The deal covers exclusive global rights, licenses and sublicensing to patented and patent pending TheraKine technology for sustained release medication delivery.

Under the deal, the technology should be specifically used for the treatment of addictions using the medication naltrexone.

TheraKine has developed a sustained release delivery platform to locally supply biologic and small molecule drugs.

The companies will jointly develop and commercialize activities of the technology to develop an injectable naltrexone with the potential to offer therapeutic levels of naltrexone for 30 days subcutaneously and/or for a few months intramuscularly.

The deal includes milestone payments, comprising of commercialization and FDA regulatory approval of injectable naltrexone technology.

BioCorRx CEO Brady Granier said: "TheraKine's innovative technology platform made them an ideal fit for the creation of a new injectable naltrexone product.

"The formula is currently being fine-tuned and we expect to receive it by the early fourth quarter of this year along with in vitro studies.

"Once initial studies are completed, we will determine its commercialization path. We will also be seeking foreign partners to whom we may sublicense the technology to create other revenue streams.

BioCorRx has designed a non-addictive and medication-assisted treatment (MAT) recovery program to treat alcohol and opioid addiction.

BioCorRx recovery program includes two main components, of which one is an outpatient implant procedure performed by a licensed physician. The implant delivers the non-addictive medicine naltrexone to reduce physical cravings for alcohol and opioids.

The second is the counseling program designed to treat alcoholism and other substance abuse addictions for those receiving long-term naltrexone treatment.