BioCorRx Provides Business Update for the Third Quarter of 2017
Investor Call to be held on Friday, November 17th at 2:00 PM ET
ANAHEIM, CA -- (Marketwired) -- 11/16/17 -- 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 third quarter ended September 30, 2017.
Key operational highlights include:
- Pre-IND meeting for BICX102 with the U.S. Food & Drug Administration on track for January 24, 2018
- Entered into a confidentiality agreement with the National Institute on Drug Abuse (NIDA)
- BioCorRx® pilot program for weight-loss underway
- DynamiCare Rewards™ mobile app now available to doctors, as well as local, state, and federal government entities
Brady Granier, President, CEO and Director, stated, "We continue to add more clinics that offer our BioCorRx® Recovery Program. Last month, we announced that Advanced Spine and Pain (ASAP) will implement the BioCorRx® Recovery Program in all nine of its locations in the Maryland and Virginia area. ASAP is the latest group of centers to implement the BioCorRx® Recovery Program, a non-addictive, medication-assisted treatment (MAT) program. The program combines the use of a patient specific naltrexone implant with a proprietary cognitive behavioral therapy (CBT) program specifically tailored for the treatment of alcohol and opioid use disorders, along with one year of peer recovery support and tracking. We continue to see interest for our treatment program which is now available in about a dozen states from independent treatment providers and we believe we are well positioned to continue that nationwide expansion.
"At the end of September, we announced an update on commercialization efforts for the Company's naltrexone implant, BICX102. We requested a pre-IND meeting for BICX102 with the U.S. Food & Drug Administration (FDA), which has been scheduled for January 24, 2018. We continue to work with Innovative Science Solutions (ISS) and Dr. Bal Brar on the briefing package preparation which is required to be submitted 4 weeks prior to the meeting. We are pleased with the progress of the documents and look forward to presenting them to the FDA.
"Yesterday, we announced that we entered into a confidentiality agreement with the National Institute on Drug Abuse (NIDA), a United States federal-government research institute. The purpose of the agreement is to share confidential information and potentially collaborate on further research, development and commercialization of our therapies and programs for opioid use disorder. NIDA also agreed to participate as an observer at the pre-IND meeting for BICX102 with the FDA. We are pleased with their interest in this project and I look forward to meeting with them next week.
"In September, we announced the completion and beta launch of our proprietary mobile application for use by licensed behavioral specialists and individuals for the treatment of patients with opioid and alcohol use disorders. The mobile application, DynamiCare Rewards™ with BioCorRx® CBT, is designed to offer patients a self-guided interactive version of BioCorRx's proprietary, naltrexone specific, CBT program under the supervision of licensed professionals. The new platform will enable counselors and therapists to remotely monitor the progress of their patients as they complete the proprietary program modules. The BioCorRx® CBT program consists of 35 modules developed by addiction experts with years of experience treating individuals receiving long-term naltrexone therapy. We have received significant interest from state and federal entities. Our plan is to offer our mobile application to independent doctors, as well as local, state, and federal government entities that are currently offering sustained release naltrexone programs, in order to increase patient compliance. We believe this app is a great value proposition while creating scalable new opportunities to monetize our platform, both domestically and abroad.
"In October, we announced that we began a pilot program for weight-loss with Dr. Benjamin Gonzalez, Medical Director of Atlantis Medical Wellness & Weight Loss Center in Silver Spring, MD. Naltrexone is a fascinating medication with many potential uses and we feel that it will have a positive impact on weight management by reducing food cravings. We also see the likelihood for it to prevent the potential for transferred addiction to other substances for post bariatric patients such as those who get gastric bypass surgery. The weight-loss program is being designed to help people lose weight and learn realistic ways to incorporate new healthy behaviors into their everyday lives. This is an exciting endeavor for our company and we look forward to the results of the pilot which is already underway."
Lourdes Felix, CFO, COO and Director, commented, "We continue to carefully manage our expenses and have maintained a low cash burn despite the fact we are moving forward aggressively with the regulatory process for our naltrexone implant, BICX102. Moreover, with the growth in new clinics that offer our BiCorRx® Recovery Program, we anticipate improved revenues in the fourth quarter, and even more so, as we head into 2018. Aside from the revenue potential of the BiCorRx® Recovery Program on a standalone basis, we believe future cash flow from this business will help fund our drug development initiatives."
BioCorRx will host a conference call on Friday, November 17th at 2:00 p.m. Eastern Time to discuss the company's financial results for the third quarter ended September 30, 2017, as well as the Company's corporate progress and other meaningful developments. If investors have any questions that they would like to pose to management, please email BICX@crescendo-ir.com before the conference call.
The call will be available on the Company's website at www.BioCorRx.com, or by calling 877-407-8031 for U.S. callers or +1 201-689-8031 for international callers.
A webcast will also be archived on the Company's website and a teleconference replay of the conference call will be available approximately one hour following the call, through midnight December 1, 2017, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 22790.
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 one-on-one counseling 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 injectable and implantable naltrexone products for potential future regulatory approval. 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.
Source: BioCorRx, Inc.
Released November 16, 2017