Biocorrx Inc (OTCMKTS:BICX) is a penny stock that has started to engage some focus among traders and investors as prices get major traction in bounce mode. The primary recent catalyst is the company’s latest announcement that is has received updated data from preclinical studies for BICX101 – a sustained release, injectable naltrexone for the treatment of opioid abuse and alcoholism.
According to the release, “the Company is pleased to announce that three different formulations were successful in reaching 28 days of sustained release of naltrexone. The Company also announced that it will have a booth in the exhibit hall at the American Society of Addiction Medicine (ASAM) conference in New Orleans this week. ASAM is the leading addiction medicine professional society in the U.S. representing over 4,300 physicians, clinicians and professionals with a focus on addiction and its treatment.”
Biocorrx Inc (OTCMKTS:BICX) promulgates itself as 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.
The first component of the program consists of an outpatient implant procedure performed by a licensed physician. The implant delivers the non-addictive medicine, naltrexone, an opioid antagonist that can significantly reduce physical cravings for alcohol and opioids.
The second component of the program developed by BioCorRx Inc. is 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.
The Company also has an R&D subsidiary, BioCorRx Pharmaceuticals, which is currently developing a new injectable naltrexone technology (BICX101) through a partnership with TheraKine Ltd. The company plans to seek FDA approval for BICX101.
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As noted above, BICX shares have been rocketing higher in recent days in part in reaction to recent positive updates on its sustained release, injectable naltrexone for the treatment of opioid abuse and alcoholism.
Brady Granier, CEO, President, and Director, stated, “We are thrilled that we have been able to hit this milestone in vivo for the first time. Thanks to the work of our team and the folks at TheraKine and Covance, we are getting closer to a final product. We still need to fine tune the formulation to maximize performance, but this data is very exciting. Not only have we reached 28 days of release, but we did it with an injection volume of only 1 ml.”
Granier added, “In terms of the Pre-IND meeting request with the FDA, we are working with Innovative Science Solutions to get that done as we are eager to meet with the agency. We anticipated the request being submitted this week and we are still working to that end. It could go into next week depending on what finishing touches are needed, if any, after all regulatory experts have had a chance to review and comment on the final application. We will also be at ASAM later this week which we are very excited about as this is one of the best events in the industry. We will be meeting many key opinion leaders and educating countless addiction specialists about our BioCorRx Recovery Program and BICX101. The attendees of ASAM are all potential partners or customers for our products and programs.”
The chart shows more than 160% added to share values of the stock over the past month of action. Market participants may want to pay attention to this stock. BICX is a stock who’s past is littered with sudden rips. What’s more, the listing has seen an influx in interest of late, with the stock’s recent average trading volume running nearly 510% beyond what we have been seeing over the larger time frame.
Currently trading at a market capitalization of $43.2M, Biocorrx Inc has virtually no reported cash on the books, which stands against about $383K in total current liabilities. BICX is pulling in trailing 12-month revenues of $659K. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 41.8%. You can bet we will update this one again as new information comes into view. For continuing coverage on shares of $BICX stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!