Honolulu Star-Advertiser

Friday, July 26, 2024 84° Today's Paper


Top News

Cardax’s ZanthoSyn sales slowed by coronavirus effects on GNC

COURTESY JABSOM / 2017
                                The Astaxanthin product ZanthoSyn currently on the market from Cardax Inc.

COURTESY JABSOM / 2017

The Astaxanthin product ZanthoSyn currently on the market from Cardax Inc.

Cardax Inc., a Honolulu-based development stage biopharmaceutical company, narrowed its loss in the first quarter but saw its revenue fall 13.4% due to coronavirus-related effects on its largest customer, General Nutrition Corp.

The maker of astaxanthin dietary supplement ZanthoSyn said in a report issued Friday that it lost $1 million last quarter compared with $1.1 million in the year-earlier period. Revenue declined to $142,813 from $164,972. Cardax has been selling ZanthoSyn since August 2016.

In March, the company suspended recruitment of new subjects and study visits for existing subjects for its CHASE (Cardiovascular Health Astaxanthin Supplement Evaluation) clinical trial due to COVID-19 and the stay-at-home orders. Cardax expects to resume clinical trial operations when it is safe to proceed.

Cardax received a $211,300 forgivable loan in April through the Small Business Administration’s Paycheck Protection Program under the CARES Act, which is being used primarily to support employee salaries.

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines. Having trouble with comments? Learn more here.