ChromaDex® Corp. (OTCQB: CDXC), an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, animal health, cosmetic and pharmaceutical industries, and marketer of its branded, patented pterostilbene, pTeroPure®, announced today financial results for the third quarter ended September 29, 2012.
For the three months ended September 29, 2012, ChromaDex reported record revenue of $3,632,244, an increase of 99 percent as compared to $1,827,568 for the same period in 2011. The increase in sales is largely due to an increase in sales of the Company's BluScience™ line of dietary supplements. The net loss attributable to common stockholders for the quarter ended September 29, 2012 was $1,538,034, or ($0.02) per share as compared to a net loss of $2,404,912, or ($0.03) per share for the same period in 2011. The non-cash, share-based compensation expense related to stock options and other share-based compensation for the third quarter of 2012 was $925,393. Excluding non-cash, share-based compensation expense, which is a "non-GAAP measure," would have the effect of decreasing the Company's net loss for the third quarter of 2012 to $612,641. As of September 29, 2012, cash, cash equivalents and marketable securities totaled approximately $1.2 million and inventories totaled approximately $5.4 million.
Third quarter highlights include:
- In September, the Company's nutritional ingredient pTeroPure (pterostilbene) was highlighted at the American Heart Association's High Blood Pressure Research 2012 Scientific Sessions by investigators from the University of Mississippi Medical Center. The findings showed that, in a Phase 2/3 clinical trial, the ingredient showed statistically significant results for blood pressure in adults.
- In July, the Company announced a distribution agreement for pTeroPure with Glanbia Nutritionals (NA), Inc., a global ingredient and micronutrient premix company, whereby Glanbia will serve as the exclusive distributor of pTeroPure in North America to the food, beverage and dietary supplement industries.
- In July, the Company licensed from Dartmouth College exclusive rights to several patents related to the recently discovered vitamin found in milk, Nicotinamide Riboside (NR). The licensed intellectual property (IP) includes protection for human uses of NR as well as methods to produce NR. This license, coupled with previous IP rights for NR acquired from Cornell University, helps position ChromaDex as a leader in the commercialization of this novel 'no flush' version of niacin.
"The developments we saw transpire in the third quarter, including the acquisition of what we believe is the most relevant and valuable IP pertaining to the commercialization of NR, may prove to be one of the best opportunities yet for ChromaDex to create shareholder value," said Frank Jaksch, Jr., CEO and co-founder of ChromaDex.
"On the heels of the positive clinical results for pTeroPure, we recently began a public relations and media tour to educate trade and consumers on its multiple health benefits. Moreover, with the presentation of the clinical results, we have initiated various discussions with respect to potential licensing and partnering opportunities for pTeroPure."
Mr. Jaksch concluded, "We continue to execute on our unique business strategy of identifying novel ingredient technologies, securing intellectual property rights, developing commercially viable production processes, validating with clinical proof, and most importantly, executing on a commercialization and licensing strategy. Lastly, the pipeline of potential novel ingredient technologies remains active, and we anticipate being able to add to our current portfolio in the fourth quarter."