BioCorRx Raises $1.1 Million at Premium to Market
ANAHEIM, CA, June 06, 2018 (GLOBE NEWSWIRE) -- BioCorRx Inc. (OTCQB: BICX) (the “Company”), a developer and provider of advanced solutions in the treatment of alcohol and opioid addictions, today announced the Company recently sold 5.5 million shares of common stock in a private placement at a price of $0.20 per share for proceeds of $1.1 million. The $0.20 price paid by both new and existing investors represents a premium to the current market price. Investors also received 100% warrant coverage with the warrants having a three-year term and an exercise price of $1.00 per share. This capital is enabling BioCorRx to continue to work towards FDA approval of BICX102, the Company’s naltrexone implant for the treatment of opioid and alcohol use disorders.
Brady Granier, President, CEO and Director, stated, “We are pleased to announce that our investors continue to support the management team at BioCorRx and the future growth and success of the Company. We are fortunate to have attracted a dedicated group of investors who believes in management and a product that we feel may have a significant impact on the current opioid crisis as well as alcohol use disorder. This is a testament to the hard work of our team. With this latest investment, work on BICX102 continues while we also wait for the outcome of our recent NIH/NIDA grant application for BICX102. We look forward to getting BICX102 approved to fight these substance use disorders.”
Lourdes Felix, CFO, COO and Director, stated, “This investment constitutes a vote of confidence in our future, an affirmation of the work we have done to build our business and, most important, a validation of the tremendous opportunities we see ahead. As we execute on our plan, we look forward to driving significant value for all of our shareholders.”
The securities issued and sold in the private placement were sold pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
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 the use of sustained release naltrexone, usually in implantable form and under the direction and care of an independent licensed physician. Implant forms of naltrexone deliver the non-addictive medicine which is an opioid antagonist that can significantly reduce physical cravings for alcohol and opioids, as well as some of their effects. The second component of the program developed by BioCorRx Inc. is a proprietary cognitive behavioral therapy (CBT) program specifically tailored for the treatment of alcohol and opioid use disorders for those receiving sustain release naltrexone treatment. The behavioral portion of the program also includes overlapping peer recovery support and tracking. The Company also has an R&D subsidiary, BioCorRx Pharmaceuticals, which is currently developing injectable and implantable naltrexone products for potential future regulatory approval. 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.
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Source: BioCorRx Inc
Released June 6, 2018