BioCorRx Provides Business Update for the First Quarter of 2017
ANAHEIM, CA / ACCESSWIRE / May 15, 2017 / BioCorRx Inc. (OTCQB: BICX) (the "Company"), a developer and provider of advanced solutions in the treatment of substance use disorders, today provided a business update for the first quarter ended March 31, 2017.
Brady Granier, President, CEO and Director, stated, "We have had a very productive first quarter of 2017. Our preclinical studies of BICX101, a sustained release, injectable naltrexone for the treatment of opioid and alcohol use disorders, showed positive preliminary data as announced previously. We also formally requested a pre-IND meeting with the U.S. Food & Drug Administration (FDA) and we continue to wait for official communication from the FDA on a meeting date. In the meantime, we are conducting more preclinical studies on BICX101 in order to compile more data points. This may allow us to fine tune our lead formulas with the goal of achieving maximum efficiency and results while we await the FDA meeting."
"Turning to our recovery program, we continue to sign on more providers, and currently have over 15 providers offering our program nationwide. In February, we announced that we will assist the city of Anaheim, California, in treating residents with opioid and alcohol addiction. BioCorRx will offer its BioCorRx® Recovery Program to residents of Anaheim suffering from alcohol and opioid addiction as an expansion of the Drug Free Anaheim Program discussed in the mayor's February 2017 State of the City address aimed at encouraging those dependent on substances to seek assistance. We are confident in the success of our non-addictive medication-assisted-treatment program, which combines peer support and counseling modules with a naltrexone implant. The effectiveness of our program has been demonstrated time and again over the last several years, with better compliance than traditional alternatives and unprecedented results. We believe that with the success of our program, we will be able to continue to expand into other counties and cities across the U.S."
"Last month we announced that we entered into an agreement with DynamiCare Health, Inc. to develop a co-branded mobile application to support patients engaged in counseling for the treatment of alcoholism or opioid addiction and receiving long-term naltrexone treatment. The mobile application, DynamiCare Rewards™ with BioCorRx CBT, is being designed to offer patients a self-guided, interactive version of BioCorRx's proprietary, naltrexone specific, Cognitive Behavioral Therapy (CBT) program. We look forward to the launch of the mobile application later this summer as development continues as planned."
Lourdes Felix, CFO, COO and Director, commented, "In March, we announced that we completed an equity financing of $940,000 with accredited investors, and Alpine Creek Capital Partners invested an additional $1.7 million. This financing strengthens our balance sheet, while allowing us to continue to execute on our business plan, including completion of a few rounds of preclinical studies of BICX101 and accelerating sales and marketing activities related to our BioCorRx Recovery Program. This quarter included a significant non-cash expense related to the convertible debt and warrants that was particularly high due to the increase in the Company's share price. Nevertheless, revenues increased sequentially from the fourth quarter of 2016 and we anticipate continued sequential growth throughout the balance of this year."
BioCorRx Inc. (OTCQB: BICX) is an addiction treatment company offering a unique approach to the treatment of substance abuse addiction. The BioCorRx® Recovery Program, a non-addictive, medication-assisted treatment (MAT) program, consists of two main components. The first component of the program consists of an outpatient implant procedure performed by a licensed physician. The implant delivers the non-addictive medicine, naltrexone, an opioid antagonist that can significantly reduce physical cravings for alcohol and opioids. The second component of the program developed by BioCorRx Inc. is a proprietary counseling program (plus peer support program) specifically tailored for the treatment of alcoholism and other substance abuse addictions for those receiving long-term naltrexone treatment. The Company also has an R&D subsidiary, BioCorRx Pharmaceuticals, which is currently developing a new injectable naltrexone technology (BICX101) through a partnership with TheraKine Ltd. The company plans to seek FDA approval for BICX101 and/or its naltrexone implant product(s). For more information on BICX, visit www.BioCorRx.com.
Safe Harbor Statement:
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof.
Crescendo Communications, LLC
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SOURCE: BioCorRx Inc.
Released May 15, 2017