ChromaDex Announces Agreement to Launch Commercial Joint Venture in Mainland China
May 19 2022 - 4:34PM
Business Wire
The signed agreement establishes beachhead to
broadly market and distribute Tru Niagen® to Mainland China’s aging
population
ChromaDex Corp. (NASDAQ:CDXC) (“the Company”) a global
bioscience company dedicated to healthy aging, today announced it
has entered into an agreement (the “JV Agreement”) to establish a
joint venture through its wholly owned subsidiary ChromaDex Asia
Limited (the “JV” or “ChromaDex Asia”). Upon establishment of the
JV, membership of ChromaDex Asia will collectively consist of the
Company; Crystal Lake Developments Limited; Pioneer Idea Holdings
Limited; and Hong Kong Taikuk (China) Group Limited. ChromaDex Asia
is expected to assume the distribution agreement noted in a
previous announced press release with Sinopharm Xingsha
(“Sinopharm”) as it relates to the commercialization of Tru Niagen®
in mainland China and its territories, excluding Hong Kong, Macau
and Taiwan (the “Territory”). The JV’s entry into a distribution
agreement will be contingent upon Sinopharm successfully attaining
health food product registration for Tru Niagen® with the People’s
Republic of China’s State Administration for Market Regulation
(“SAMR”). SAMR is the regulatory body responsible for health food
registration. Health food registration is a key regulatory step
required to be able to broadly market and distribute Tru Niagen®
products in China. Formation of the joint venture is subject to
customary closing conditions.
“The establishment of this joint venture marks an expansion
milestone in ChromaDex’s China strategy and sets the necessary
foundation to advance sales of Tru Niagen® in this key market,”
said Rob Fried, CEO of ChromaDex. “We are honored to extend our
professional relationship with existing strategic partners, as well
as our new partner in this venture, Taikuk.”
For detailed transaction terms, see 8-K (filed on May 19,
2022).
Important Note on Forward Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements include, without limitation,
statements with respect to the formation of the JV and the
commercialization of the Products in the Territory, the entry into
the agreements contemplated by the JV, including the distribution
agreements and, the timing of the closing of the JV Agreement.
These forward-looking statements are based upon the Company’s
current expectations and inherently involve significant risks and
uncertainties. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation, risks and uncertainties associated
with the satisfaction of customary closing conditions related to
the Agreement and obtaining the health food registration.
Additional risks and uncertainties relating to the Company and its
business can be found under the caption “Risk Factors” in the
Company’s Quarterly Report on Form 10-Q for the quarter ended March
31, 2022, as filed with the Securities and Exchange Commission and
other filings submitted by the Company. Forward-looking statements
speak only as of the date of this press release, and the Company
undertakes no duty or obligation to update any forward-looking
statements contained in this press release as a result of new
information, future events or changes in its expectations after the
date of this press release.
About ChromaDex:
ChromaDex Corporation 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+), an essential coenzyme that is a key regulator
of cellular metabolism and is found in every cell of the human
body. NAD+ levels in humans have been shown to decline with age,
among other factors, and may be increased through supplementation
with NAD+ precursors. 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.
The Company 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. The
Company also develops and commercializes proprietary-based
ingredient technologies and supplies these ingredients as raw
materials to the manufacturers of consumer products. The Company
further offers natural product fine chemicals, known as
phytochemicals, and related research and development services.
Follow us on Twitter @ChromaDex and Instagram @TruNiagen and
subscribe to our latest news via our website accessible at
www.chromadex.com to which ChromaDex regularly posts copies of its
press releases as well as additional updates and financial
information about the Company.
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version on businesswire.com: https://www.businesswire.com/news/home/20220519005961/en/
Investor Relations Brianna Gerber Vice President of
Finance and Investor Relations 949-419-0288 ext. 127
briannag@chromadex.com
Media Relations Kendall Knysch Director of Media
Relations 310-388-6706 ext. 689 kendall.knysch@chromadex.com
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