AXIM Biotechnologies Inc (OTC:AXIM), which has a market cap of US$17mln, has started human clinical trials for its ointment AX-1602 for psoriasis and eczema.
The candidate includes the “stem cell cannabinoid” cannabigerol (CBG) and other cannabinoids.
Together, these two conditions will affect nearly 200mln people worldwide by 2024 and combined market estimates are $16 billion by 2022, the firm pointed out.
Conducting the clinical trials is a specialist on psoriasis and atopic dermatitis, Dr. Marcus Meinardi, at The Maurits Clinics in The Hague, The Netherlands, the firm said.
AXIM’s chief executive Dr George Anastassov, said: “We are extremely pleased that our ongoing efforts in finding solutions to conditions for which there are no effective treatments or the ones available are associated with significant side effects (e.g. immunosuppression) are culminating with the clinical trials of our Renecann product.
"Psoriasis and atopic dermatitis are debilitating conditions causing significant decrease in quality of life. Utilising our proprietary technologies and incorporating unique cannabinoids, we believe that we will be able to effectively address these concerns."
Lekhram Changoer, the group's chief technology officer, added: "Following the successful completion of this clinical trial, AXIM products will be registered as an ointment for various skin disorders.”