IRVINE, CALIF., July 21, 2008 – ChromaDex Corp., (OTCBB: CDXC) a leader in phytochemical reference standards and contract research, announced today its wholly owned subsidiary has entered into a world-wide license agreement with The Research Foundation of the State University of New York, on behalf of the University at Buffalo (SUNY Buffalo), to produce and market three classes of plant-based ingredients for nutraceutical, functional food, beverage, natural chemical, cosmetic and pharmaceutical industries. Under the terms of the agreement, ChromaDex made an up-front cash payment to SUNY Buffalo and will pay earned royalties on sales of covered technology products and services.
“Anthocyanins are botanically-derived compounds that represent the next ‘super fruit’ class of phytochemical ingredients,” said Frank L. Jaksch Jr., co-founder and CEO of ChromaDex. ”This novel and ‘green’ technology will enable ChromaDex to selectively and cost-effectively manufacture these ingredients and make them commercially available for the first time.”
The technology licensed to ChromaDex includes methods to selectively manufacture anthocyanins, leucoanthocyanidins and anthocyanidins, which are naturally occurring pigments and antioxidants that can be used as natural colorants and may also aid in controlling blood glucose levels to assist with weight management and conditions such as diabetes. Like resveratrol, a super fruit compound that has created extraordinary excitement, anthocyanins are also found in red wine and are even more likely to be responsible for the “French paradox.”
“We have been able to develop these molecules for the first time through a proprietary application,” said Dr. Mattheos Koffas, assistant professor of chemical engineering at SUNY Buffalo. “While all plants produce anthocyanins, they are challenging to extract and study in well-defined mixtures. Now that we can harvest them from a lab, they can be further studied for their antioxidant and other properties in various indications, especially ones related to the treatment of the metabolic syndrome, i.e. chronic pathological conditions stemming from obesity.”
ChromaDex plans to market these new, natural ingredients to food, beverage, pharmaceutical and supplement manufacturers in order to meet the growing demands for natural, plant-based ingredients in the marketplace. The company will also evaluate opportunities to partner the ingredients for expanded applications.
Under the terms of the agreement, ChromaDex agreed to pay an annual minimum royalty payment to SUNY Buffalo and a milestone payment upon sale of the first licensed product, licensed service or sublicense fee payment received by ChromaDex. With the consent of SUNY Buffalo, ChromaDex may also grant sublicenses to third parties and has agreed to reimburse SUNY Buffalo for certain patent costs related to the licensed patents.
ChromaDex is a world leader in the development of Phytochemical and Botanical Reference Standards and the creation of associated intellectual property. ChromaDex is committed to sustainable “Green chemistry” and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the analytical tools and services to meet product regulatory, quality, efficacy and safety standards.
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to ability to market, produce and sell the referenced ingredients, risks relating to product and customer demand, market acceptance of our products, the effect of economic conditions both nationally and internationally, ability to protect our intellectual property rights, impact of any litigation or infringement actions brought against us, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, the ability to complete transactions, and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
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