ChromaDex Corporation (OTC Bulletin Board: CDXC), a natural products chemistry company which provides novel and innovative ingredients to the dietary supplement, food, beverage and cosmetic markets, announced today The Frost Group, LLC, led by Miami entrepreneur and billionaire Dr. Phillip Frost, has agreed to make an investment in ChromaDex. The amount of the investment was not disclosed.
The investment will allow ChromaDex to pursue clinical studies and commercialization for its new pTeroPure™ pterostilbene (http://www.pteropure.com/) as well as to continue development of several other novel natural ingredients. ChromaDex separately announced today its has entered into an exclusive worldwide license with the University of Mississippi and the USDA Agricultural Research Service ("licensors") for all patent rights of pterostilbene (tero-STILL-bean), a promising botanical compound.
Pterostilbene, a derivative of resveratrol, is a botanical compound found in blueberries, grapes and other small fruits, as well as the bark of some trees. In laboratory tests, pterostilbene has shown promise for improving cardiovascular health, glucose levels, cognitive function, and possessing cancer-fighting properties. Various scientific publications have shown that pterostilbene has significantly higher activity compared to its brethren compound, resveratrol.
Commenting on the announcement, Dr. Phillip Frost, stated, "It is with enthusiasm that we make this investment in ChromaDex. The Company has a solid reputation and an experienced management team with considerable expertise in identifying and developing innovative and novel phytochemical ingredients. Moreover, we are impressed with the prospects for the Company's product and IP portfolio, including pterostilbene, a unique compound that has considerable market potential."
ChromaDex CEO, Frank Jaksch, stated, "We are extremely excited that such an accomplished investor as Dr. Frost recognizes our accomplishments and demonstrates his confidence in the future direction of ChromaDex. I look forward to working closely with Dr. Frost and his team as the company enters the next phase of its growth."
The Frost Group has invested more than $160 million in companies and technologies since it started in 2006. Among his other roles, Dr. Frost is Chairman of Israel-based Teva Pharmaceuticals; Chairman of Ladenburg Thalmann Financial Services, Inc.; Chairman of OPKO Health, Inc.; Chairman of PROLOR Biotech; and, a Director of Continucare Corp.
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