BioCorRx, Inc. Announces Reinstatement of Letter of Understanding to Acquire Naltrexone Implant Formula for Treating Addiction
Los Angeles, March 18, 2015 (GLOBE NEWSWIRE) -- BioCorRx, Inc. (BICX), developer of the Start Fresh Program® used for the treatment of alcohol and opioid dependence, announces the reinstatement of the letter of understanding (LOU) to acquire Trinity Rx Solutions and all of its formulas. The list of formulas includes the naltrexone pellet formula that is used to make the implant for which the Company currently has exclusive use rights in the U.S. and abroad (excluding Australia and New Zealand). The LOU has been reinstated with the understanding that the parties will close on a definitive agreement by the end of the year.
In November 2013, President Obama signed the Drug Quality and Security Act, which changed the compounding laws to allow a new type of compounding pharmacy to be established. These compounding pharmacies, called "outsourcing facilities," will fall under federal oversight presumably resulting in greater patient safety. The new law was the result of a deadly meningitis outbreak caused by a New England compounding pharmacy in 2012.
When and if the formulation is acquired from Trinity Rx Solutions, BioCorRx, Inc. intends to acquire one of these outsourcing facilities so that the Company can take control over production and supply of the naltrexone implant used in the Start Fresh Program. Currently, BioCorRx, Inc. has exclusive, perpetual rights to the implant, but does not own the formula. Ownership of the formula is expected to create better efficiencies for the Company. If additional formulas controlled by Trinity Rx Solutions are acquired, the Company plans to produce and market those formulas to treat their respective healthcare issues. These other formulas include compounds for treating health issues such as erectile dysfunction, smoking addiction, chronic pain, and more.
"We are very pleased that Trinity agreed to reinstate this letter of understanding. Our interests are aligned and both sides want to make this happen. The acquisition plan was shelved last year due to a focus by the Company on expansion of the Start Fresh Program's availability and cash flow. Owning the naltrexone implant formula and other formulas, while not paramount, is expected to bring down hard costs, streamline processing of orders, and create new revenue streams in the future by helping people with other health related problems outside of alcohol and opioid addiction," stated COO and interim CEO Brady Granier.
Visit BioCorRx, Inc.'s investor relations website at www.BICXcorp.com to receive the most up to date company information.
About BioCorRx, Inc.
BioCorRx, Inc. ® (OTCQB: BICX) is an addiction treatment and rehabilitation company offering a unique approach to the treatment of substance abuse addiction. The Start Fresh Program® consists of two components. The first component of the program consists of an outpatient implant procedure performed by a licensed physician. The implant delivers therapeutic levels of the drug Naltrexone, an opioid antagonist that significantly reduces physical cravings for alcohol and opioids, into the body. The second component of the program developed by BioCorRx, Inc. is a one on one coaching program specifically tailored for the treatment of alcoholism and other substance abuse addictions. Clinic reports show that the treatment program can be successful for individuals who complete the program. For more information on BICX, visit www.BioCorRx.com
2014 was a pivotal year for BioCorRx, Inc. Clinics using the Start Fresh Program collectively saw a 402% increase in patients treated from 2013 to 2014. Over the course of 2015, the company is continuing the process of developing more new territories to continue expansion.
Number of clinics at the end of each quarter
-Q1, 2014 -- 5 clinics offering the Start Fresh Program
-Q2, 2014 -- 6 clinics offering the Start Fresh Program
-Q3, 2014 -- 6 clinics offering the Start Fresh Program
-Q4, 2014 -- 10 clinics offering the Start Fresh Program
- Q1, 2015 to date - 13 clinics offering the Start Fresh Program
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.
CONTACT: Investor Relations SmallCapVoice.com, Inc. 512-267-2430
Released March 18, 2015