BioCorRx Announces License Agreement With TheraKine Ltd. to Develop New Injectable Naltrexone Technology
LOS ANGELES, CA -- (Marketwired) -- 08/03/16 -- BioCorRx Inc. (OTC PINK: BICX) (the "Company"), developer of the BioCorRx® Recovery Program, a non-addictive, medication-assisted treatment (MAT) program used in the treatment of alcohol and opioid addiction, announced today it has signed a Development, Commercialization and License Agreement with TheraKine Ltd. effective July 28, 2016 for exclusive worldwide rights, licenses and sublicensing to patented and patent pending TheraKine technology for sustained release medication delivery. The agreement is specific to the use of the technology to treat addictions using the medication, naltrexone.
TheraKine has developed a sustained release delivery platform for the local delivery of biologic and small molecule drugs. Linear release is now possible for many medications using TheraKine's tunable sustained-release technologies.
BioCorRx and TheraKine will work on joint development and commercialization activities of the technology to develop an injectable naltrexone with the potential to deliver therapeutic levels of naltrexone for 30 days subcutaneously and/or for a few months intramuscularly.
"TheraKine's innovative technology platform made them an ideal fit for the creation of a new injectable naltrexone product," said Brady Granier, CEO of BioCorRx. "The formula is currently being fine-tuned and we expect to receive it by the early fourth quarter of this year along with in vitro studies. At that point, we anticipate we will immediately begin validation studies in humans. This product will be similar to an FDA approved injectable naltrexone product that is currently on the market, except the volume of the injection is expected to be substantially less, which should result in less pain and theoretically better patient compliance. The medication delivery should also be more linear than in the product that is currently on the market, resulting in more consistent therapeutic blood levels. It's worth noting that net sales of the existing injectable naltrexone product grew from approximately $38 million in 2011 to an estimated $185 million in 2016, demonstrating, we believe, strong demand for injectable naltrexone."
"Once initial studies are completed, we will determine its commercialization path. We will also be seeking foreign partners to whom we may sublicense the technology to create other revenue streams. This new delivery platform for a very effective, non-addictive medication, can be a game changer for the treatment of alcoholism and opioid addiction," Grainer concluded.
The license with TheraKine is global and perpetual, and includes milestone payments per the agreement. Milestones include commercialization and FDA regulatory approval of injectable naltrexone technology. BioCorRx and TheraKine will establish a Joint Steering Committee within 30 days of effective date to oversee, review and coordinate all activities in the development plan.
About TheraKine Ltd.
TheraKine Ltd. is biopharmaceutical company focused on the use of biophysics to solve long-standing problems with sustained release drug delivery. Linear release kinetics for weeks to months are made possible without any changes to API, solvents, or temperature extremes. Safety risks are reduced, as only GRAS excipients are used, and there are no polymerization or cross-linking steps. TheraKine partners with companies that need injectable or local sustained release formulations and has an internal pipeline of products in ophthalmology and dermatology.
For more information, please visit www.therakine.com.
About BioCorRx Inc.
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.
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 August 3, 2016