LOS ANGELES, CA--(Marketwired - Jul 14, 2016) - BioCorRx Inc. (OTCQB: BICX), 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 is establishing a Research and Development initiative in order to seek U.S. Food and Drug Administration (FDA) approval for its naltrexone implant.
Naltrexone is a non-addictive opioid antagonist medicine that can significantly reduce physical cravings for alcohol and opioids in most people. It can also block some of the effects of those substances. The naltrexone implant works by slowly releasing the medicine into the body for several months.
BioCorRx's previously announced $2.5 million investment with Alpine Creek will help to fund this R&D initiative. The Company also plans to separately utilize this R&D platform to evaluate other compounds with the objective of expanding its product pipeline in the rapidly evolving market for addiction treatment.
In May of this year, the FDA approved a buprenorphine implant which is used to treat opioid addiction. This implant, however, requires removal after 6 months and uses a medication that is a partial opioid agonist. In contrast, the naltrexone implant from BioCorRx is completely biodegradable and works by blocking opioid receptors in the brain and can be effective for both opioid addiction and alcoholism.
"While we continue to observe positive results in our practice, currently the FDA has not given a specific approval for the administration of naltrexone by having it implanted under the skin. Vivitrol, the first FDA approved 30-day injectable form of naltrexone, has led to meaningful market penetration, demonstrating strong demand for this application. Furthermore, with the recent approval of Probuphine by the FDA, implants to treat addiction in general are getting more exposure," said Brady Granier, CEO of BioCorRx. "Our objective is to expand the addressable market for our treatment targets and seeking FDA approval for our naltrexone implant is a logical next step. To support this endeavor, we anticipate announcing strategic relationships with experienced FDA advisors and consultants in the near term and will provide further details as our strategy unfolds."
About BioCorRx Inc.
BioCorRx Inc. (OTCQB: 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, 1) an outpatient implant procedure performed by a licensed physician which delivers the non-addictive medicine, naltrexone, an opioid antagonist that can significantly reduce physical cravings for alcohol and opioids and 2) 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.