ANAHEIM, CA, Jan. 09, 2024 (GLOBE NEWSWIRE) — via NewMediaWire – BioCorRx Inc. (OTCQB: BICX) (the “Company”), a developer and provider of innovative treatment programs for substance abuse and related disorders, announced the appointment of Louis Lucido as Interim President of the Company, effective immediately through January 31, 2024, and he will assume the formal role as President on February 1, 2024. Mr. Lucido will remain a Member of the Board of Directors. Additionally, the Company announced that Brady Granier has submitted his letter of resignation as President of BioCorRx Inc. and Chief Executive Officer of BioCorRx Pharmaceuticals, a subsidiary of the Company, effective January 31, 2024. Mr. Granier will continue to serve as a Member of the Company’s Board of Directors. Mr. Granier’s resignation did not arise as a result of any disagreement with the Company nor BioCorRx Pharmaceuticals.
Lourdes Felix, CEO, CFO, and Director of BioCorRx Inc., commented, “I am pleased to announce Louis’ appointment to Interim President of BioCorRx effective immediately and his transition to President of BioCorRx in February. Lou brings extensive business acumen, having founded and helped run a multi-billion-dollar asset management firm. Louis’ breadth of experience in corporate finance and capital markets will be invaluable as we execute our growth strategy and plan for a Nasdaq listing.”
Mr. Lucido has been a Director of BioCorRx Inc. since March 1, 2019. Mr. Lucido was formerly the Senior Advisor and Chief Operating Officer of DoubleLine Group, LP, a large investment firm with over $100 billion in assets under management. He was previously at TCW, where he served as a Group Managing Director. Prior to joining TCW in 2001, Mr. Lucido was the Chief Investment Officer for Delphi Financial Group (DFG) and was on several subsidiary Boards. Before DFG, he was the Chief Operating Officer and Secretary for Hyperion Capital Management and was also a Member of the Resolution Trust Advisory Committee. From 2013-2018, he served as a Member of the Board of Directors of CASA of Los Angeles and Chair. He is a current Member of the Board for National CASA since 2018. Mr. Lucido formerly served on the Boards of Junior Achievement, Southern California, 826LA, and the Lupus Research Alliance (formerly the Alliance for Lupus Research). Mr. Lucido received his MBA in Management and Finance from New York University and was a Member of the Dean’s Advisory Board of the N.Y.U. Stern School of Business.
Mr. Lucido noted, “Having served on the Board of BioCorRx the past five years, I am impressed with the Company’s progress and could not be more excited to join BioCorRx in an operational role as President. BICX104 represents a truly unique and promising therapy for the treatment of Opioid Use Disorder. Given the vast, underserved market opportunity, I look forward to leveraging my experiences in finance and the capital markets to help accelerate the growth of the Company, increase market awareness, and drive value for shareholders.”
“The Company and Board of Directors would like to express our sincere gratitude to Brady Granier for his significant contributions and outstanding leadership he provided BioCorRx Pharmaceuticals over the years. We look forward to continuing to benefit from his thoughtful counsel and involvement as a Member of the Company’s Board of Directors,” concluded Ms. Felix.
BICX104 is a biodegradable, long-acting subcutaneous pellet of naltrexone for the treatment of Opioid Use Disorder “OUD” being developed with the goal of improving patient compliance to naltrexone therapy compared to other marketed treatments. In Phase I, an open-label, single-center study in two parallel groups of randomized healthy volunteers to evaluate the PK and safety of BICX104 and the once-a-month intramuscular naltrexone injection (Vivitrol), BICX104 was well tolerated with no serious adverse events and achieved 84 days of therapeutic naltrexone plasma concentrations. BICX104 is being developed under BioCorRx Pharmaceuticals Inc., the Company’s majority-owned clinical-stage pharmaceutical subsidiary.
Information about the study can also be found at www.clinicaltrials.gov under NCT number 04828694.
BICX104 is being developed through a cooperative agreement with the NIDA, part of the NIH, under award number UH3DA047925, funded by the Helping to End Addiction Long-term Initiative, or NIH HEAL Initiative. This award is subject to the Cooperative Agreement Terms and Conditions of Award as set forth in RFA DA-19-002 entitled, Development of Medications to Prevent and Treat Opioid Use Disorders and Overdose (UG3/UH3) (Clinical Trial Optional).
The NIH Helping to End Addiction Long-term® Initiative or NIH HEAL Initiative®, is an aggressive, trans-NIH effort to speed scientific solutions to stem the national opioid public health crisis. Launched in April 2018, the initiative is focused on improving prevention and treatment strategies for opioid misuse and addiction and enhancing pain management. For more information, visit: https://heal.nih.gov.
OUD is a chronic disorder, with serious potential consequences including disability, relapses, and death. Opioids, used medically for pain relief, have analgesic and central nervous system depressant effects as well as the potential to cause euphoria with an overpowering desire to use opioids despite the consequences. OUD can involve misuse of prescribed opioid medications, use of diverted opioid medications, or illicitly obtained heroin. OUD is typically a chronic and relapsing illness, that is associated with significantly increased rates of morbidity and mortality.
According to the National Institute of Health opioid use disorder and opioid addiction remain at epidemic levels in the US and worldwide. Three million US citizens and 16 million individuals worldwide have had or currently suffer from OUD. More than 500,000 in the United States are dependent on heroin.
BioCorRx Inc. (OTCQB: BICX) is an addiction treatment solutions company offering a unique approach to the treatment of substance use and other related disorders. Beat Addiction Recovery is a substance use disorder recovery program that typically includes BioCorRx’s proprietary Cognitive Behavioral Therapy (CBT) modules along with peer support via mobile app along with medication prescribed by an independent treating physician under their discretion. The UnCraveRx® Weight Loss Program is also a medication-assisted weight loss program that includes access to concierge on-demand wellness specialists: nutritionists, fitness experts, and personal support from behavioral experts; please visit www.uncraverx.com for more information on UnCraveRx®. The Company also controls BioCorRx Pharmaceuticals, a clinical-stage drug development subsidiary currently seeking FDA approval for BICX104, an implantable naltrexone pellet for the treatment of alcohol and opioid use disorders. For more information on BICX and its subsidiary pipeline, please visit www.BioCorRx.com.
This press release contains 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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