Axim Biotechnologies Inc (OTCMKTS:AXIM) Has Some Back-Up Upside On Its Glaucoma Asset

Axim Biotechnologies Inc (OTCMKTS:AXIM) is one of the few cannabis plays that picked up some strength on the back of the recreational cannabis ballots at the end of last year, and has since managed to build on the traction and continue to gain strength.The company is trading in and around the $12 mark as things stand – down from its January highs of $19 a piece, but up 40% on the March open, and drawing plenty of speculative volume as we head into the close of the first quarter.This is a company that traded for less than $0.40 a share as recently as last October.A recent announcement looks like it's going to push the company back up towards the $19 highs near term, so here's a look at the announcement, what it means, and what we're looking for next from the company and the program in question.Before we get going, we'll note that Axim is a biotechnology company that is looking to develop drugs across a variety of target indications, but all underpinned by a common feature – they are rooted in cannabinoid science. The lead asset is a chewing gum product that's targeting irritable bowl syndrome (IBS) and pain and spasticity associated with multiple sclerosis. We actually took a look at this in a bit of detail in some previous coverage, so readers looking to get caught up might want to check out this coverage here.Introductions out of the way, the latest announcement relates to a new indication for the company – glaucoma. This is the second leading cause of blindness in the world (and there's evidence to suggest that it jumps into first position when talking about the US on its own) and around 3 million Americans currently suffer from the condition. Current treatments focus on the alleviation of intraocular pressure (which is what causes the glaucoma deterioration initially) and while these treatments are somewhat effective, none are a cure all, and the fact that so many people still end up blind as a result of glaucoma illustrates this.Axim is trying to bring an eye drop type drug to market that aims to fill this unmet need, and it's created this eye drop drug using cannabidiol science as its foundation point. There's already plenty of evidence to suggest that cannabis can be effective in glaucoma relief and even reversal, so the company's efforts are a natural extension of this existing evidence.The recent announcement detailed the company's on-boarding of a contract research organization (CRO) called Ora as a service provider to help bring this drug through the early stages of development. Many reading might already be familiar with Ora. The company is a pretty well known CRO in this space, and its specialty is taking pre clinical assets and getting them to the point that they are ready for efficacy clinical testing (in other words, getting them to the start of a phase II study). This means that Ora is going to get Axim's glaucoma drug through preclinical safety and dosage studies, and then if the FDA gives an IND the thumbs up, into and out of phase I safety studies.So what's next?Well, the above mentioned IBS study is really the lead catalyst driver here, but this CRO push is nice to have as a kicker going forward. It brings the tally of potential blockbuster indications for Axim to three, and as the studies take place and demonstrate safety and preclinical proof of concept (which we don't think should be any problem, given the scope of evidence supportive of the hypothesis) then we should see some positive news hit press, and in turn, some upside momentum.Capital restraints are always a concern at this end of the market, and Axim is no exception. The company is going to have to raise before the end of the year, and it's going to dilute its base to get this asset to clinical mid stage. That said, we've seen it do just that before, and look what's happened over the last six months.We will be updating our subscribers as soon as we know more. For the latest updates on AXIM, sign up below!Disclosure: We have no position in AXIM and have not been compensated for this article.