Elysium Health to pay ChromaDex approximately $2.25 to $2.50 million in damages plus interest for breach of contract
New partnership with Sinopharm Xingsha and recent partnerships with Walmart, H&H Group, and Ro to support next phase of growth
ChromaDex Corp. (NASDAQ:CDXC) today announced that a jury in the United States District Court for the Central District of California found that Elysium Health, Inc. (“Elysium”) breached its contract with ChromaDex by failing to pay for product it ordered and received in 2016. Based on the jury’s verdict, Elysium and Mark Morris will be required to pay ChromaDex approximately $2.25 to $2.50 million in damages and estimated interest.
“It took nearly five years and has been challenging for both companies, but the jury’s decision finally holds Elysium accountable for paying what it owes,” said ChromaDex CEO Rob Fried. “We now look forward to focusing on the next phase of global growth for Tru Niagen® with partners including Sinopharm Xingsha, Nestlé Health Science, Walmart, A.S. Watson Group, H&H Group, W.R. Grace, and Ro.”
As the world’s leading NAD+ company, ChromaDex has invested significantly in investigating, manufacturing and offering NR in the form of Niagen® and has secured or licensed over 40 patents relating to Niagen® and other NAD precursors, with more than 60 patents pending. The safety and/or efficacy of Niagen® has been demonstrated in 13 published human trials and has achieved government regulatory acceptance in the United States, Canada, the European Union, and Australia.
For additional information about ChromaDex, please visit www.chromadex.com.
ChromaDex Corp. is a global bioscience company dedicated to healthy aging. The ChromaDex team, which includes world-renowned scientists, is pioneering research on nicotinamide adenine dinucleotide (NAD+), levels of which decline with age. ChromaDex is the innovator behind NAD+ precursor nicotinamide riboside (NR), commercialized as the flagship ingredient Niagen®. Nicotinamide riboside and other NAD+ precursors are protected by ChromaDex’s patent portfolio. ChromaDex delivers Niagen® as the sole active ingredient in its consumer product Tru Niagen® available at www.truniagen.com and through partnerships with global retailers and distributors. ChromaDex maintains a website at www.chromadex.com to which ChromaDex regularly posts copies of its press releases as well as additional and financial information about the Company.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to ChromaDex’s expectation on the estimated amount of damages and interest it will receive and expectation for ChromaDex’s next phase of growth. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes," "seeks," "may," "will," "should," "could" or the negative of such terms or other similar expressions. More detailed information about ChromaDex and the risk factors that may affect the realization of forward-looking statements is set forth in ChromaDex's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, ChromaDex's Quarterly Reports on Form 10-Q and other filings submitted by ChromaDex to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and actual results may differ materially from those suggested by these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement and ChromaDex undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.