Cardax Inc. reported Friday increased revenue from its new dietary supplement on the heels of a research announcement earlier in the week that a compound it developed could be tied to longevity.
The Honolulu-based biotech startup said in a filing with the Securities and Exchange Commission that ZanthoSyn, a product it launched Aug. 24, generated $35,258 in revenue during the four-plus months it was available. In the third quarter the revenue from ZanthoSyn sales was $11,160.
The product launch and a 58 percent decrease in operating expenses helped Cardax narrow its full-year loss to $1.8 million from $4.3 million in 2015.
ZanthoSyn is the first revenue-producing product for Cardax, which through Dec. 31 had lost $55.9 million since its inception in March 2010. Cardax says ZanthoSyn is a safe anti-inflammatory for general health, including cardiovascular, metabolic, joint and liver health.
Cardax said in its filing it has used e-commerce and wholesale as its primary sales channels to promote ZanthoSyn and is capitalizing on the company’s relationships in the scientific and medical community to market the product.
On Jan. 25 Cardax began selling ZanthoSyn wholesale to health and wellness retailer GNC in Hawaii.
Astaxanthin, the active ingredient in ZanthoSyn, is a carotenoid compound found in many marine organisms, including microalgae, salmon and lobster, and is what gives them their color.
On Tuesday, University of Hawaii medical school researchers announced that a gene associated with longevity was activiated in mice fed a diet rich in astaxanthin. The finding holds promise of a possible anti-aging therapy for
humans.
The preliminary study, the first of its kind in mammals, examined the impact of an astaxanthin compound on a gene known as FOXO3, which has been shown to contribute to longer, healthier lives in humans. The compound, astaxanthin CDX-085, was provided by Cardax. It is not yet on the market.
Cardax’s stock doubled Wednesday to 22 cents, from 11 cents, on heavy volume of 777,417 shares after the UH research announcement. The shares remained at the same price Thursday before dropping 3.5 cents, or 15.9 percent, to 18.5 cents Friday. Cardax filing its year-end financial report with the SEC during the market session Friday.
