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LOS ANGELES - ChromaDex Corp. (NASDAQ:CDXC), a company specializing in NAD+ research and healthy aging products, has announced the appointment of Ozan Pamir as its new Chief Financial Officer, effective October 21, 2024. In his new role, Pamir will be responsible for overseeing all corporate finance matters, including accounting, strategic financial planning, and investor relations.
Pamir brings a wealth of experience from his previous position as CFO of 180 Life Sciences, a biotechnology company listed on NASDAQ. There, he was instrumental in the company’s NASDAQ listing and managed several funding rounds. His background also includes serving as CFO and board member for two early-stage biotech companies, as well as VP of Investment Banking at an independent investment bank where he co-founded the Origination department.
Rob Fried, CEO of ChromaDex and Founder of Tru Niagen®, expressed confidence in Pamir's ability to contribute to the company's next phase of development, citing his ambitious work ethic and impressive professional background. Pamir himself is enthusiastic about joining ChromaDex, focusing on enhancing the company's financial strategies and ensuring value creation for shareholders.
ChromaDex is recognized for setting the benchmark in scientific rigor, safety, quality, and transparency in the field of healthy aging. The company is known for its flagship ingredient, Niagen® (nicotinamide riboside, or NR), which has been clinically proven to boost NAD+ levels and is the active ingredient in the company's consumer products, including Tru Niagen®, the top-selling healthy-aging NAD+ supplement in the United States.
The information in this article is based on a press release statement from ChromaDex Corporation.
In other recent news, ChromaDex Corporation has seen a series of significant developments. The firm announced a 12% year-over-year increase in revenue, reaching $22.7 million for the second quarter of 2024. Additionally, the launch of the Niagen Plus product line was successful, and the company anticipates a 10-15% year-over-year growth for 2024.
In partnership with Wells Pharma of Houston, ChromaDex is expanding the distribution of its Niagen (nicotinamide riboside chloride) product to 14 additional wellness clinics across the United States. This expansion follows the initial introduction of Niagen IV and injections at select clinics, marking the first phase of the product's rollout.
The company also reported a near breakeven net loss of $15,000 for the quarter and announced strategic partnerships with entities like Watsons, Nestle Health Science, and Pure Encapsulations. These partnerships are expected to enhance brand awareness and market penetration.
The firm is optimistic about Niagen IV's potential in the GLP-1 market and among Parkinson's patients. These are the recent developments for ChromaDex.
InvestingPro Insights
As ChromaDex Corp. (NASDAQ:CDXC) welcomes Ozan Pamir as its new Chief Financial Officer, investors are keeping a close eye on the company's financial health and market potential. According to InvestingPro data, ChromaDex holds a market capitalization of approximately $281.57 million USD. The company's revenue for the last twelve months as of Q2 2024 stands at $85.58 million USD, demonstrating a growth of 5.74%. Despite a challenging market environment, ChromaDex has maintained a robust gross profit margin of 60.82% over the same period.
InvestingPro Tips suggest that ChromaDex is expected to see net income growth this year, which could be a positive sign for investors looking for growth opportunities. Additionally, the company's liquid assets exceed short-term obligations, indicating a strong liquidity position that may support its strategic financial planning and investment in research and development. It's worth noting that ChromaDex does not pay a dividend, which could be a consideration for income-focused investors.
For those interested in a deeper dive into ChromaDex's financials and market outlook, InvestingPro offers a variety of additional tips. Currently, there are 9 more tips available on InvestingPro for ChromaDex, which can be accessed at https://www.investing.com/pro/CDXC. These tips provide valuable insights into the company's performance metrics and industry comparisons, helping investors to make informed decisions.
With the appointment of Ozan Pamir, whose expertise in finance and strategic planning is well-recognized, ChromaDex is poised to navigate the financial landscape with a focus on enhancing shareholder value and capitalizing on the growing market for healthy aging products.
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