- The stock price of ChromaDex Corp. (NASDAQ: CDXC) dropped over 20% pre-market today. This is why it happened.
The stock price of ChromaDex Corp. (NASDAQ: CDXC) dropped over 20% pre-market today. Investors are responding negatively to ChromaDex issuing a news releasing saying it is continuing to defend its intellectual property portfolio and they plan to appeal a judge’s ruling in a patent infringement lawsuit.
Below is a statement from the company:
ChromaDex announced today plans to appeal a September 14 decision granting a Motion for Summary Judgment (MSJ) in its lawsuit for patent infringement against Elysium Health, Inc. (“Elysium”) in the United States District Court for the District of Delaware. ChromaDex licenses U.S. Patent No. 8,383,086 (“the ’086 patent”) and U.S. Patent No. 8,197,807 (“the ’807 patent”) from the Trustees of Dartmouth College, which give ChromaDex exclusive rights to the leading NAD precursor nicotinamide riboside (NR).
ChromaDex said it retains a strong and growing intellectual property portfolio for nicotinamide riboside, consisting of over 20 composition, process, and method of use patents for discoveries relating to NR and other NAD+ (nicotinamide adenine dinucleotide) precursors. And ChromaDex’s Niagen is backed by 13 published and peer-reviewed clinical trials. Plus Niagen has achieved regulatory acceptance by the world’s 4 leading regulatory bodies: the U.S. FDA, Health Canada, the European Commission, and the Therapeutic Goods Administration (TGA) of Australia.
A separate lawsuit filed by ChromaDex against Elysium in the United States District Court for the Central District of California — which is distinct from the Delaware case — is expected to begin trial on Tuesday, September 21.
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