ChromaDex plans to market these new, natural ingredients to food, beverage, pharmaceutical and supplement manufacturers in order to meet the growing demands for natural, plant-based ingredients in the marketplace. The company will also evaluate opportunities to partner the ingredients for expanded applications.
Under the terms of the agreement, ChromaDex agreed to pay an annual minimum royalty payment to SUNY Buffalo and a milestone payment upon sale of the first licensed product, licensed service or sublicense fee payment received by ChromaDex. With the consent of SUNY Buffalo, ChromaDex may also grant sublicenses to third parties and has agreed to reimburse SUNY Buffalo for certain patent costs related to the licensed patents.
ChromaDex is a world leader in the development of Phytochemical and Botanical Reference Standards and the creation of associated intellectual property. ChromaDex is committed to sustainable "Green chemistry" and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the analytical tools and services to meet product regulatory, quality, efficacy and safety standards.
Any statements that are not historical facts contained in this release
are forward-looking statements. Actual results may differ materially from
those projected or implied in any forward-looking statements. Such
statements involve risks and uncertainties, including but not limited to
ability to market, produce and sell the referenced ingredients, risks
relating to product and customer de
|SOURCE ChromaDex Corp.|
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