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 the completion of the acquisition of Spherix Consulting Inc., a subsidiary of Spherix Inc.
As a result of the transaction, Spherix Consulting became a wholly owned subsidiary of ChromaDex. Spherix Consulting will continue to maintain offices in the greater Washington, D.C. area. As a leader in scientific and regulatory consulting, Spherix Consulting has a well-established list of Fortune 1000 customers. The transaction is expected to result in an immediate increase in revenue for ChromaDex.
Spherix Consulting provides its clients in the food, supplement and pharmaceutical industries with effective solutions to manage potential health and regulatory risks. Its science-based solutions are for both new and existing products that may be subject to product liability and/or exposed to changing scientific standards or public perceptions; literature evaluations; and design and assessment of pre-clinical and clinical safety testing. Spherix Consulting specializes in regulatory submissions for food and dietary supplement ingredients (GRAS, NDIN, Food Additive Petitions, Novel Food Petitions). For its clients involved in drug development within the pharmaceutical industry, Spherix provides similar services as well as risk-based strategies, including intellectual property data and compliance gap identification, due diligence assessments and IND writing.
The acquisition will complement and expand ChromaDex's leadership in the reference standards and services business. By providing a more comprehensive suite of science-based and regulatory services, ChromaDex will to able to more efficiently advance products in the dietary supplement, food & beverage, animal health, cosmetic and pharmaceutical markets.
Commenting on the announcement, Frank Jaksch, CEO and cofounder of ChromaDex, stated, "Spherix Consulting is a premier provider of product regulatory approval and scientific advisory services. Given the rapidly changing regulatory environment, these services have never been more critical for suppliers, manufacturers and retailers. By acquiring Spherix Consulting we provide this valuable expertise to better support our customers' product development outcomes."
Claire Kruger, who will continue as president of Spherix Consulting, added, "Together, Spherix Consulting and ChromaDex will provide a comprehensive platform of services for our clients that is both efficient and effective. Our unparalleled industry expertise and complementary offerings will provide our customers with enhanced services and better access to the information they need to make science-based decisions."