BioCorRx Provides Business Update for the Third Quarter of 2021

Rhea-AI Summary

BioCorRx Inc. (OTCQB: BICX) provided a business update for Q3 2021, highlighting progress in its FDA drug approval process for BICX104, an implantable pellet for opioid use disorder. The company secured approximately $3.5 million in non-dilutive funding from the National Institute on Drug Abuse (NIDA), aiding their FDA submission efforts. An agreement with IriSys LLC was expanded for manufacturing support. Additionally, BioCorRx filed patent applications in the U.S. and Russia for BICX104, furthering its intellectual property strategy.

Positive

• Secured approximately $3.5 million in non-dilutive funding from NIDA for BICX104's FDA approval process.
• Expanded agreement with IriSys LLC for manufacturing and analytical services related to BICX104.
• Filed patent applications for BICX104 with both the U.S. and Russian patent offices.

Negative

• None.

ANAHEIM, CA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioCorRx Inc. (OTCQB: BICX) (the “Company”), a developer and provider of innovative treatment programs for substance abuse and related disorders, today provided a business update for the third quarter ended September 30, 2021 and reported on recent corporate developments. 

Lourdes Felix, CEO, CFO and Director of BioCorRx Inc., stated, “We are pleased to report continued meaningful progress towards U.S. Food and Drug Administration (FDA) drug approval process of BICX104, a gradual release implantable pellet for opioid use disorder. Notably, we were awarded approximately $3.5 million for the second phase of a grant which was awarded by the National Institute on Drug Abuse (NIDA), part of the National Institutes of Health (NIH). This is a major milestone as this funding is non-dilutive and substantially covers our financial costs as we move through the FDA approval process. In addition, we expanded our agreement with IriSys LLC, the San Diego-based contract development and manufacturing organization (CDMO) that was recently acquired by Recro. Under the expanded agreement, Recro will provide analytical validation services and cGMP manufacturing of registrational batches of BICX104 to support BioCorRx’s potential filing of a New Drug Application (NDA) for BICX104 with the FDA.

“We are also building our intellectual property portfolio. Towards this end, we filed patent applications related to BICX104 with the U.S. Patent and Trademark Office (USPTO) and the Russian Patent Office (Rospatent). Filing these patent applications is another key milestone in our intellectual property strategy to build a global patent portfolio, as we advance towards commencing our first-in-human clinical trial of BICX104 which will start next year.” 

A copy of the Company’s quarterly report on Form 10-Q for the third quarter ended September 30, 2021 has been filed with the Securities and Exchange Commission and posted on the Company’s website at https://ir.biocorrx.com/.   

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 that includes access to concierge on-demand wellness specialists: nutritionists, fitness experts and personal support from behavioral experts; please visit www.uncraverx.com for more information on UnCraveRx®. The Company also controls BioCorRx Pharmaceuticals, a clinical stage drug development subsidiary currently seeking FDA approval for BICX104, an implantable naltrexone pellet for treatment of alcohol and opioid use disorders. For more information on BICX and its subsidiary 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

Media Contact:

CMW Media

(858) 264-6600

biocorrx@cmwmedia.com

FAQ

What funding did BioCorRx secure for BICX104?

BioCorRx secured approximately $3.5 million in non-dilutive funding from the National Institute on Drug Abuse (NIDA).

What is BICX104?

BICX104 is an implantable naltrexone pellet aimed at treating opioid use disorder.

When is the first-in-human clinical trial for BICX104 expected to begin?

The first-in-human clinical trial for BICX104 is expected to commence next year.

Who is BioCorRx's manufacturing partner for BICX104?

BioCorRx has expanded its agreement with IriSys LLC for the manufacturing of BICX104.