Chromadex Corp (OTCMKTS:CDXC) has had a lot going on in the past month. The company has just appointed a new chairman of its board of directors, Steve Allen, before declaring its FY2014. Steve had joined the company in January 2014, as an independent director, but it was not until a year later that he was promoted to be the chairman of the board. Steve has an impressive portfolio; he retired from Nestle at the age 59, after a 30 years long service. During this time, he served the sales, marketing and management departments of the corporation. His involvement with Nestlé’s venture capital investments and out licensing services led him to be a strong contender for the position at Chromadex.
The newly appointed chairman said that the past year with Chromadex had made him gain an appreciation for the management of the company, its business model and patented technologies. He also hinted at diverting the board’s attention towards shareholders. The company also plans to cash in on the tremendous experience of Allen and his links with the food and nutrition industry. Additionally, the company also made public the resignations of two of its board members. The administration is now looking to fill the vacant positions with more relevant people from the industry.
The company’s financial status, hinted by FY2014, is also registering an increase. It reported increment of sales by 51%, with a 182% increase in sales in the nutrition department alone. There was also an increase in the net loss of the company, which was attributed to common stock, registering a loss of $0.01 per share. The administration of the company hoped that this trend would continue in the following years. Currently, the resources of the company are directed towards NIAGEN nicotinamide riboside. The product has completed the initial testing phase and achieved its primary purpose. The initial studies were conducted on healthy humans, but the next phase would involve further human studies with varying conditions. The launch of the product is expected to increase further sales and reduce the net loss for the company.
Chromadex Corp (OTCMKTS:CDXC) currently stands at $1.49 per share, after a decline of 0.73%.