December 31, 2009 (FinancialWire) — Nutrition 21, Inc. (OTCBB: NXXI) said it has sold substantially all of the assets of its direct response and retail businesses to Florida-based Nature’s Products, Inc. The purchase price was around $3.2 million plus the assumption of designated liabilities.

In a statement, Nutrition 21 said it retained its profitable ingredients business and its patent portfolio. The buyers agreed to purchase their ingredients requirements from Nutrition 21.

The company said it applied around $2.7 million of the sale proceeds to repay in full notes that it issued in August 2006.

Commenting on the sale, Nutrition 21 CEO Michael Zeher said, “We entered into this transaction to focus our limited financial resources on our profitable ingredients business.”

Purchase, New York-based Nutrition 21 is a nutritional bioscience company that holds over 30 issued and pending patents associated with chromium picolinate as well as combinations of chromium compounds with other dietary supplement ingredients.

The firm’s ingredients are sold to leading dietary supplement, and functional food and beverage manufacturers.

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