BOULDER, Colo., April 9 /PRNewswire-FirstCall/ -- NaPro BioTherapeutics, Inc. (Nasdaq: NPRO) announced today that it has sold its technical and analytical services group, to privately-held ChromaDex, Inc., a leading supplier of phytochemical reference standards for the nutraceutical, dietary supplement, and functional food industries. Approximately twenty NaPro researchers will move to ChromaDex in the transaction along with specific physical and real estate assets in Boulder, Colorado. NaPro will become a significant shareholder of ChromaDex, Inc. and will have a preferential business relationship with the company. Other terms of the transaction were not disclosed.
"We are pleased to have sold this valuable asset to ChromaDex as we shift our strategic direction into the development of our Gene Editing and Targeted Oncology therapeutic platforms. The transaction will reduce our ongoing expenses while preserving all of the analytical capabilities we developed over the past ten years," commented Leonard Shaykin, Chairman and Chief Executive Officer of NaPro.
Frank Jaksch, Jr., Chief Executive Officer of ChromaDex commented, "The acquisition of NaPro's unique natural product analytical group will become the basis of a newly-formed, Boulder-based subsidiary of ChromaDex, Inc. to be called ChromaDex Analytics. Through it, ChromaDex will offer not only the highest quality botanical reference standards to our pharmaceutical and nutraceutical customers worldwide, but will also provide, among other services, end-to-end cGMP solutions for the dietary supplement, nutraceutical and functional food industries."
ChromaDex, Inc., a privately-held, Santa Ana, California based company, is a world leader in the development and distribution of nutraceutical and botanical reference standards. The company, which has strategic relationships with Bayer Innovation, a subsidiary of Bayer AG and Avoca, Inc., provides the dietary supplement, functional foods, nutraceutical and cosmetics industries with the analytical tools, products, and methods to meet the regulatory, quality, efficacy and safety standards for their products.
About NaPro BioTherapeutics
NaPro BioTherapeutics, Inc. is a pharmaceutical company focused in two distinct research, development and marketing areas: the development and in-licensing of novel pharmaceutical products, primarily in the area of anti- cancer agents, and the development of novel genomic technologies, primarily in the area of "gene editing," for application in human therapeutics, diagnostics, agrobiotechnology, and pharmacogenomics.
The statements in this release that are not historical facts are forward- looking and represent management's beliefs and assumptions as of the date of this release based on currently available information. Forward-looking statements can be identified by their predictions as to future events or by discussions of strategy.
Such statements involve risks and uncertainties, including risks and uncertainties related to the value of the stock and other consideration received by NaPro from ChromaDex as a result of this transaction, NaPro's ability to cut expenses, and NaPro's continued access to the analytical and other capabilities of the personnel and other assets transferred to ChromaDex. Should these risks materialize, or should the underlying assumptions prove incorrect, actual results could differ materially from those included in the forward-looking statement.
Reference is made to other factors described in NaPro's documents filed from time to time with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2002 and Amendment No. 4 to its registration statement filed with the Securities and Exchange Commission on July 1, 2002.
NaPro disclaims any intention or obligation to update publicly or revise such statements whether as a result of new information, future events or otherwise.
CONTACT: Hugh Dunkerley of ChromaDex, Inc., +1-949-419-0288