Biotech startup Cardax Inc. had its first sales in the third quarter after the launch of its new dietary supplement, ZanthoSyn.
The Honolulu-based company, which has lost $55.5 million since its inception in March 2010, reported in a regulatory filing Monday that it generated $11,160 in revenue after launching its product Aug. 24. Cardax narrowed its quarterly loss to $482,438 from $743,461.
| THIRD-QUARTER LOSS
$482,438
YEAR-EARLIER LOSS
$743,461
|
Cardax said that over the past three months since launching ZanthoSyn, it has held meetings with more than 50 physicians in the Honolulu area who treat more than 100,000 patients. Many of those have inflammatory health problems, said Cardax, which provided those physicians with samples of ZanthoSyn. Astaxanthin, a naturally occurring marine compound, is the active ingredient of ZanthoSyn.
Cardax President and CEO David G. Watumull said he’s relieved to have brought the product to market.
“We feel gratified,” he said in a telephone interview. “It’s been a long haul to get this out, but we are very enthusiastic about the product itself and the acceptance seen in the physician community. This is a product that’s important to us. We haven’t publicly released any projections of revenue yet on this product because it’s still too premature for that, but we feel very good about its acceptance in the physician medical community.”
Cardax says ZanthoSyn is a safe anti-inflammatory for general health, including cardiovascular, metabolic health, joints and the liver. It retails for $49.99 for a bottle with 60 capsules but can be obtained at a 20 percent discount, or for $39.99, through physicians or automatic prescriptions. It can also be obtained online at zanthosyn.com or at 800-618-3050.
The company, which has been raising capital by issuing equity and debt securities, had $240,898 in cash as of Sept. 30.
Cardax said in addition to the $985,000 raised this year through Nov. 14, it plans to raise additional capital to carry out its business plan.
Cardax’s stock did not trade Monday. It last traded Thursday, when it closed at 7 cents.
