BioCorRx Provides Business Update for 2022
Revenue Increases 343% for 2022 Due to Increased Number of Patients Treated at Licensed Clinics
ANAHEIM, CA, April 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioCorRx Inc. (OTCQB: BICX) (the “Company”), a developer and provider of innovative treatment programs for substance abuse and related disorders, today provided a business update for the year ended December 31, 2022 and reported on recent corporate developments.
Lourdes Felix, CEO, CFO and Director of BioCorRx Inc., commented, “2022 was a transformative year for BioCorRx, as we made significant progress advancing the Phase I clinical trial of BICX104, an implantable biodegradable naltrexone pellet for the treatment of opioid use disorder (OUD). We recently announced, interim positive safety and pharmacokinetic (PK) results for the trial at the 4th Annual NIH HEAL Initiative Investigator Meeting. BICX104 was well tolerated with no serious adverse events reported and achieved 84 days of therapeutic naltrexone plasma concentrations.
“Additionally, BICX104 subjects experienced better 84-day treatment adherence than Vivitrol® subjects. We also announced that we plan on seeking FDA approval for immediate Expanded Access, sometimes called “compassionate use,” of BICX104 to help over 10 million Americans with opioid use disorder. We are also planning to apply for fast-track designation and seeking an FDA meeting to confirm the final pathway for full regulatory approval. We look forward to providing additional updates as developments unfold.
“During the year, we announced that we have partnered with Government Plus, a leading provider of private sector healthcare to veterans, to nationally expand our Beat Addiction Recovery Program. We believe our program will offer veterans suffering with substance abuse and other related disorders an enhanced treatment solution. We look forward to partnering with other veteran groups for our Beat Addiction Recovery Program to aid veterans suffering with substance use disorders.
“We saw an increase in revenue in 2022 due to the increased number of patients treated at licensed clinics. Furthermore, we were pleased to see that membership/program fees also increased for 2022 due to more customers signing up for our UnCraveRx™ Weight Loss Management Program. At the same time, we continue to carefully manage expenses and reduced operating expenses by nearly 12%.
“Furthermore, BioCorRx Pharmaceuticals Inc. has made tremendous progress over the past three years advancing BICX104 and we look forward to rapidly advancing our clinical activities towards commercialization of BICX104, as well as expanding our development pipeline. We remain focused on saving lives and are committed to helping all afflicted by addictive disorders,” concluded Ms. Felix.
BICX104, which is being developed under BioCorRx Pharmaceuticals, Inc., the Company’s controlled clinical stage pharmaceutical company, is a biodegradable, long-acting subcutaneous pellet of naltrexone for the treatment of OUD being developed with the goal of improving patient compliance to naltrexone therapy compared to other marketed treatments. The BICX104 clinical study is a Phase I, open-label, single-center study in two parallel groups of randomized healthy volunteers to evaluate the PK and safety of BICX104 implantable subcutaneous naltrexone pellets and the marketed once-a-month intramuscular depot naltrexone injection, Vivitrol. Information about the study can also be found at www.clinicaltrials.gov under NCT number 04828694.
BICX104 is being developed through a cooperative agreement with the NIDA, part of the NIH, under award number UH3DA047925, funded by the Helping to End Addiction Long-term Initiative, or NIH HEAL Initiative. This award is subject to the Cooperative Agreement Terms and Conditions of Award as set forth in RFA DA-19-002 entitled, Development of Medications to Prevent and Treat Opioid Use Disorders and Overdose (UG3/UH3) (Clinical Trial Optional).
The NIH Helping to End Addiction Long-term® Initiative, or NIH HEAL Initiative®, is an aggressive, trans-NIH effort to speed scientific solutions to stem the national opioid public health crisis. Launched in April 2018, the initiative is focused on improving prevention and treatment strategies for opioid misuse and addiction, and enhancing pain management. For more information, visit: https://heal.nih.gov.
A copy of the Company’s annual report on Form 10-K for the year ended December 31, 2022 has been filed with the Securities and Exchange Commission and posted on the Company’s website at https://ir.biocorrx.com/.
BioCorRx Inc. (OTCQB: BICX) is an addiction treatment solutions company offering a unique approach to the treatment of substance use and other related disorders. Beat Addiction Recovery is a substance use disorder recovery program that typically includes BioCorRx's proprietary Cognitive Behavioral Therapy (CBT) modules along with peer support via mobile app along with medication prescribed by an independent treating physician under their discretion. The UnCraveRx® Weight Loss Program is also a medication assisted weight loss program that includes access to concierge on-demand wellness specialists: nutritionists, fitness experts and personal support from behavioral experts; please visit www.uncraverx.com for more information on UnCraveRx®. The Company also controls BioCorRx Pharmaceuticals, a clinical stage drug development subsidiary currently seeking FDA approval for BICX104, an implantable naltrexone pellet for treatment of alcohol and opioid use disorders. For more information on BICX and its subsidiary 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 April 3, 2023