ANAHEIM, CA, Nov. 15, 2022 (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, 2022 and reported on recent corporate developments.
Lourdes Felix, CEO, CFO and Director of BioCorRx Inc., commented, "Last month, we reached a significant milestone as we announced that the last subject had been enrolled in the Phase I clinical trial of BICX104, an implantable biodegradable naltrexone pellet for the treatment of opioid use disorder (OUD), which is being developed under BioCorRx Pharmaceuticals, Inc., the Company's controlled clinical stage pharmaceutical company. We are currently in the process of collecting data and we expect to have interim data by the end of the year depending on 3rd party turnaround times. We plan to add additional subjects to complete the FDA-required clinical characterization of BICX104 prior to seeking marketing approval.
"Additionally, we saw an increase in revenue in the third quarter of 2022 due to the increased number of patients treated at licensed clinics. Furthermore, we were pleased to see that membership/program fees also increased for the third quarter of 2022 due to more customers signing up for our UnCraveRx™ Weight Loss Management Program. At the same time, we continue to carefully manage expenses and reduced operating expenses by nearly 32%."
The BICX104 clinical study is a Phase I, open-label, single-center study in two parallel groups of randomized healthy volunteers to evaluate the pharmacokinetics and safety of BICX104 implantable subcutaneous naltrexone pellets and the marketed once-a-month intramuscular depot naltrexone injection. The study is led by Dr. Joel M. Neutel M.D., Director of Research at the Orange County Research Center (OCRC), located in Tustin, CA. Information about the study can also be found at www.clinicaltrials.gov under NCT number 04828694.
BICX104 is being developed in collaboration with the National Institute on Drug Abuse (NIDA), part of the National Institutes of Health (NIH), under RFA DA-19-002, "Development of Medications to Prevent and Treat Opioid Use Disorders and Overdose (UG3/UH3) (Clinical Trial Optional)." The Company has an active Investigational New Drug (IND) status, and the FDA has deemed the 505(b)(2) abbreviated pathway acceptable, as well the opportunity to seek eventual dual indication on the product for OUD and Alcohol Use Disorder (AUD).
A copy of the Company's annual report on Form 10-Q for the third quarter ended September 30, 2022 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.
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