BioCorRx Completes $940,000 Equity Financing and Announces Alpine Creek Capital has Agreed to Invest an Additional $1.7 Million
ANAHEIM, CA / ACCESSWIRE / March 10, 2017 / BioCorRx Inc. (OTC PINK: BICX) (the "Company"), a developer and provider of advanced solutions in the treatment of alcohol and opioid addictions, today announced that it has completed an equity financing of $940,000 with accredited investors. The Company also announced Alpine Creek Capital Partners has agreed to invest another $1,660,000 by March 24, 2017, totaling an aggregate investment of $4,160,000. The Company received an initial investment of $2,500,000 from Alpine Creek Capital on June 10, 2016. Details of the transaction can be found in the Company's filings with the Securities and Exchange Commission.
This round of funding will include the closing of $4,160,000 investment from strategic investor Alpine Creek Capital. Their initial investment of $2,500,000 received in June 2016 has allowed the Company to reach major milestones and expand into the development of injectable naltrexone.
Lourdes Felix, CFO, COO and Director, stated, "We appreciate the support we have received from investors, as this financing strengthens our balance sheet while allowing us to continue to execute on our business plan. Preclinical studies of BICX101, a new injectable naltrexone technology for the treatment of substance abuse addiction, have produced results consistent with our goals. This funding will allow us to accelerate our preclinical activities, and we remain on track to complete the current study already underway in the following weeks. Once the study is completed, we plan to request a pre-IND meeting with the FDA to present the data. In addition, this financing will allow us to accelerate sales and marketing activities related to our BioCorRX Recovery Program."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
BioCorRx Inc. (OTC PINK: 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 a new injectable naltrexone technology (BICX101) through a partnership with TheraKine Ltd. The company plans to seek FDA approval for BICX101 and/or its naltrexone implant product (s). 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.
SOURCE: BioCorRx Inc.
Released March 10, 2017