Washington-based biopharmaceutical company Nutraceutix has proposed a name change in order to more closely reflect the future of its business, it said.
Shareholders will be asked to approve the corporate name change to SCOLR, (pronounced "scholar"), an acronym for Self Correcting Oral Linear Release, the technology behind its patented CDT (Controlled Delivery Technology) drug delivery platform.
The announcement comes after this week's news that it had received protocol approval to conduct its first human clinical trial for CDT. The company said its new name reflected the way the company was accelerating its entry into the $20 billion US drug delivery market.
Nutraceutix said that the corporate name change was part of the current restructuring designed to increase the visibility of and formally separate the two distinct business segments in which it operates - drug delivery and a specialty ingredient business based on probiotics. Once the name change is approved, the company will seek to adopt a new stock trading symbol.