AXIM Biotechnologies Signs Distribution Agreement with Rafa Pharmaceuticals

AXIM Biotechnologies Signs Distribution Agreement with Rafa Pharmaceuticals

By: Dylan Sikes - AllPennyStocks.com News

Monday, September 19, 2016

The biotechnology sector has seen a sharp rebound after the sell-off last month. The sell-off was sparked late last month after Democratic Presidential candidate Hillary Clinton commented about the pricing of the EpiPen, which was hiked significantly prompting consumer and political backlash. The biotech sector has been under lawmakers’ scrutiny over the last couple of years due to their pricing policy. Even last year, a tweet from Clinton on price gouging had sparked a sell-off in the sector. However, some deal-related news and some important drug approvals have boosted the biotech sector in the last week. The iShares NASDAQ Biotechnology Index (ETF) (NASDAQ:IBB) has in fact regained the levels it was trading at before last month’s sell-off. However, IBB has been facing stiff resistance at around $300. It will be interesting to see if the fund can break through this level this time.


AXIM Biotechnologies Inc. (OTCQB:AXIM) is a New York City-based company focusing on research, development and production of pharmaceutical, nutraceutical and cosmetic products.

This morning, AXIM announced that it has signed an exclusive distribution agreement with Israel-based Rafa Laboratories, Ltd. for distribution of its award-winning cannabinoid chewing gum CanChew. According to the terms of the agreement, Rafa will submit AXIM’s CanChew® to the Israeli Ministry of Health to be registered as a nutraceutical in the Country, and will market and distribute the product throughout Israel beginning in 2017.

Additionally, once the company’s patented pharmaceutical chewing gum MedChew Rx™, which is currently in clinical trials for registration as a drug for patients suffering from pain and/or spasticity associated with MS, is approved by the Food and Drug Administration (FDA) and European Medicines Agency (EMA), Rafa will submit it to be registered as a Rx drug product in Israel, and will market and distribute the product throughout the Country.

Commenting on the development, George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM Biotechnologies, said that the company is pleased to have Rafa as its partner, and its distribution agreement represents an important step to enable expanded market access to the Company’s unique, cannabinoid-based products. Anastassov further said that Rafa has a 79-year history as a trusted partner to some of the world’s leading pharmaceutical companies, and the company believes Rafa maintains its goal to have a lasting impact on individuals’ well-being. He added that distribution agreements like the one with Rafa are steps forward for AXIM to change the healthcare landscape by introducing proprietary cannabinoid products to pharmaceutical and retail consumer markets worldwide.

While today’s news was positive in every way, shares of AXIM are down on the day so far. In fact, shares have been in a downtrend since early 2016 and are currently trading within a whisker of their 52 week lows as the sector wide woes weight heavily on the stock.

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