Irvine-based ChromaDex Corp. said today it signed a joint development deal with Cincinnati-based conglomerate Proctor & Gamble Co.
ChromaDex makes materials for dietary supplements.
Shares of ChromaDex rose 2% earlier today before flattening, with a market value of $157 million.
The company said the deal calls for a proprietary ingredient to be used in P&G food products. ChromaDex is going to receive an undisclosed upfront payment and milestone payments under terms of the deal.
ChromaDex also said it would raise $2 million in an equity offering to Dr. Phillip Frost, Barry Honig and Michael Brauser, three of its existing shareholders.
