BioCorRx (OTC:BICX) announced this month that it won a two-year grant from the NIH’s National Institute on Drug Abuse to support the development of its sustained release naltrexone implant for the treatment of opioid use disorder.

The grant includes $2.8 million for Feb. 1, 2019 to Jan. 31, 2020, followed by $2.8 million for the second year based on the project’s progress.

“We are honored to have received this non-dilutive grant from NIDA/NIH, which we believe provides us with the funding to help achieve FDA approval of BICX102,” CEO Brady Granier said in prepared remarks.

“Current treatment options are limited for people with opioid use disorder and BICX102 will be a new tool in this battle which affects over 2 million Americans. We also feel  that BICX102 may be effective in helping the one in eight American adults or 12.7% of the U.S. population who now meet the diagnostic criteria for alcohol use disorder. We look forward to rapidly advancing BICX102 through the regulatory pathway,” Granier added.