Chromadex Corp (NASDAQ:CDXC) demonstrated a 3.5-day reduction in recovery in Phase 3 clinical trial of moderate to mild coronavirus patients administered with combined metabolic activators (CMA).
Improves liver health
Chromadex included L-Serine, nicotinamide riboside (NR), L-carnitine tartrate, N-acetyl-L-cysteine (NAC) the nutritional protocol to improve mitochondrial function. The company observed a reduced recovery time besides improving the health of the liver and a reduction in inflammatory markers when the patients received Turkish standard of care along with the nutritional protocol.
The double-blind, placebo-controlled, and randomized phase 3 clinical study involved 309 outpatients at the University of Health Sciences and Umraniye Teaching and Research Hospital, Istanbul, Turkey. It selected patients on a 3:1 basis for receiving CMA or placebo together with favipiravir. They are under five days standard of care and CMA or placebo for two weeks. The company measured the clinical status through telephonic conversations daily. Each patient is given daily two doses of nutritional protocol that comprises 12.35 serine, 2.55g NAC, 3.73g L-carnitine tartrate, and 1g NR.
According to phase 3 clinical data, Adil Mardinoglu, the lead investigator, said CMA significantly improved liver health, recovery, and inflammation levels in patients suffering from coronavirus.
Raises $25 million through a private placement
Chromadex raised funds of $25 million through a private placement. The company selected an international investor to lead the private placement. It expects to close the deal on February 23, 2021, by issuing its common stock of 3.846 million.
Chromadex will use the proceeds to expedite its Tru Niagen international brand’s growth for general corporate needs and advance its clinical study on NAD+ precursors. The investors will sign a registration agreement with Chromadex for the private placement of shares.
Rob Fried, CEO of Chromadex, said the company intends to use these proceeds for expanding its research on nicotinamide riboside and position it as a leader in NAD+ precursors across the world. The company will also improve marketing efforts for Tru Niagen to improve NAD+ precursors efficiently. It also will take the necessary steps to protect its IP.
Chromadex will release Q4 2020 results on March 10, 2021. It expects to post revenues of $15.4 million (up 17.7%) when compared to the same period last year.