BioCorRx Completes $2.25 Million Private Placement

Rhea-AI Summary

BioCorRx Inc. (OTCQB: BICX) has completed a private placement, issuing 1.125 million shares at $2.00 each, raising $2.25 million. The funding will further develop its addiction treatment pipeline, including the sustained release naltrexone implant aimed at opioid and alcohol use disorders. The Company is preparing an IND application for FDA submission with hopes of commencing human studies this year. CEO Lourdes Felix emphasizes that this investment validates their strategy and growth potential, aiming to create significant shareholder value.

Positive

• Raised $2.25 million from a private placement to advance addiction treatment developments.
• Preparation of IND application for FDA to start human studies this year.

Negative

• None.

ANAHEIM, CA, March 02, 2021 (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 announced that the Company completed a private placement, whereby it issued 1.125 million common stock shares at a price of $2.00 per share, for total proceeds of $2.25 million. The private placement was done with Louis Lucido and Joseph Galligan, both members of the Company’s Board of Directors.

The capital will be used to advance the Company’s development pipeline in the addiction treatment field. Other uses of proceeds include working capital and general corporate purposes.

Lourdes Felix, CEO, CFO and Director of BioCorRx Inc., commented, "We deeply appreciate the support from Louis and Joseph. We continue to advance the sustained release naltrexone implant for the treatment of opioid and alcohol use disorders being developed by BioCorRx’s subsidiary, BioCorRx Pharmaceuticals Inc. We are preparing the IND application for submission to the U.S. Food and Drug Administration with the goal of starting human studies this year. We believe this investment is further validation of our business strategy, product pipeline, and the growth opportunities that lie ahead which we believe will create significant value for our shareholders.”

About BioCorRx

BioCorRx Inc. (OTCQB: BICX) is an addiction treatment solutions company offering a unique approach to the treatment of substance use and other related disorders. Beat Addiction Recovery 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.

BioCorRx Inc.
investors@BioCorRx.com
714-462-4880

Investor Relations:
Crescendo Communications, LLC
(212) 671-1020 x304
bicx@crescendo-ir.com

FAQ

What was the amount raised by BioCorRx in the recent private placement?

BioCorRx Inc. raised $2.25 million by issuing 1.125 million shares at $2.00 each.

What will BioCorRx's raised capital be used for?

The capital will be used to advance the Company's development pipeline in addiction treatment, along with working capital and general corporate purposes.

What is the significance of the IND application for BioCorRx?

The IND application is crucial for obtaining FDA approval to start human studies on their sustained release naltrexone implant for addiction treatment.

Who participated in BioCorRx's private placement?

The private placement was participated in by Board members Louis Lucido and Joseph Galligan.

When does BioCorRx aim to start human studies for its naltrexone implant?

BioCorRx aims to start human studies for its naltrexone implant in the current year.