BioCorRx awarded NIDA grant of approximately $5.7 million for an implant for the treatment of opioid use disorder

BioCorRx Inc. (OTCQB: BICX) (the “Company”), a developer and provider of advanced solutions in the treatment of substance use disorders, announced that it has been awarded a2-year grant from the National Institute on Drug Abuse (NIDA), part of the National Institutes of Health (NIH), under award number UG3DA047925 for the development ofBICX102, the Company’s single administration, multi-month sustained release naltrexone implant for the treatment of opioid use disorder. The Company is seeking FDA approval for BICX102.

This award is the result of the Company’s application under RFA DA-19-002,“Development of Medications to Prevent and Treat Opioid Use Disorders and Overdose(UG3/UH3) (Clinical Trial Optional)”. There are two phases to this grant opportunity; UG3and UH3. This award announcement pertains to UG3 of which $2,842,430 is awarded for the period of February 1, 2019 through January 31, 2020 (Year 1), followed by the Year 2amount of $2,831,838 based on satisfactory progress of the project and availability of funds. The total amount for the UG3 phase is $5,674,268. In the original application, the Company also requested over $3.6 million for the UH3 phase. The UH3 award is anticipated at a later date upon completion of milestones stated in the application which would enable transition from UG3 to UH3 phase, and based on availability of funds.

NIDA special emphasis expert reviewers commented that we provided an excellent proposal from “an outstanding industry team” with a “strong rationale for the technology based on previous basic research and clinical experience” and recognized “extensive experience with the parent drug and delivery technology (clinical) suggest that the development plan has a high likelihood of progressing to an approved treatment in the US.”

Brady Granier, BioCorRx CEO, stated, “We are honored to have received this non-dilutive grant from NIDA/NIH, which we believe provides us with the funding to help achieve FDA approval of BICX102. Our thanks go out to the staff at NIH/NIDA and the reviewers who believed in the project. We believe this grant validates the clinical potential of BICX102 for the treatment of opioid use disorder. Current treatment options are limited for people with opioid use disorder (OUD) and BICX102 will be a new tool in this battle which affects over2 million Americans. We also feel that BICX102 may be effective in helping the one in eight American adults or 12.7% of the U.S. population who now meet the diagnostic criteria for alcohol use disorder. We look forward to rapidly advancing BICX102 through
the regulatory pathway.”

This article was released by BioCorRx, Inc.