ANAHEIM, CA, April 05, 2018 (GLOBE NEWSWIRE) — BioCorRx Inc. (OTCQB: BICX) (the “Company”), a developer and provider of advanced solutions in the treatment of alcohol and opioid addictions, today announced that its partner, Virtual Reality Medical Center (VRMC), has submitted a Small Business Innovation Research (SBIR) grant application to the National Institute of Health. As previously announced last year, BioCorRx partnered with VRMC to conduct a study on the BioCorRx Recovery Program and one of the Company’s long-lasting naltrexone implants.
VRMC has over 30 years of experience in applying for and securing government grants and contracts. If approved, the grant will be used to conduct studies on the naltrexone implant and cognitive behavioral therapy (CBT) recovery program and its effect on alcohol use disorder in a virtual reality setting.
A recent CDC study shows that excessive alcohol use in the U.S. kills about 88,000 people each year and is a major drain on the American economy. The cost of excessive alcohol use in the United States reached $249 billion in 2010 and approximately 77% of these costs were due to binge drinking.
Brady Granier, President, CEO and Director, stated, “Our company started out treating alcohol use disorder before the opioid epidemic rightfully gained widespread notoriety. It’s important to note that alcohol use disorder (AUD) is a perpetual, massive problem that oftentimes doesn’t get the attention it deserves. Although alcohol is legal and socially acceptable, AUD is also a major national crisis that we must not ignore. VRMC is very experienced in submitting grant applications and running clinical studies. They plan to conduct a study on our naltrexone implant and how it affects the cravings of people with AUD through various virtual reality settings. We believe that by conducting this study, we will gain more third-party support for our program, which has already helped countless individuals over the years. Not only can this study potentially be helpful for educating medical practitioners, but it may also help lay the foundation for broader national awareness and reimbursement. It’s also worth noting that this application by VRMC is separate from the grant application that is currently being finalized for submission to the National Institute on Drug Abuse (NIDA).”
Dr. Mark D. Wiederhold, M.D., Ph.D, CEO of VRMC, commented, “We look forward to hearing the response from National Institute of Health, which should come in the second half of the year. We truly believe in the effectiveness of the naltrexone implant combined with BioCorRx’s CBT recovery program. Our mission is to combine both pharmacological and technical interventions which we believe represents the future of successfully addressing addiction.”
VRMC brings over 20 years of experience in the use of advanced technologies, such as Virtual Reality (VR), tele-behavioral health and real-time biosensor data analysis using artificial intelligence. VRMC has been effectively treating patients in its clinics and providing comprehensive VR training and treatment programs to the U.S. Government, the Department of Defense, the Veterans Administration, NATO and European Commission. VRMC is a leader in providing the tools for patient assessment and treatment both in the clinic and is actively transitioning healthcare to both mobile devices and the home setting.
BioCorRx Inc. (OTCQB: BICX) is 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 injectable and implantable naltrexone products for potential future regulatory approval. For more information on BICX, visit www.BioCorRx.com.
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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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