What’s Going on with ChromaDex, Inc.?
A California jury trial beginning on September 21, 2021, and lasting until September 27, 2021, ruled mostly in favor of the bioscience firm ChromaDex, Inc. (CDXC). The California Action involves a claim — plus amendments — that ChromaDex brought against Elysium Health, Inc., as well as former Elysium Vice President Mark Morris. Yesterday, Sept. 29, CDXC stock closed at $6.05 per share, down 3.97% in value.
What Does This Mean for CDXC?
The initial complaint filed by ChromaDex in the United States District Court for the Central District of California against Elysium Health dates back to December 29, 2016. The recently concluded jury trial delivered a verdict stating that “Elysium breached the supply agreements for NIAGEN and pTeroPure by not paying for approximately $3 million in ingredients Elysium had ordered on June 30, 2016.”
Mark Morris was also found to have breached a confidentiality agreement with ChromaDex by disclosing company information to Elysium, although the jury ruled in favor of Elysium regarding “its counterclaims for breach of a pricing provision of the NIAGEN supply agreement and the fraudulent inducement of a trademark license and royalty agreement.” Overall, ChromaDex anticipates that Elysium and Mark Morris will have to pay ChromaDex around $2.25 to $2.50 million in damages, plus interest.
CDXC has a Fundamental Rank of 83. Find out what this means to you and get the rest of the rankings on CDXC!
ChromaDex Corp is a bioscience company dedicated to healthy aging. The ChromaDex team is engaged in research on nicotinamide adenine dinucleotide (NAD+), levels of which decline with age. The company 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. It delivers Niagen as the sole active ingredient in its consumer product namely, Tru Niagen which is available on Tru Niagen's website and through partnerships with retailers and distributors.
