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BioCorRx, Inc. Announces Preliminary Agreement with VDM Biochemicals to Develop and Commercialize Patented Opioid Antagonist VDM-001
ANAHEIM, CA, Oct. 09, 2018 (GLOBE NEWSWIRE) --
VDM-001 represents potential alternative to naloxone for overdose reversal; Potential to reduce cravings from substance use disorder
via NEWMEDIAWIRE -- BioCorRx Inc. (OTCQB: BICX) (the “Company”), a developer and provider of advanced solutions in the treatment of substance use disorders, today announced the execution of a letter of intent (LOI) with VDM Biochemicals, Inc. (VDM), subject to execution of a definitive agreement, whereby the companies would partner to further develop and commercialize VDM’s new opioid antagonist molecule, VDM-001, as described in U.S. Patent # 9,650,338B1 – 2017: “Opioid antagonist compounds and methods of making and using.” Under the agreement, BioCorRx has the right of first refusal to acquire up to a 49% ownership stake in VDM-001, which was invented by Dr. Vardan Martirosyan. Both parties have agreed to use best efforts to enter into a definitive agreement within 6 months from the date of the LOI execution on October 1, 2018. The definitive agreement would be between VDM and BioCorRx Pharmaceuticals, the Company’s R&D subsidiary.
Based on initial animal studies conducted overseas by the inventor, VDM-001 was found to exhibit substantial opioid antagonistic activity, both in vitro and in vivo, while also demonstrating safety. As a result, VDM-001 may represent an effective alternative to naloxone in the overdose reversal market. Currently, naloxone is the only treatment widely available (in various forms and routes of administration) for opioid overdose reversal. Unlike naloxone, VDM-001 is a 100% pure synthetic antagonist, whereas naloxone relies on natural sources for manufacturing. The potential benefits of a synthetic antagonist include a shorter and less costly manufacturing cycle, which could be helpful in the event of any future naloxone or other antagonist drug shortages. VDM believes that VDM-001 may have a stronger affinity for opioid receptors than naloxone (approximately three times more), which may result in a superior reversal of opioid overdose from fentanyl, which has increased in recent years. Reversing a fentanyl overdose often requires multiple doses of naloxone.
VDM believes VDM-001 may also address other potential indications such as substance use disorder, including alcohol use disorder, by reducing cravings. In the aforementioned studies, VDM-001 was also found to alleviate severe blood pressure loss due to septic shock or severe bleeding. BioCorRx and VDM plan to jointly conduct additional non-clinical studies to further validate the initial research after a definitive agreement is reached.
David Martirosyan, CEO of VDM, stated, “We are excited to partner with BioCorRx in order to develop and commercialize VDM-001, which we believe will help combat the growing opioid epidemic. It stands to reason that with the plethora of readily available prescription and illicit opioid drugs on the market, there should be more options available for antagonists other than naloxone. We believe that VDM-001 may also be useful as an adjunctive agent to increase blood pressure in the management of septic shock, as well as reduce cravings for alcohol and other addictions. BioCorRx Inc. has an impressive core business centered on the creation of novel treatment approaches that deter abuse of the active pharmaceutical ingredients in opioids and we believe a partnership with BioCorRx will help us accelerate the path to commercialization for VDM-001.”
Brady Granier, CEO, President and Director of BioCorRx, stated, “VDM-001 represents a very interesting new molecule which is worthy of exploration given the current opioid crisis. If validated, this new patented molecule could prove to be a superior treatment for opioid overdose, as well as other indications. We look forward to further evaluating this opportunity with VDM.”
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.
About VDM Biochemicals, Inc.
Located in Lake Forest, California, VDM Biochemicals is a dynamically developing company, which specializes in the synthesis and distribution of a most innovative range of novel chemicals, analytical reagents, and specialty products for life science research.
Currently serves pharmaceutical and biotechnology companies, academic and research institutions, hospitals, and government laboratories. For more information on VDM Biochemicals Inc, visit www.VDMBIO.com.
Safe Harbor Statement
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.
CONTACT: BioCorRx Inc. investors@BioCorRx.com 714-462-4880 Investor Relations: Crescendo Communications, LLC (212) 671-1020 x304 email@example.com