ChromaDex Welcomes Ozan Pamir as New CFO to Drive Growth

Author: Dylan Bailey Updated: 09-20-2024 08:53 AM

ChromaDex Appoints Ozan Pamir as CFO

ChromaDex Corp. (NASDAQ:CDXC), a leading company in NAD+ research and healthy aging supplements, has recently introduced Ozan Pamir as its new Chief Financial Officer. His new role marks an important step for the company as he assumes responsibility for all corporate finance functions, including accounting, strategic financial planning, and investor relations.

Ozan Pamir's Experience and Vision

Pamir comes with a remarkable background, formerly serving as the CFO of 180 Life Sciences, a biotechnology firm that is also listed on NASDAQ. During his tenure, he played a pivotal role in guiding the company through its NASDAQ listing and overseeing several funding initiatives. His extensive experience also includes leadership positions in two early-stage biotech firms and serving as VP of Investment Banking at an independent investment bank where he co-founded the Origination Department.

Commitment from Leadership

Rob Fried, the CEO of ChromaDex and Founder of the renowned Tru Niagen® product line, expressed his unwavering confidence in Pamir’s abilities. Fried highlights Pamir's strong work ethic and impressive industry credentials as crucial assets as the company enters a new growth phase. Pamir himself shares an optimistic outlook, aiming to enhance ChromaDex's financial strategies and promote value for investors.

ChromaDex: A Leader in Healthy Aging Science

ChromaDex has established itself as a benchmark for scientific rigor, quality, and transparency in the healthy aging sector. The flagship product, Niagen® (nicotinamide riboside), has been clinically validated to boost NAD+ levels and is the key ingredient in Tru Niagen®, the most popular healthy-aging NAD+ supplement in the American market.

Recent Successes and Future Prospects

In recent news, ChromaDex has reported impressive growth, showcasing a 12% year-over-year revenue increase, reaching approximately $22.7 million for the second quarter of 2024. The successful launch of the new Niagen Plus product line further cements the company's position in the market, with expectations for 10-15% annual growth moving forward.

Expanding Partnerships and Distribution

ChromaDex is actively expanding its distribution channels, having partnered with Wells Pharma to distribute its Niagen product to an additional 14 wellness clinics across the country. Initially introduced through IV and injection options at select locations, this marks an exciting phase in the product rollout.

Strategic Collaborations for Enhanced Market Presence

The company has also managed a near breakeven net loss of $15,000 for the quarter. Strategic alliances with organizations like Watsons, Nestle Health Science, and Pure Encapsulations will likely bolster brand awareness and enhance market penetration.

Outlook for the Future

ChromaDex remains optimistic about the potential of Niagen IV, particularly within the GLP-1 market and among patients suffering from Parkinson's disease. These advancements showcase ChromaDex's commitment to innovation and growth within the healthy aging product sector.

Frequently Asked Questions

Who is the new CFO of ChromaDex?

The new Chief Financial Officer of ChromaDex is Ozan Pamir.

What role will Ozan Pamir play at ChromaDex?

Ozan Pamir will oversee corporate finance functions, including accounting and investor relations.

What is ChromaDex known for?

ChromaDex is known for its leading product, Niagen®, which supports healthy aging by boosting NAD+ levels.

How did ChromaDex perform financially in recent quarters?

Recently, ChromaDex recorded a 12% increase in year-over-year revenue, reaching $22.7 million for the second quarter of 2024.

What strategic partnerships has ChromaDex formed?

ChromaDex has formed partnerships with organizations including Wells Pharma, Watsons, and Nestle Health Science to enhance market presence.

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