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.