BioCorRx Provides Update on BICX102
ANAHEIM, CA, Aug. 07, 2018 (GLOBE NEWSWIRE) -- BioCorRx Inc. (OTCQB: BICX) (the “Company”), a developer and provider of advanced solutions in the treatment of alcohol and opioid addictions, today announced a general update on BICX102, the Company’s sustained release naltrexone implant for the treatment of opioid and alcohol use disorders. The company previously announced that a grant application was submitted to the National Institutes of Health (NIH) in May for the development of BICX102. This specific grant opportunity, Development of Medications to Prevent and Treat Opioid Use Disorders and Overdose (UG3/UH3), was created as a result of the current opioid epidemic.
Last week, the NIH announced a change in the amount of funds available and anticipated awards under this grant opportunity. The NIH now intends to commit $70 million in each fiscal year to 20 grants, collectively. The previous intention was to commit $10 million annually to about 3-4 grants, respectively. The NIH continues to boost its initiative, by increasing the funds available, in order to accelerate viable treatment solutions to combat the growing national opioid crisis.
According to the NIH, the Company’s grant application is scheduled for scientific review this month. The Company expects to receive feedback on the review within a few weeks thereafter. BioCorRx has also added more experts to the Chemistry, Manufacturing, and Controls (CMC) team for BICX102, as well as an experienced project manager to coordinate the development plans. Ingredients for the implant have started to arrive and the build out for machinery and tooling needed for large scale manufacturing of the implant is nearing completion.
Brady Granier, President, CEO and Director, stated, “While we wait for the grant review process to play out and for the remaining equipment and supplies to arrive, we are working diligently on the coordination and planning that is required for drug development. The procurement and build out of FDA quality machinery and ingredients are vital first steps that we have been working on aggressively behind the scenes for several months. In the interim, we have also added more experts from the industry to help in our planning so that we are fully prepared when we initiate the next phase of our drug development plan. We feel positive about the prospect of a grant award, but regardless of the results of the grant review, our plans are in place to start development work with the capital we have raised to date. We are fortunate to have many long term strategic investors supporting our efforts who believe in the product and management. We will continue to keep shareholders appraised as developments unfold.”
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 the use of sustained release naltrexone, usually in implantable form and under the direction and care of an independent licensed physician. Implant forms of naltrexone deliver the non-addictive medicine which is an opioid antagonist that can significantly reduce physical cravings for alcohol and opioids, as well as some of their effects. The second component of the program developed by BioCorRx Inc. is a proprietary cognitive behavioral therapy (CBT) program specifically tailored for the treatment of alcohol and opioid use disorders for those receiving sustain release naltrexone treatment. The behavioral portion of the program also includes overlapping peer recovery support and tracking. 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.
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Released August 7, 2018