PTeroPure maker ChromaDex has posted a 7% rise in revenues to $8.1m in the fiscal year ending December 31, 2011, but notched up a net loss of $7.9m compared with a net loss of $2.1m in 2010.
But new chief executive Jeffrey Himmel said 2012 was the year that pTeroPure would start bringing home the bacon, both as an ingredient for sale to food and supplement makers and as the star ingredient in ChromaDex’s new branded supplement line BluScience.
He said: "Going into 2012, we are now poised to leverage our product and service offerings related to BluScience, pTeroPure and other novel ingredients. Our goal is to build ChromaDex into a leader in the natural products industry.”
$10.1m just raised via sale of common stock
California-based ChromaDex, which has just raised $10.1m via a sale of common stock to support BluScience, supplies phytochemical/botanical reference standards and materials and conducts analytical testing and contract research.
It also develops and sells nutraceuticals from the antioxidant pterostilbene - claimed to have superior biological activity, better oral bioavailability and metabolize more slowly in the body than other polyphenols - to Nicotinamide Riboside, a more potent version of niacin (vitamin B3).
The most advanced of these in commercial terms is pTeroPure, a branded nature identical formulation of pterostilbene targeted at manufacturers of dietary supplements and food/beverages interested in cardiovascular health, cognitive function and anti-aging.
However, ChromaDex has also moved into the retail/consumer market in recent months with the launch of BluScience.
Launched at GNC last fall, they are now being rolled out in Walgreens stores across the US and are also on sale at Drugstore.com.
The net loss was “largely impacted by an increase in non-cash, share-based compensation expense related to the stock options that were granted following the May 20, 2010 private placement and other non-cash compensation”, said the firm.
“The effect of this increase, which is a non-GAAP measure, decreased the net loss for the year of 2011 by $2,969,150 and decreased the loss per share for the year of 2011 by $0.04.”