ChromaDex Comments on Jury Award Against Elysium Health and Reiterates Plans for Growth
October 01 2021 - 6:33AM
Business Wire
Elysium Health to pay ChromaDex approximately $2.25 to $2.50
million in damages plus interest for breach of contract
New partnership with Sinopharm Xingsha and recent partnerships
with Walmart, H&H Group, and Ro to support next phase of
growth
ChromaDex Corp. (NASDAQ:CDXC) today announced that a jury in the
United States District Court for the Central District of California
found that Elysium Health, Inc. (“Elysium”) breached its contract
with ChromaDex by failing to pay for product it ordered and
received in 2016. Based on the jury’s verdict, Elysium and Mark
Morris will be required to pay ChromaDex approximately $2.25 to
$2.50 million in damages and estimated interest.
“It took nearly five years and has been challenging for both
companies, but the jury’s decision finally holds Elysium
accountable for paying what it owes,” said ChromaDex CEO Rob Fried.
“We now look forward to focusing on the next phase of global growth
for Tru Niagen® with partners including Sinopharm Xingsha, Nestlé
Health Science, Walmart, A.S. Watson Group, H&H Group, W.R.
Grace, and Ro.”
As the world’s leading NAD+ company, ChromaDex has invested
significantly in investigating, manufacturing and offering NR in
the form of Niagen® and has secured or licensed over 40 patents
relating to Niagen® and other NAD precursors, with more than 60
patents pending. The safety and/or efficacy of Niagen® has been
demonstrated in 13 published human trials and has achieved
government regulatory acceptance in the United States, Canada, the
European Union, and Australia.
For additional information about ChromaDex, please visit
www.chromadex.com.
About ChromaDex: ChromaDex Corp. is a global bioscience
company dedicated to healthy aging. The ChromaDex team, which
includes world-renowned scientists, is pioneering research on
nicotinamide adenine dinucleotide (NAD+), levels of which decline
with age. ChromaDex is the innovator behind NAD+ precursor
nicotinamide riboside (NR), commercialized as the flagship
ingredient Niagen®. Nicotinamide riboside and other NAD+ precursors
are protected by ChromaDex’s patent portfolio. ChromaDex delivers
Niagen® as the sole active ingredient in its consumer product Tru
Niagen® available at www.truniagen.com and through partnerships
with global retailers and distributors. ChromaDex maintains a
website at www.chromadex.com to which ChromaDex regularly posts
copies of its press releases as well as additional and financial
information about the Company.
Forward-Looking Statements: This release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
related to ChromaDex’s expectation on the estimated amount of
damages and interest it will receive and expectation for
ChromaDex’s next phase of growth. Statements that are not a
description of historical facts constitute forward-looking
statements and may often, but not always, be identified by the use
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, 2020,
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 www.sec.gov. 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 to reflect events or
circumstances after the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20211001005157/en/
ChromaDex Media Contact: Alex Worsham, Vice President of
Global Marketing & Communications 310-388-6706 ext. 689
alexw@chromadex.com ChromaDex Investor Relations Contact:
Brianna Gerber, Vice President of Finance and Investor Relations
949-419-0288 ext. 127 briannag@chromadex.com
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