Private equity firm Alpine Creek has completed its equity financing of BioCorRx Inc. (BICX), an addiction treatment company offering a unique approach to the treatment of substance abuse addiction.
The new round of funding will include the closing of nearly $5 million investment from strategic investor Alpine Creek Capital. Their initial investment of $2,500,000 received in June 2016 has allowed BioCorRx to reach major milestones and expand into the development of injectable naltrexone.
Lourdes Felix, CFO, COO and director, stated, "We appreciate the support we have received from investors, as this financing strengthens our balance sheet while allowing us to continue to execute on our business plan. Preclinical studies of BICX101, a new injectable naltrexone technology for the treatment of substance abuse addiction, have produced results consistent with our goals. This funding will allow us to accelerate our preclinical activities, and we remain on track to complete the current study already underway in the following weeks. Once the study is completed, we plan to request a pre-IND meeting with the FDA to present the data. In addition, this financing will allow us to accelerate sales and marketing activities related to our BioCorRX Recovery Program."
In June 2016, Alpine Creek committed to invest an initial $2,500,000 with an additional $2,500,000 to BioCorRx. Alpine Creek Capital Managing Partner Travis Mullen commented at that time, "We couldn't be more excited about our investment in BioCorRx and the cutting edge program they have in place. The BioCorRx Recovery Program which includes this naltrexone delivery system coupled with the tangible counseling program is literally saving lives and we look forward to arming as many families as possible with this amazing tool for their battle against alcohol or opioid addiction."
Brady Granier, CEO of BioCorRx, Inc., welcomed Alpine Creek’s investment and said that the fund is the largest position made in BioCorRx in its more than five years of operations. He said, “Since last year, Alpine has been a valued and trusted financial partner of BioCorRx and this transaction is a testament to the hard work that has been done by everyone in our company to create a product that we believe has great potential to combat this opioid epidemic, as well as the much larger alcoholism problem destroying families across the world. Our program and service model has evolved over the years into something we believe is truly unique and effective in battling addiction. With this significant partnership with Alpine, we will be able to start taking advantage of initiatives we have been dreaming about for years. The folks at Alpine are not your average investors. They really care about what we are doing and the impact it can make and they are also rolling up their sleeves and getting in the trenches along-side us to beat addiction."
BioCorRx Signs Deal With Anaheim to Treat Opioid and Alcohol Addiction
Last month, BioCorRx finalized a deal with Anaheim Mayor Tom Tait to assist the city in in treating residents with opioid and alcohol addiction.
Under the agreement, BioCorRx will offer its BioCorRx Recovery Program to residents of Anaheim suffering from alcohol and opioid addiction as an expansion of the Drug Free Anaheim Program unveiled in 2016's State of the City address aimed at encouraging chronic drug users to seek assistance. The Drug Free Anaheim Program offers addicts the opportunity, through local police stations in Anaheim, Orange County's most populous city, to request help in exchange for free treatment.
The BioCorRx Recovery Program includes an implant compounded per patient use using the medication, naltrexone, combined with a structured, proprietary counseling program and peer support for a year. These specifically formulated, biodegradable pellets are typically inserted beneath the skin in the lower abdominal area. Naltrexone is a non-addictive opioid antagonist used for the treatment of alcohol and opioid dependence. It can reduce or eliminate cravings for alcohol and opioids as well as block dangerous effects of opioid use such as overdose as commonly seen in heroin use.
BioCorRx Gets OTCQB Upgrade
Last week, BioCorRx said that the company's shares have been approved for quotation on the OTCQB®, and will continue to trade under the symbol BICX. Investors can find real-time quotes and market information for the company on www.otcmarkets.com.
Granier stated, "We are pleased to have been accepted for quotation on the OTCQB, which reinforces our commitment to the highest levels of transparency and corporate governance."
DISCLOSURE: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I am receiving compensation from BioCorRx for the article.
