The effects on cholesterol of modified "sustained release" niacin was compared to immediate release niacin (aka nicotinic acid) and showed that sustained release tends to lower LDL more, while immediate release raises HDL more at all dosage levels. The key takeway though is that 52% of the patients taking sustained release developed signs of liver toxixity, while 0% of the ones taking immediate release did.
Most "niacin" products are niacinamide. If you want the form discussed in this research, look for nicotinic acid specifically.
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