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 for the article.
Prisons across the U.S. are experimenting with injectable naltrexone as the preferred treatment for opioid addiction, especially among soon-to-be-released inmates who are struggling with drug or alcohol dependency.
Manufactured by $9 billion pharmaceutical company Alkermes PLC (ALKS, Financial), the $1,300 per shot Vivitrol is being hailed as a wonder drug in the treatment of opioid addiction, although critics are skeptical about the effectiveness of the drug.
But the West Virginia Division of Corrections is one of the U.S. prison systems that believes in the effectiveness of Vivitrol (the trade name for naltrexone); it has incorporated a monthly injection of the drug to its soon-to-be-released inmates to prevent the lingering effects of opioid drugs and block any cravings for alcohol or drugs.
According to a report by The Register Herald, Debbie Hissom, director of Medical Services at the Division of Corrections, said that since the program was initiated in July 2015, a total of 47 inmates have participated in it. Hissom said that parole officers of participants have been reporting positive feedback about the progress of the participants.
"I think anything we can do is positive," Hissom commented. "Of course, it's not a 100% success rate. It is voluntary, and lots choose not to enroll. Some start and only get one or two injections."
The New Hampshire State Prison is offering Vivitrol to its inmates, but the program is only available to individuals who have completed their sentences and are ready for release.
Strafford County’s George Maglaras said that the Strafford County House of Corrections is also seriously studying the prospect of instituting the use of Vivitrol with its inmates as part of a larger federal initiative to address the physical and behavioral health care of detainees in the county.
Sales of Vivitrol to reach $200 million in 2016
“Sustained release naltrexone holds so much promise in the fight against the opioid epidemic that the sales of Vivitrol is expected to exceed $200 million this year,” said Brady Granier, president, CEO and director of BioCorRx Inc. (BICX, Financial), an addiction treatment company and a new player in the development of injectable naltrexone.
The opioid epidemic affects more than 2 million Americans and an estimated 15% of the U.S. prison population. Granier added that BioCorRx is seeking to approve a “more efficient delivery of naltrexone with the prospect of better patient adherence to monthly injections, as well as easier administration of the injection by health care providers.”
The strong demand for Vivitrol helped push Alkermes’ earnings this year. In its third quarter financial report, Alkermes said Vivitrol’s sales totaled $55.8 million in the first nine months of the year, accounting for a big chunk of the company’s $180.2 million total revenues up to the last quarter.
“Our third-quarter results demonstrate the value of our highly diversified commercial portfolio and were driven by the strong growth of our proprietary products, Vivitrol and Aristada,” commented Alkermes Chief Financial Officer James Frates. “As we approach year end, we remain well positioned to execute on our business strategy and are reiterating our 2016 financial expectations provided in July.”
New player
Earlier this year, BioCorRx partnered with TheraKine Ltd. to develop its new injectable naltrexone formulation, BICX101. Granier said that the company selected Covance (CVD, Financial) as the contract research organization (CRO) for nonclinical studies of BICX101.
BICX101 is expected to last more than 30 days with serum naltrexone levels at or above 2 ng/ml which has been proven to be effective in craving reduction of alcohol and opioids, as well as protect opioid users from overdose if they attempt to use while an adequate level of naltrexone is in their system. BioCorRx will request a pre-IND meeting with the FDA and anticipates a meeting date sometime in the first quarter of 2017 to present the data from the in vitro release and in vivo absorption studies.
Granier suggested that once released in the market, BICX101 could be less costly than the leading Vivitrol brand and may also be less painful when administered as reported by many doctors and patients.
Granier said, “From what we have seen in the in vitro release lab studies thus far, we are very confident that we will have a very effective product to help fight this opioid epidemic and alcoholism problem.”
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 for the article.
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