LOS ANGELES, CA--(Marketwired - Aug 31, 2016) - BioCorRx Inc. (OTC PINK: BICX) (the "Company"), developer of the BioCorRx® Recovery Program, a medication-assisted treatment (MAT) program, announced today the formation of a new subsidiary, BioCorRx Pharmaceuticals, in conjunction with the company's Development, Commercialization and License Agreement with TheraKine Ltd. for exclusive worldwide rights, licenses and sublicensing to patented and patent pending TheraKine technology for sustained release naltrexone delivery.
BioCorRx Pharmaceuticals will focus on development and commercialization activities of the technology for an injectable naltrexone with the potential to deliver therapeutic levels of naltrexone for 30 days subcutaneously and/or for a few months intramuscularly. The subsidiary will also be used to do further work on the company's naltrexone implant product(s).
"Moving forward with our development of a new injectable naltrexone product and R&D initiative involving the implant, it made strategic sense to create a new subsidiary to handle these initiatives, separate from our operational company which will continue distributing the BioCorRx Recovery Program," said Brady Granier, CEO of BioCorRx.
In addition, the Company has assembled an expert team to form a Joint Steering Committee (JSC) for the injectable, which marks the first milestone completion for the license agreement with TheraKine.
Members of the JSC from BioCorRx include Brady Granier, President/CEO, Director and Dr. David Gastfriend, Medical Consultant. In his prior roll as Vice President at Alkermes, Dr. Gastfriend worked on pivotal efficacy studies and research on effectiveness, health services, criminal justice systems and health economics. Dr. Gastfriend has accrued extensive experience in the field of addiction treatment at institutions such as Massachusetts General Hospital Department of Psychiatry, The Treatment Research Institute and the American Society of Addiction Medicine.
Joining the committee from TheraKine, will be Scott Hampton, Founder & COO of TheraKine BioDelivery GmbH, and Dr. Andreas Voigt, Chief Scientist of TheraKine BioDelivery GmbH.
Scott is responsible for establishing drug delivery and medical device research and development groups. He also drives patent strategy, supports business development/partnering programs and fund raising. Scott is also the co-founder of Atlanta Catheter Technologies (ACT, USA), started in 2009.
Prior to TheraKine, Dr. Voigt was co-founder and CSO of Capsulution Pharma AG and worked at the Max-Planck-Institute for Colloid and Interface Research, Berlin/Potsdam. Dr. Voigt has published 60 publications and holds 35 patents and received a PhD from Humboldt-University of Berlin.
"We've assembled an outstanding team with decades of experience to accomplish our first milestone in our partnership with TheraKine," said Mr. Granier. "As we continue on the path to final development of a new injectable naltrexone product based on TheraKine's technology, this committee will oversee, review and coordinate all activities in our development plan, including validation studies in humans, and ultimately commercial deployment. We look forward to updating our shareholders soon as work on the formula has been underway for several weeks already."
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.