
The company’s flagship CanChew pharmaceutical program currently is currently undergoing human clinical trials for treatment of irritable bowel syndrome. The MedChew program will feature products targeting treatment for pain and spasticity in multiple sclerosis patients as well as a bioequivalent product to Marinol using dronabinol for treatment of nausea associated with cancer treatment. Additional targeted indications for these programs include drug-related psychosis, restless legs syndrome, Parkinson’s disease, and dementia, among others.
