BioCorRx Provides Business Update for the Second Quarter of 2018
ANAHEIM, CA, Aug. 15, 2018 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2018.
Second Quarter 2018 Business Highlights:
- In April, BioCorRx® participated at the American Society of Addiction Medicine (ASAM) 49th Annual Conference in San Diego, California, a leading addiction medicine professional society in the U.S. representing over 4,300 clinicians and professionals with a focus on addiction and its treatment.
- Also in April, BioCorRx®, participated in the First Annual Orange County Recovery Collaborative Resource Fair (OCRC). The fair addressed prevention, education, resources and services.
- In May, BioCorRx® announced it has submitted a grant application to the National Institutes of Health (NIH) to fund the development and study plans for BICX102, the Company’s sustained release naltrexone implant for the treatment of opioid and alcohol use disorders.
- In June, BioCorRx® announced it has completed a capital raise of $1.1 million. This capital enables the Company to continue to work towards FDA approval of BICX102.
Brady Granier, CEO, President, and Director of BioCorRx, Inc., commented, “We are making progress on the advancement of BICX102, a sustained release naltrexone implant for the treatment of opioid and alcohol use disorders. In May, we submitted a grant application to the National Institutes of Health (NIH) for the development of BICX102. Last week, we announced that the grant application is scheduled for scientific review this month. We expect to receive feedback on the review within a few weeks thereafter. We also added more experts to the Chemistry, Manufacturing, and Controls 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.”
Lourdes Felix, CFO, COO and Director of BioCorRx, commented, “During the second quarter we raised $1.1 million from new and existing investors at a premium to market. The capital that was raised enables us to continue to work towards FDA approval of BICX102. In the meantime, we are pursuing different grant opportunities that will minimize the need for additional funding. Although we feel positive about the prospect of a grant award, regardless of the results of the grant review, our plans are in place to start development work with the capital we have already raised to date. We are fortunate to have many long term strategic investors supporting our efforts who believe in the product and management. We also continue to carefully manage our expenses, as our operating expense for the second quarter of 2018 have decreased approximately 16% from the same period in the prior 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 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.
BioCorRx Inc. investors@BioCorRx.com 714-462-4880 Investor Relations: Crescendo Communications, LLC (212) 671-1020 x304 firstname.lastname@example.org
Released August 15, 2018