Nutraceutix, the US company which specialises in innovative drug delivery platforms and which recently formed a global alliance with agribusiness giant ADM, is to change its name to SCOLR following approval by shareholders at last week's AGM.
SCOLR, which is an acronym for Self Correcting Oral Linear Release and pronounced 'scholar', is said to better reflect the company's transition to a drug delivery company, according to president David Howard.
"The new corporate name, SCOLR, not only assists in creating a new corporate profile, it also reflects our vision of showcasing self-correcting oral linear release drug delivery platforms as the major engine of future growth for the company."
Howard told shareholders at the AGM that the alliance with ADM was progressing well, and that the company expected to develop a number of dietary supplement products for the US market which would be launched later this year or early in 2003. Nutraceutix launched its CDT glucosamine and chondroitin product in Canada in January.
The company is also active in the area of probiotics, and its LiveBac product is already available in many US retail outlets. "Nutraceutix expects to capitalise on its position in the probiotics market as a fully integrated manufacturer serving the US dietary supplement market with its patented SCBIORx delivery system enabling viable, beneficial probiotic organisms to be delivered to specific sites in the GI tract in addition to the essential room temperature stability," Howard told the AGM.