Paul Intlekofer, President and Chief Executive Officer of Nutrition 21, said, "The quality of investors in these private placements reflects the confidence we share in our business strategy, as well as the market potential of our products."
The net proceeds will be used primarily for the marketing and advertising of Chromax (chromium picolinate) and Diachrome, a proprietary adjunct nutritional therapy for people with type 2 diabetes. In addition, Nutrition 21 also holds 36 patents for nutritional products, 27 of which are for chromium-based products.
Source: Nutrition 21
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