BioCorRx Board of Directors Approves Exploration of Potential Spin-Off of BioCorRx Pharmaceuticals, Inc.
ANAHEIM, CA, Nov. 22, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioCorRx Inc. (OTCQB: BICX) (the “Company”), a developer and provider of innovative treatment programs for substance abuse and related disorders, today announced that its board of directors has authorized the exploration of a potential spin-off of BioCorRx Pharmaceuticals, Inc., the Company’s controlled clinical stage drug development company, into a separate publicly traded company on a major exchange.
BioCorRx believes that a spin-off will maximize shareholder value by enabling investors to evaluate the performance and future potential of each entity, simplifying capital structures and creating additional long-term company value. If completed, upon effectiveness of the transaction, BioCorRx shareholders would own shares of both companies. Any potential spin-off would be intended to qualify as a tax-free event for U.S. federal income tax purposes to BioCorRx Inc. and its shareholders.
Lourdes Felix, CEO, CFO and Director of BioCorRx Inc., commented, “We are exploring a potential spin-off transaction of BioCorRx Pharmaceuticals, as we believe that, if completed, such a transaction would allow us to better align resources, while enabling shareholders to participate in the upside potential. Notably, BioCorRx Pharmaceuticals Inc. has made tremendous progress over the past three years advancing BICX104, an implantable naltrexone pellet for the treatment of opioid use disorder (OUD), via a 505(b)(2) FDA approval pathway. We look forward to rapidly advancing our clinical activities towards commercialization of BICX104, as wellas expanding our development pipeline. We remain focused on saving lives and committed to helping all afflicted by addictive disorders.”
There can be no assurance that the proposed transaction will be completed in the manner described above, or at all. The Company has not set a timetable for completion of this process. Completion of any spin-off would be subject to various conditions.
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