CHROMOLOGICS

g t o l b o r g @ c h r o m o l o g i c s . c o m

w w w . c h r o m o l o g i c s . c o m

Short investor p i tch

Sustainable ColorsProduced by Nature

“ C h r o m o R e d h a s a u n i q u e c o l o r h u e a n d c o u l d b e a

p r o m i s i n g c o l o r a n t f o r s e v e r a l f o o d a p p l i c a t i o n s . ”

After testing ChromoRed for food applications, US color houses say:

2

Team:

Chromologics Aps was founded in 2017

Assoc. Prof Andreas Laustsen

· Serial bio-entrepreneur ·

Co-founded 5+ biotech companies (e.g.

Biosyntia, Bactolife, Antag Therapeutics)

Gerit Tolborg, PhD

· CEO · Co-founder

Graduate from INSEAD program

”Making Innovation Happen”

Prof. Thomas Ostenfeld Larsen

· Co-Inventor & Scientific Advisor ·

Leader of the “Natural product

chemistry” group at DTU

Henrik Dalbøge, PhD

· Strategic Advisor ·

Industrial experience from

Chr. Hansen and Novozymes (20+ years)

C h r o m o l o g i c s ’ s t r o n g a d v i s o r y b o a r d c o n s i s t s o f o t h e r

c o - f o u n d e r s

Louise Jørgensen

Fermentation Scientist

Anders Ødum, PhD

· CSO ·Co-founder

PhD in cell factory design

from Novo Nordisk

B u s i n e s s

A c c e l e r a t i o n

A c a d e m y

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Problem: The food color industry faces a challenge in finding high

performance natural colorants

Variations in

quality & quantity

P E R F O R M A N C E

L M I TAT T I O N S

Poor stabilitypH

Challenges in cost

structure and supply

chain

FA I L

C O N S U M E R

E X P E C TAT I O N S

Sustainability

challenges

Not all vegan

Not kosher/ halal

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Solution:

Biotech platform solves the challenges of traditional natural colorants

Bioreactor based productionValidated at 50 L scale

Natural Fungal host – Non-GMO

IP on production processPCT/EP2018/061898

C H R O M O C O L O R

PLATFORM

Performance validated in food

applications by 7+ food producers

Compliant with all diets

Novel colorant

P R O D U C T

C H R O M O R E D

yellow-red colors possible Ethical & sustainable sourcing

Low cost-in-useScalable & cost-efficient

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Natural

Colorants

Regulatory

status

Source to

make 1 kg of

colorant

Vegan/

halal

Heat

stability

pH

stability

Label

requirements

Cost in

use

ChromoRed Not approvedCell factory

10 kg sugarYes E-number € 25

CarmineApproved with

concerns

100.000

InsectsNo

E-number

120€ 30-80

Betanin Approved2.5 t

Beet rootYes

Clean label/ E-

number 162€ 50

Competition: ChromoRed has similar great heat stability like Carmine,

but is compliant with vegan diets- with a cost in use of only € 25

COMPETITIVE LANDSCAPE

47% market share

Not vegan/kosher/halal

Poor consumer reputation

Heavy price fluctuations

29% market share

Low temperature stability

Earthy off-taste

Wasted farming space

22% market share still covered by synthetic colorants

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€ 300 M

Market: Chromologics color portfolio can be scaled into multiple

industries and address a market of more than € 4,300 M

€ 400 M

€ 50 M

Markets segments

grouped by

regulatory requirements

Long term targets

ChromoRed

€ 1,200 MCompetitor:

Carmine, Betanin

€ 200 M

€ 300 M€ 500 M

€ 50 M

ChromoRed

€ 1,200 MCompetitor:

Red40, Carmine, Betanin

€ 100 M

€ 200 M

€ 50 M

USAFuture colorants:

Global market sizes

€ 200 M

ChromoOrange

€ 950 M

€ 100 M

€ 200 M

€ 50 M

€ 200 M

ChromoYellow

ChromoPurple

€ 1000 M

€ 200 M

€ 100 M

€ 400 M

€ 100 M

€ 100 M

Cosmetics

Detergents

Beverages

Food contact

material

Pet foods

Foods

Europe

€ 200 M € 100 M

€ 200 M

€ 50 M

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Food packaging (€ 300 M)

Food (€ 350 M )

Pet Food (€ 50 M)

Go to market strategy for ChromoRed as a food colorant for the

European market

European market

opportunity

€

750 Min Europe

First pilot tox tests concludedNOT Genotoxic

NOT Cytotoxic

NOT Bioavailable

NOT MetabolizedChromoRed is:

Today TLR7Technology validated

at 50 L

Q4- 2020

Submit

EFSA

dossier

2021- 2022 2022

Set- up

manufacturing

agreements

Q3- 2023

Obtain EFSA

approval

First revenue

Beachhead

Meat substitutes

Q4- 2023

De-risking regulatory approval:

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Business Model & Revenue projection:

+10 years: Sales of ChromoRed will reach a sales revenue of € 90 M

Raw

materials

Color House Natural colorant Food producer

Chr. Hansen

Givaudan

Chromologics

Danone

Haribo

Fazer

Betanin

Carmine

ChromoRed

Food supply chain

Consumer

Retail

Food colorants are highly specialized products combined with flavor and

fragrances - tailored precisely to the need of the food manufacturer

Color houses are often one-stop shops that offer flavor/ color/ fragrance recipes to food producers

Fully integratedwith production by CMO

Business model B2B 2 models possible

Royalty basedChromologics : R&D Development of novel colorants

2027

200 t sales€ 25 M

Revenue

700 t sales€ 90 M

Revenue

2033

Regulatory approval for foods€ 1.5 M Revenue

2023

Revenue projection

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2020 2021

License

ChromoRed

2022 2023

R&D

Company

Use revenue to

expand color

portfolio

Yield

increase

Classical strain

engineering

Regulatory

Commercial

Customer

sampling & pilot

studies with food

companies

Seed phase

€ 2 M

investment

Series A

€ 3-5 M

investment

Company

Exit

Preparation for

EFSA & FDA filing

Join the color revolution! Buy your ticket and support

Chromologics’ activities for 2020-2022

Join the color revolution!

Buy your ticket

Term sheet is signed

Round remains open for 4 more

months

Ticket size: € 300.000-1.5 M

Pilot scale-up (4 m3)

1 0

Summary Chromologics

Technology platform demonstrated

50 L submerged cultivation

IP Protection

License agreement with DTU in place (with buy-out option)

Agreement includes production strains

Strong value proposition

Addresses unmet need within the food industry

Financial advantages for customer (stable, low price)

Positive Customer Feedback

De-risking the investment

Toxicology pilot studies indicate safe usage of ChromoRed in food

Application studies with customers confirm excellent performance in

food