ChromaDex set to raise $10.85m via sale of common stock

By Elaine Watson

- Last updated on GMT

Related tags: Stock

ChromaDex set to raise $10.85m via sale of common stock
PTeroPure maker ChromaDex is set to raise $10.85m via a sale of common stock that will be used to support its new BluScience retail brand and for general working capital purposes.

The California-based firm, which recently appointed branding expert Jeffrey Himmel as its new chief executive, has entered into an agreement with investors in a registered direct offering of 9,533,333 common shares at $0.75/share for gross proceeds of about $7.15m.

It has also entered into an agreement with investors including several members of its management for the sale of 4,933,333 restricted shares of common stock at $0.75/share for gross proceeds of about $3.7m.

The closing of the offering and of the sale of restricted shares is expected to occur today (February 2).

Cardiovascular health, cognitive function and anti-aging

ChromaDex, which supplies phytochemical/botanical reference standards and materials and conducts analytical testing and contract research, also develops its own nutraceuticals.

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.

Himmel: BluScience to reach 25,000 stores by year-end

However, ChromaDex has also moved into the retail/consumer market in recent months with the launch of its new BluScience branded line of supplements, which contain pTeroPure.

Launched at GNC last fall, they are now being rolled out in Walgreens stores nationwide and are also on sale at Drugstore.com.

Unveiling a new deal with McKesson last week that will see BluScience distributed to 4,000 independent drugstores and pharmacies, ChromaDex said it expected the brand to be “available in more than 25,000 retail stores by year-end 2012, as well as through major online retailers”.

It also announced a deal with Glanbia Nutritionals that will see the latter serve as the primary distributor of pTeroPure in North America.

Pterostilbene is claimed to have superior biological activity, better oral bioavailability and metabolizes more slowly in the body than other polyphenols.

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