Honolulu-based biopharmaceutical company Cardax Inc., which produces the anti-inflammatory product ZanthoSyn, reported today that its loss widened in 2019 to $5.1 million from $4 million in the previous year.
Revenue fell 52.9% to $710,949 from $1.5 million.
Cardax said the drop in sales was due to the decrease in General Nutrition Corp. replenishment orders of ZanthoSyn in the first half of 2019 following larger stocking orders in 2018. Sales of ZanthoSyn rebounded with $500,586 in the second half of 2019 compared with $210,363 in the first half of the year.
The company said it raised financing of $3.4 million in 2019 compared with $1.2 million in 2018 using a combination of convertible notes, stock and warrants, and loans. The proceeds were used for general working capital, and to fund research, development, and clinical programs.
Cardax announced on Sept. 23 promising results from its findings from the interim review of its ongoing CHASE (Cardiovascular Health Astaxanthin Supplement Evaluation) clinical trial. The CHASE clinical trial is a double-blind, randomized, placebo-controlled clinical trial evaluating the effect of ZanthoSyn on cardiovascular health, the company said.
Cardax also released a white paper on March 20 outlining the potential role of astaxanthin in the treatment of COVID-19 and is seeking strategic collaborations to further develop astaxanthin for COVID-19, including clinical trials. The company said it believes that its financing, including any public or private offerings, and revenue may be affected this year by the COVID-19 pandemic.