BioCorRx Reports 12% Increase in Revenue and Provides Business Update for the Second Quarter of 2017
Investor Call to Be Held on Tuesday, August 15th at 2:00 pm ET
ANAHEIM, CA / ACCESSWIRE / August 15, 2017 / 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, 2017.
Brady Granier, President, CEO, and Director, stated, "We are pleased to report a 12% increase in revenue for the second quarter ended June 30, 2017. The increase in revenue is due to the increased number of clinics, as well as patients treated at clinics already licensed to offer our BioCorRx Recovery Program. In July, we entered into agreements with centers in three different states that will be implementing the BioCorRx Recovery Program. Our program is a non-addictive, medication-assisted treatment (MAT) program that combines a naltrexone implant with a proprietary counseling program and peer support specifically tailored for the treatment of alcoholism and opioid use disorder. In South Florida, we are now working with Hope Recovery and Wellness in West Palm Beach, which will be the first center in that area to implement the BioCorRx Recovery Program. EnLite™ Clinics is the first center to introduce our program in Ohio (at three locations), which is considered by many to be the epicenter of the opioid crisis. Lastly, we announced that Serrano KVAC clinic, an affiliate of the Serrano Kidney and Vascular Access Center of California, in conjunction with Serrano KVAC's partner CereCare, LLC, will implement the BioCorRx Recovery Program for the Hispanic market in Los Angeles, California. This marks the first clinic offering our program specifically for the Hispanic market."
"In May, we announced that we were granted a pre-IND meeting with the U.S. Food & Drug Administration (FDA), in order to review the development plan to market BICX101, a sustained release, injectable naltrexone still in preclinical development for the treatment of opioid and alcohol use disorders. Based on a number of factors, we have decided to seek FDA approval on our naltrexone implant product first. Over the last few months, we have had several key meetings with various state and federal entities and there is a clear need, interest and demand for an approved naltrexone implant. This is coming from various key opinion leaders and government entities. As previously announced we are doing continuous studies on BICX101 to refine the formula. The latest data we received from Covance just this month suggests that BICX101 needs more formula development and testing in order to find the optimum formula. We are confident that we will have an injectable naltrexone product. After talking to our regulatory and development experts, our decision was made easier and we have decided to seek FDA approval on our naltrexone implant product first, in advance of BICX101. Our company and program was established around a naltrexone implant because of the results we have seen from those receiving naltrexone implants over several years. It can remove noncompliance which is still a problem with more frequent injectables. Prioritizing our naltrexone implant should also provide us first-mover advantage as we believe we can advance this program much faster. This strategic decision will also provide us additional time to further enhance and develop BICX101."
"BICX101 will remain in our development pipeline while we use resources to pursue implant approval. We are still working with Innovative Science Solutions and they have already communicated the desired changes to the FDA. The plan is now to submit an IND application to the FDA using existing implant data and without the need for a pre-IND meeting which should further reduce the time to market according to our experts. This product has already been developed and is known to work in humans so we are not trying to optimize an entirely new formula. Our desire is to be able to go straight to human trials by submitting the IND application. Our goal is to provide an update on the plan to submit the IND application in the next few weeks."
"In June, we established partnerships with the Virtual Reality Medical Center ('VRMC') and physicians at Scripps Memorial Hospital to conduct a study on our naltrexone implant and recovery program. We believe the doctors who run VRMC at Scripps Memorial Hospital, a premier medical facility, are ideal partners for BioCorRx due to their extensive experience in establishing Institutional Review Boards (IRB) and preparing Investigational New Drug (IND) applications for submission to the FDA. They will be helping us set up and conduct the study on our naltrexone implant and recovery program for alcohol and opioid addictions with the goal of validating the program's effectiveness for the broader medical community. We believe that by conducting this study, we will gain more third-party support for our program which has already helped countless individuals over the years. VRMC also plans to seek additional grant funding from the National Institutes of Health to support further clinical research related to BioCorRx's naltrexone implant and recovery program. We feel that this partnership with VRMC will bring synergy to our new plan of first seeking FDA approval of our implant."
"In April, we announced that we entered into an agreement with DynamiCare Health, Inc. to develop a co-branded mobile application to support patients engaged in counseling for the treatment of alcoholism or opioid addiction and receiving long-term naltrexone treatment. The mobile application, DynamiCare Rewards™ with BioCorRx CBT, is being designed to offer patients a self-guided, interactive version of BioCorRx's proprietary, naltrexone specific, Cognitive Behavioral Therapy (CBT) program. The mobile application is about to launch into beta mode and with this new technology platform, we believe that we can elevate our program to a new level to better serve our domestic partners and their patients, while creating potential new opportunities abroad."
"In June, we hosted a grand opening ribbon cutting ceremony supporting the Drug Free Anaheim initiative launched earlier this year that encourages those suffering from substance use disorder to seek assistance. As previously announced, BioCorRx is offering its BioCorRx® Recovery Program to Anaheim residents suffering from alcohol and opioid addiction as part of the Drug Free Anaheim initiative. We are confident in the success of our non-addictive medication-assisted-treatment program, which combines peer support and counseling modules with a naltrexone implant. The effectiveness of our program has been demonstrated over the last several years, with better compliance than traditional alternatives. We believe that with the success of our treatment program we are well positioned to continue our nationwide expansion. We already have patients enrolled in the program and we are currently tracking their results."
Lourdes Felix, CFO, COO, and Director, commented, "This quarter we believe we significantly strengthened our balance sheet and improved our cap structure. Moreover, we continue to execute on our business plan with revenues for the three months ending June 30, 2017 increasing 12% to $210,544 compared to the same period last year. This increase was driven by continued sales of our program by existing customers. We anticipate continued growth through the end of this year as a result of the additional centers offering the BioCorRx Recovery Program."
"In March, we announced an equity financing of $940,000 with accredited investors, and Alpine Creek Capital Partners invested an additional $1.7 million. We incurred a $12.3 million gain on a change in the fair value of our derivative liabilities in the second quarter of 2017, as we modified our outstanding convertible debt, eliminating the reset provision and thereby reducing potential stock dilution. The modified convertible debt is a significant statement of support by Alpine Creek Capital Partners and confidence in the direction in which the Company is now headed."
"We are pleased with our operational performance during the first half of 2017. With increasing revenues and our disciplined approach to expense management, we believe that this will provide the leverage needed to give us additional capacity to pursue our BioCorRx Recovery Program expansion strategy."
BioCorRx will host a conference call today, Tuesday, August 15th at 2:00 p.m. Eastern Time to discuss the company's financial results for the second quarter ended June 30, 2017, as well as the Company's corporate progress and other meaningful developments. If investors have any questions that they would like to pose to management please email BICX@crescendo-ir.combefore the conference call.
The call will be available on the Company's website at www.BioCorRx.com, or by calling 888-567-1603 for U.S. callers or +1 862-255-5347 for international callers.
A webcast will also be archived on the Company's website and a teleconference replay of the conference call will be available approximately one hour following the call, through midnight August 29, 2017, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 19930.
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 proprietary counseling program (plus peer support 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.
Crescendo Communications, LLC
SOURCE: BioCorRx Inc.
Released August 15, 2017