We believe the BioCorRx® Recovery Program offers distinct advantages both as a treatment and to the market needs:· Proven Treatment: In the past five years, hundreds of patients have been treated with the program with unprecedented success rates as compared to other treatment solutions in this industry. The company plans to have 3 rd party verification studies of patient outcomes started in the future. · Does not require special prescribing waivers: Many treatment programs which use buprenorphine, a controlled substance under DEA regulations requiring additional paperwork and prescribing waivers. Naltrexone is not considered a controlled substance on its own (only when combined with buprenorphine) and therefore prescribers are not subject to many of the compliance regulations associated with using controlled substances in MAT. · Long lasting proprietary formulation: The treatment includes a proprietary implantable form of naltrexone to help battle cravings for several months, sometimes up to six to twelve months depending on individual metabolism rates. Other common forms of Naltrexone require daily administration orally or monthly administration via injections, creating patient compliance problems and an increased risk of relapse. · Patient Counseling Program: There is very little standardization across addiction treatment programs and as a result, it can be challenging for healthcare providers to know how best to structure an effective program. Our new counseling program is based on guidelines from SAHMSA and NIAAA and provides healthcare professionals with access to a certified group of counseling professionals and a wide range of individual or group therapy options for patients. · Measureable, Replicable, Scalable: Healthcare reimbursement in the U.S. is moving towards payment models that emphasize effective outcomes. Reliable data is central to demonstrating effective outcomes, and we believe healthcare providers will embrace our data solutions as well as the ability to track their patients' progress against other providers using the BioCorRx® Recovery Program. Setting the Foundation for Rapid Growth Over recent years, we worked to build a transparent and stable platform for our partners and potential partners. Central to our efforts was the asset purchase agreement of the formula used to make the naltrexone implant used in our program. That agreement was executed in June 2015. Our most recent initiative revolves around the distribution model to wellness centers as part of our agreement with Myriad Medical Marketing. We now have a total of eight wellness centers under agreement to distribute our program with more planned in the coming weeks. This distribution agreement creates the potential for BioCorRx to be the most accessible Medication-Assisted Treatment program in the United States. Our goal is to have our program available to everyone within driving distance.
In 2014 we eliminated all convertible debt and brought the company to positive operational cash flow for the first time in the Company's history. In 2015 we have continued embarking on our new growth strategies.Six Consecutive Quarters of Double-Digit Revenue Growth Since our relaunch, quarterly revenues have grown from $130,829 in Q1 2014 to $733,245 as of June 30, 2015 as we continue to attract new providers to the program. With our restructuring and corporate relaunch completed, our focus is now on moving towards positive cash flow and profitability. Our goal for the remainder of 2015 and for 2016 is to continue growing our client base. Business development efforts are focused on three main areas:
- Nationwide Rollout: As of September 17, 2015 there are eight wellness centers under distribution agreements, with another ten addiction centers using our program. The company plans to add several more wellness centers by the end of the year.
- Expand Strategic Partnerships: To date we have established strategic partnerships with healthcare providers, a compounding pharmacy and a medical marketing firm. In each case, we believe these partnerships will expand our reach into the addiction treatment market, help build awareness of the BioCorRx® brand and attract new providers and patients.
- Strengthen Balance Sheet: With our improving financial performance over the past few quarters with increased revenues, the Company believes that it will have the ability to further decrease the total debt. Going forward, depending on market conditions, the Company's cash position, and other considerations, the Company may take other steps to reduce its debt obligations or otherwise improve its balance sheet.
Kind Regards,Brady Granier Interim Chief Executive Officer Safe Harbor Statement The information in this press 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.