Full Press Release Details
ChromaDex Sells its Analytical Testing Business to LabCorp, to
Accelerate the Expansion of Nicotinamide Riboside and its Other
Patented Ingredient Technologies
IRVINE, Calif., August 23, 2017 (GLOBE NEWSWIRE) --
ChromaDex Corp. (NASDAQ: CDXC),
an innovator of proprietary health, wellness, and nutritional
ingredients that creates science-based solutions for dietary
supplement, food and beverage, skin care, sports nutrition, and
pharmaceutical products announced today that it has signed a
definitive agreement to sell its analytical testing services
business to LabCorp (NYSE:LH), a leading global life sciences
company. Upon closing of the transaction, which is expected to happen in early
September 2017, the analytical testing services will be offered
through LabCorp's Covance Food Solutions business. ChromaDex
will maintain its strategic infrastructure and assets to accelerate
the discovery, acquisition, development, and commercialization of
new proprietary ingredient technologies. This includes its recently
commissioned Longmont R&D facility, its reference standards
business, and its regulatory and safety consulting resources, which
are not part of the sale.
Founder and CEO, Frank Jaksch, stated, The analytical
testing services business was a critical component to helping
further set the standard for quality and safety in the supplement
industry. While we will no longer be a testing solutions provider,
we will most certainly continue our leadership in quality and
safety through our standards business, as well as through the novel
nutrients we discover, acquire, develop, and commercialize. We
thank our many loyal customers for their partnership over the
years, and we are pleased to have found a trusted and committed
partner in Covance, to serve and support our customers.
ChromaDex will work closely with Covance to transition its
analytical testing business customers into Covance's care
over the next several months.
President and Chief Strategy Officer, Rob Fried said, Over
the years, the analytical testing business, and the standards
business which we will maintain, have allowed us to establish deep
roots amongst the scientific community. We have developed a
reputation for delivering scientific excellence in the products and
services we offer. Today, we will carry forward that very important
part of the Company's history and channel our scientific
leadership into discovering and developing NAD+ precursors and
other related technologies.
Food Solutions is a global leader in product integrity and
development solutions for the food, beverage, and supplement
industries. It is operated as part of LabCorp Diagnostics, where it
builds on and extends LabCorp's expertise in laboratory
is publicly traded on the NASDAQ Capital Market (CDXC). For more
information about ChromaDex and its business of science-based
technologies for healthy aging, and longevity, visit ChromaDex.com.
more information about LabCorp,
and to learn more about Covance Food Solutions, visit
ChromaDex discovers, acquires, develops and commercializes patented
and proprietary ingredient technologies that address the dietary
supplement, food, beverage, skin care and pharmaceutical markets.
In addition to our ingredient technologies unit, we also have
business units focused on natural product fine chemicals (known as
"phytochemicals"), and product regulatory and safety consulting. As
a result of our relationships with leading universities and
research institutions, we are able to discover and license early
stage, IP-backed ingredient technologies. We then utilize our
in-house research and development laboratory, regulatory and safety
consulting teams to develop commercially viable ingredients. Our
ingredient portfolio, including
nicotinamide riboside; pTeroPure
pterostilbene; PURENERGY ,
a caffeine-pTeroPure co-crystal;
a spirulina extract; and AnthOrigin
anthocyanins derived from a domestically-produced, water-extracted
purple corn husk, is backed with
clinical and scientific research, as well as extensive IP
Forward-Looking Statements:
release contains forward-looking statements relating to ChromaDex
and ChromaDex's business within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934, as
amended, including statements related to the estimated timing of
the closing of the transaction, the transition of ChromaDex's
analytical testing business customers to LabCorp, ChromaDex's
ability to accelerate the discovery, acquisition, development and
commercialization of new proprietary ingredient technologies and
nutrients in the future, and ChromaDex's ability to discover
and develop NAD+ precursors and other related technologies.
Statements that are not a description of historical facts
constitute forward-looking statements and may often, but not
always, be identified by the us of such words as "expects",
"anticipates", "intends", "estimates", "plans", "potential",
"possible", "probable", "believes", "seeks", "may", "will",
"should", "could" or the negative of such terms or other similar
expressions. More detailed information about ChromaDex and the risk
factors that may affect the realization of forward-looking
statements is set forth in ChromaDex's Annual Report on Form 10-K
for the fiscal year ended December 31, 2016, ChromaDex's Quarterly
Reports on Form 10-Q and other filings submitted by ChromaDex to
the SEC, copies of which may be obtained from the SEC's website at
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof,
and actual results may differ materially from those suggested by
these forward-looking statements. All forward-looking statements
are qualified in their entirety by this cautionary statement and
ChromaDex undertakes no obligation to revise or update this release