BioCorRx Provides Business Update; Pivotal GLP Study of BICX102 Uninterrupted by COVID-19 Pandemic
ANAHEIM, CA, March 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- 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 and reported on recent corporate developments.
Brady Granier, CEO, and Director of BioCorRx, Inc., stated, “We continue to advance BICX102, a sustained release naltrexone implant for the treatment of opioid and alcohol use disorders, through the research and development pathway. Over the summer, we entered into a Master Services Agreement with Charles River Laboratories, Inc., to begin conducting preclinical studies of BICX102. We do not anticipate any delay to the completion of the pivotal GLP preclinical study currently underway due to the current COVID-19 pandemic at this time. We believe we are still on track to submit our IND application to the U.S. Food and Drug Administration later this year with the goal of starting human studies in early 2021.
“We were also pleased to announce in January 2020, that we were awarded the additional non-dilutive $2.8 million grant by the National Institute on Drug Abuse (NIDA), part of the National Institutes of Health (NIH). This is the second tranche from the total grant of approximately $5.7 million which we announced in 2019. This grant is expected to substantially cover our financial costs towards FDA approval.
“We also continue to move ahead with VDM-001, a new molecule being developed to reverse opioid overdose through our partnership with VDM Biochemicals, Inc. Preclinical studies are currently ongoing, and we anticipate having minimal delays due to COVID-19. VDM-001 may represent an effective alternative to naloxone in the overdose reversal market. Early preclinical data showed that the effects of fentanyl, which is responsible for thousands of deaths annually, may be prevented by VDM-001. Our BioCorRx® Recovery and UnCraveRx™ programs both remain available to those treatment providers that need it for their patients. The mobile application portion of those programs can give patients and treatment providers a means of engaging during the Safer at Home orders around the country. We hope you and your families stay safe and healthy during this time and we look forward to providing further updates as they unfold.”
BioCorRx Inc. (OTCQB: BICX) is an addiction treatment solutions company offering a unique approach to the treatment of substance use and other related disorders. The BioCorRx® Recovery Program is a non-addictive, medication-assisted treatment (MAT) program for substance use; please visit www.beataddiction.com for more information on the BioCorRx Recovery Program. The UnCraveRx™ Weight Loss Program is also a medication assisted program; please visit www.uncraverx.com for more information on UnCraveRx™. The Company also conducts R&D under its controlled subsidiary, BioCorRx Pharmaceuticals. For more information on BICX and product pipeline, please 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 March 31, 2020