ChromaDex Buys ConsultancyMonday, December 3, 2012
Irvine-based dietary supplements and ingredients maker ChromaDex Corp. has acquired Spherix Consulting Inc., a subsidiary of Spherix Inc.
ChromaDex bought all the stock of the consulting arm of the Bethesda, Md.-based research firm on undisclosed terms. Spherix said the sale was the initial step in a companywide restructuring program.
Spherix Consulting will operate as a subsidiary of ChromaDex, while maintaining its offices in the Washington, D.C. area. It will continue to be led by company founder and President Claire Kruger.
Spherix provides technical services and scientific support to manufacturers and retailers of dietary supplements, medical foods and other pharmaceutical products. The company also develops biopharmaceutical products through its Biospherics Inc. subsidiary.
Its shares fell more than 13% during early trading today to a market value of about $6.2 million.
Shares of ChromaDex, which trade over the counter, ticked up roughly 2% to a value of about $61.1 million.
ChromaDex had about $8.1 million in revenue for the first nine months this year, up 28% from a year earlier.
It had a net loss of about $10 million over the same period, compared with a loss of $5.4 million a year ago.
Spherix recently reported a loss of about $2.7 million in the first nine months of this year, on total revenue of $609,966. The figures compared with a loss of $2.2 million on revenue of $690,817 for the same time a year earlier.
ChromaDex is counting on Spherix Consulting to boost revenue next year.
“Spherix Consulting is a premier provider of product regulatory approval and scientific advisory services,” ChromaDex Chief Executive Frank Jaksch said in a statement. “Given the rapidly changing regulatory environment, these services have never been more critical for suppliers, manufacturers and retailers.”