*NEWS: BioCorRX: Reverse Stock Split and Grant
An innovative developer and provider of services in the treatment of substance use disorders announced today a reverse stock split of its shares of common stock at a ratio of 1-for-100.
The common shares of BioCorRx, with HQ in Anaheim, which previously traded under the ticker symbol “BICX,” began trading on a post-split basis under the symbol “BICXD,” which will continue for a period of 20 business days after which time the “D” will be removed, and the symbol will revert back to “BICX,” according to a press release issued by the company.
No fractional shares will be issued in connection with the reverse stock split.
As previously disclosed, the reverse split is being done in order to uplist to the NASDAQ.
“This reverse stock split is an important step in BioCorRx’s corporate development, as we continue to execute on our operational strategy,” Lourdes Felix, COO and CFO of BioCorRx, said in the release. “Our plans to move to a national exchange reflect our success in advancing our therapeutic pipeline, the BioCorRx Recovery Program, and the upcoming launch of our weight loss program.”
He added that the planned uplisting will help support the creation of long-term stockholder value by attracting a broader, more diverse stockholder base, as well as providing an enhanced platform for potential M&A activity in the future.
In other BioCor news, the company recently announced that it’s been awarded a two-year, $5.7 million grant from the National Institute on Drug Abuse, part of the National Institutes of Health, for the development of its naltrexone implant for the treatment of opioid use disorder.
The company is seeking FDA approval for this treatment.
There are two phases to this grant opportunity. Year 1 includes the receipt of approximately $2.8 million for the time period of February 1 through Jan. 31, 2020.
Year 2 includes the receipt of another $2.8 million, based on satisfactory progress of the project and availability of funds.
In its application, BioCorRX also requested another $3.6 million. This would be considered at a later date upon completion of milestones and availability of funds.
The National Institute on Drug Abuse expert reviewers commented that BioCorRX 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 U.S.”
The BioCorRx Recovery Program is a non-addictive, medication-assisted treatment program with two main components: an outpatient implant procedure performed by a licensed physician and a cognitive behavioral therapy program tailored specifically for the treatment of alcoholism and other substance abuse addictions for those receiving long-term naltrexone treatment.
The company also conducts R&D under its controlled subsidiary, BioCorRx Pharmaceuticals.
The CEO of BioCorRx is Brady Granier. See more on BioCorRx here.