BioCorRx Provides Business Update for the Second Quarter of 2020
ANAHEIM, CA, Aug. 14, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- 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, 2020.
Brady Granier, CEO, and Director of BioCorRx, Inc., stated, “Despite the COVID-19 pandemic, our pivotal GLP preclinical studies of BICX102, a sustained release naltrexone implant for the treatment of opioid and alcohol use disorders being developed under the Company’s subsidiary, BioCorRx Pharmaceuticals Inc., continues to progress and have been uninterrupted by COVID-19 to date. The aim of the preclinical studies is to collect data in support of the safety of BICX102 in order to submit our IND application to the U.S. Food and Drug Administration. We do not anticipate much of a delay, if any, to the completion of these pivotal studies and we continue to strive to submit our IND application toward the end of the year with the goal of starting human studies in early 2021. We are dependent on our third-party partners in this matter.
“As the COVID-19 global pandemic continues, so does the nation’s opioid epidemic. The full toll of restrictions and business closures due to COVID-19 likely won’t be determined for some time. The American Medical Association has stated that it ‘is greatly concerned by an increasing number of reports from national, state and local media suggesting increases in opioid-related mortality—particularly from illicitly manufactured fentanyl and fentanyl analogs.’ BioCorRx Pharmaceuticals continues to work on preclinical studies of VDM-001, a new molecule being developed to reverse opioid overdose through our partnership with VDM Biochemicals, Inc. There are a few small preclinical studies currently underway and VDM-001 may represent an effective alternative to naloxone in the overdose reversal market. Fentanyl has become a major driving force behind the opioid epidemic in the US. In 2018 alone, 31,000 people died from synthetic opioid overdoses. We are very encouraged by some early preclinical data that showed the ability of VDM-001 to block analgesic effects of fentanyl in vivo. The current studies that are currently underway will hopefully allow us to gain more insight into VDM-001 and its viability to progress to further development.”
A copy of the Company’s quarterly report on Form 10-Q for the second quarter ended June 30, 2020 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. The BioCorRx® Recovery Program 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; please visit www.uncraverx.com for more information on UnCraveRx™. The Company also conducts R&D under its controlled subsidiary, BioCorRx Pharmaceuticals. For more information on BICX and product 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 August 14, 2020