Axim Biotechnologies Inc. signed a binding term sheet to acquire Sapphire Biotech Inc., an oncology research and development company.

Sapphire develops proprietary therapies for inhibiting growth and spread of cancer. The company is also developing diagnostics for early cancer detection, response to treatment and recurrence monitoring.

As part of the agreement, San Diego-based Axim Biotechnologies will acquire all of Sapphire's outstanding capital and assume all its outstanding debt.

The parties plan to enter into a definitive deal by Feb. 28.

Axim will gain Sapphire's portfolio of technologies through the deal, as well as the ability to develop new proprietary molecules, the company said in a filing.

Axim develops and produces cannabinoid-based pharmaceutical and nutraceutical products.