ChromaDex Receives $750,000 Cash from Previous Sale of its BluScience Line
04 Dec 2014 --- ChromaDex Corp., an innovative natural products company that provides proprietary ingredients and science-based solutions to the dietary supplement, food and beverage, cosmetic and pharmaceutical industries, announced that it has received a cash payment of approximately $750,000 for the shares of NeutriSci International Inc., that the company received as part of its prior transaction with NeutriSci.
In March 2013, ChromaDex closed on the sale of its BluScience consumer product line to NeutriSci. The sale of the BluScience line allowed ChromaDex to hone its focus on growing the sales of its ingredient business, as well as accelerating the development of its novel ingredient pipeline. ChromaDex expects to continue to generate revenue from this relationship through its 6 percent royalty agreement on future net sales of BluScience products and its supply agreement with NeutriSci on ChromaDex's patented pTeroPure pterostilbene ingredient.
Frank Jaksch, Jr., CEO and co-founder of ChromaDex, commented, "The $750,000 resulting from our 2013 sale of the BluScience line strengthens our balance sheet and, in particular, our cash position. Coupled with our recent $5.0 million in debt financing from Hercules Technology Growth Capital, we believe that we are well positioned to fund our operations at least through 2015, as our business transitions to cash flow positive and profitability."
ChromaDex's product portfolio includes scientific ingredients that have demonstrated multiple health benefits, including NIAGEN and PURENERGY, both of which are undergoing clinical trials. In its most recent quarterly earnings report, ChromaDex reported a 160 percent year-over-year increase in its ingredient sales.
"We continue to see strong demand for our novel ingredient technologies, especially our NIAGEN nicotinamide riboside, and we expect both revenue growth and business development activity to continue to increase in 2015," Jaksch added.
