The Frost Group, led by Miami entrepreneur and billionaire Dr. Phillip Frost, has invested in ChromaDex to enable the company to perform clinical studies to substantiate the benefits of its ingredients.
The investment will allow ChromaDex to pursue clinical studies and commercialization for its new pterostilbene ingredient, as well as to continue development of several other novel natural ingredients, said the company. The amount of the investment was not disclosed.
"It is with enthusiasm that we make this investment in ChromaDex,” said Dr Frost. “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,” he added.
“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,” said Frank Jaksch, ChromaDex CEO.