Under the distribution agreement, all
cross-border operations in the region will be transitioned to
Sinopharm, with Sinopharm investments to amplify Tru Niagen® brand
awareness, as a first step in ChromaDex’s recently announced China
Joint Venture agreement
ChromaDex Corp. (NASDAQ:CDXC) (“the Company”) a global
bioscience company dedicated to healthy aging, today announced a
signed distribution agreement with Sinopharm Xingsha to accelerate
cross-border sales of Tru Niagen® into mainland China. Tru Niagen®
features ChromaDex’s proprietary Niagen® (patented nicotinamide
riboside or NR) ingredient, which is the world’s most efficient
NAD+ (nicotinamide adenine dinucleotide) precursor on the market,
particularly over NMN (nicotinamide mononucleotide). Sinopharm
Xingsha is the main platform of Sinopharm Group for food
supplements and healthcare products and is a subsidiary of
Sinopharm Group, with businesses including pharmaceutical
manufacturing, marketing and distribution of drugs, and food
supplements and healthcare products. Sinopharm Group is a large
healthcare group directly under the State-owned Assets Supervision
and Administration Commission (SASAC) of the State Council, with a
full value chain in the industry covering R&D, manufacturing,
logistics and distribution, retail chains, healthcare, engineering
services, exhibitions and conferences, international business, and
financial services. In line with ChromaDex’s recent China Joint
Venture announcement, Sinopharm Xingsha will collaborate to secure
Health Food Registration in China.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220610005056/en/
ChromaDex CEO, Rob Fried, signs Sinopharm
Xingsha distribution agreement (Photo: Business Wire)
“We are delighted to announce the official launch of our
partnership with Sinopharm Xingsha which will support accelerated
cross-border sales of Tru Niagen® across mainland China,” said Rob
Fried, CEO of ChromaDex. “China’s marketplace remains strategically
important with more than 260 million people over the age of 60 and
it is our intention to become the leading provider of NAD+ boosting
supplements in the market.”
According to a recently commissioned “Sizing the Market for NAD+
Supplements in China” report by Euromonitor, white space is
considerable ― growing from a standing start in 2018 to annual NAD+
sales in excess of $700 million in 2021, with leading NMN brands
each capturing approximately $30 to $50 million of retail sales.
The report further estimates that NAD+ sales will reach in excess
of $1.5 billion in 20241.
“ChromaDex is a global leader in the NAD+ supplement market, and
Tru Niagen® is a product endorsed by strong science,” said Pan Lei,
General Manager of Sinopharm Xingsha. “We are very honored to have
this strategic cooperation with ChromaDex to jointly bring this
excellent product to the Chinese consumers. Going forward,
Sinopharm Xingsha will leverage its advantages and expertise in
brand incubation, promotion, marketing, online and offline channel
construction, registration of imported health supplements, etc., to
offer a full range of services to support the brand promotion and
sales channel development of Tru Niagen® products in China.”
Tru Niagen® is currently available for sale to Chinese consumers
on several cross-border online and marketplace platforms, primarily
through T-mall, and JD. Under terms of the agreement, ChromaDex’s
existing cross-border activity in this region will be transitioned
to Sinopharm Xingsha in a coordinated effort to accelerate growth
of Tru Niagen® by leveraging Sinopharm’s established
infrastructure, and marketing capabilities. The expansion of Tru
Niagen® will be supported by the introduction of a new premium Tru
Niagen® SKU, which will be launched in the future. Tru Niagen® is
also available in over 200 Watsons stores in Hong Kong and Macau,
as well as over 100 Watsons stores in Singapore.
Tru Niagen®, featuring Niagen®, is one of the top-selling brands
in the Vitamin B3 category on Amazon U.S. for boosting NAD+ levels.
Supplementation with Niagen® is backed by 20 published and
peer-reviewed clinical trials. Niagen® has achieved regulatory
acceptance for use in supplements by the US FDA. Additionally,
Niagen® has been approved for use in food supplements by the
European Commission, complementary medicines by the Therapeutic
Goods Administration of Australia (TGA), medical foods by the
Brazilian Health Regulatory Agency (ANVISA), and medical foods by
the Food Standards Australia New Zealand (FSANZ). Tru Niagen® has
also been approved by Health Canada as a Natural Health Product.
ChromaDex continues to lead the industry in NAD+ research, with the
ChromaDex External Research Program (CERPTM) celebrating over 250
material transfer agreements (MTAs) featuring Niagen® and other
proprietary ingredients.
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 partnership, the amplification of
brand awareness and the acceleration of cross-border sales of the
Products in China, and the estimates of NAD+ sales. 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 Sinopharm Holding and Sinopharm Xingsha:
Sinopharm Xingsha Pharmaceuticals (Xiamen) Co., Ltd. (“Sinopharm
Xingsha”) is a subsidiary of Sinopharm Group Co., Ltd. ("Sinopharm
Group ", 01099.HK) with a history of 70 years. Sinopharm Xingsha is
the health supplement division of Sinopharm Group, a top 100
Chinese nutrition and health consumer brand enterprise, and a key
pharmaceutical enterprise in Fujian Province, China. Xingsha
Vitamin D has won the honor of "No. 1 in the comprehensive
statistical ranking of China's OTC products in vitamin category”
for many consecutive years. Sinopharm Holding Co., Ltd. ("Sinopharm
Holding", 01099.HK) was established in Shanghai in January 2003 and
listed in Hong Kong in September 2009. It has now become the
largest distributor and retailer of drugs, healthcare products and
medical devices, as well as a leading supply chain service provider
in China. Its parent company China National Pharmaceutical Group
Corporation ("CNPGC") was ranked 109 in the 2021 Fortune Global 500
and Sinopharm Holding was ranked 22nd in the 2021 Fortune China
500. For the drug distribution segment, Sinopharm Holding firmly
grasped the industry transformation trend brought about by volume
based procurement ("VBP") policies, and has promoted the
transformation of drug distribution by continuously tapping the
scale advantage of its distribution network.
About Tru Niagen®:
Tru Niagen® is a branded dietary supplement brought to market by
key nicotinamide riboside innovator and patent holder, ChromaDex.
Niagen® nicotinamide riboside (NR), also supplied by ChromaDex, is
the sole active ingredient in Tru Niagen®. Multiple clinical trials
demonstrate Niagen® is proven to boost NAD+ (nicotinamide adenine
dinucleotide) levels, which decline with age. Only Niagen® has
twice been successfully reviewed under FDA's new dietary ingredient
(“NDI”) notification program and has also been successfully
notified to the FDA as generally recognized as safe (“GRAS”).
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.
1 Based on a custom research report from Euromonitor
International. The report was conducted from March 2022 to May 2022
for mainland China only. The definition of NADsupplements include
all related products such as NMN, NR, NA, NAM, compound type (e.g.,
NAM+NADH) etc. The core methodology adopted by Euromonitor
International combines secondary research and trade interview with
industry experts to seek industry consensus. The forecast market
size does not take unpredictable changing policy into
consideration.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220610005056/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
ChromaDex (NASDAQ:CDXC)
Historical Stock Chart
From Jun 2024 to Jul 2024
ChromaDex (NASDAQ:CDXC)
Historical Stock Chart
From Jul 2023 to Jul 2024