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 the next phase of growth
LOS ANGELES, October 01, 2021– (BUSINESS WIRE) – ChromaDex Corp. (NASDAQ: CDXC) today announced that a jury of the United States District Court for the Central District of California has found that Elysium Health, Inc. (“Elysium”) has terminated its contract with ChromaDex by failing to to pay for the product ordered and received in 2016. Based on the jury’s verdict, Elysium and Mark Morris will have to pay ChromaDex approximately $ 2.25-2.50 million in estimated damages.
“It took almost five years and was difficult for both companies, but the jury’s decision ultimately holds Elysium responsible for paying what it owes,” said Rob Fried, CEO of ChromaDex. “We are now looking forward to focusing on the next phase of Tru Niagen® global growth with partners such as Sinopharm Xingsha, Nestlé Health Science, Walmart, AS Watson Group, H&H Group, WR Grace and Ro. “
As a world leader in NAD+ company, ChromaDex has made significant investments in the investigation, manufacture and supply of NR in the form of Niagen® and has obtained or licensed over 40 patents relating to Niagen® and other precursors of NAD , with over 60 patents pending. The safety and / or efficacy of Niagen® has been demonstrated in 13 published human trials and has received regulatory approval from the governments of the United States, Canada, the European Union and Australia. .
For more information on ChromaDex, please visit www.chromadex.com.
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+), the levels of which decrease with age. ChromaDex is the innovator behind NAD+ precursor of nicotinamide riboside (NR), marketed as the flagship ingredient Niagen®. Nicotinamide riboside and other NADs+ precursors are protected by the ChromaDex patent portfolio. ChromaDex supplies Niagen® as the only 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 on which ChromaDex regularly posts copies of its press releases as well as additional and financial information about the Company.
This press 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 relating to the expectations of ChromaDex. on the estimated amount of damages and the interest it will receive and the expectations for the next phase of ChromaDex’s growth. Statements that are not a description of historical fact constitute forward-looking statements and can often, but not always, be identified by the use of words such as “expects”, “anticipates”, “intention”, ” estimates “,” plans, “” potential “,” possible “,” probable “,” believes “,” research “,” may “,” could “,” should “,” could “or the negative of these terms or other similar expressions. More detailed information about ChromaDex and the risk factors that may affect the making of forward-looking statements is set out in ChromaDex’s annual report on Form 10-K for the year ended December 31, 2020, ChromaDex’s quarterly reports on form 10-Q and other documents submitted by ChromaDex to the SEC, copies of which can be obtained on 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 such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement, and ChromaDex assumes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211001005157/en/
ChromaDex media contact:
Alex Worsham, Vice President of Global Marketing and Communications
310-388-6706 ext 689
ChromaDex Investor Relations Contact:
Brianna Gerber, Vice President of Finance and Investor Relations
949-419-0288 ext. 127