capital markets day - nattopharma · capital markets day in nattopharma allocation of shares...

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Our Science. Your Trust™

Capital Markets Day05 December 2017

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Our Science. Your Trust™Our Science. Your Trust™

Daniel H Rosenbaum

Chief Executive Officer

➢ Capital Markets Day Introduction & Overview

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Our Science. Your Trust™3

DisclaimerThis presentation includes forward-looking statements regarding NattoPharma ASA, including projections and

expectations, which involve risk and uncertainty. Such statements are included without any guarantees to their

future realization. Although NattoPharma ASA believes that the expectations regarding the Company reflected

in such forward-looking statements are based on reasonable assumptions, no assurance can be given that

such projections will be fulfilled. Any such forward-looking statement must be considered along with knowledge

that actual events or results may vary materially from such predictions due to, among other things, political,

economic, financial or legal changes in the markets in which NattoPharma ASA does business, and competitive

developments or risks inherent to the Company’s business plans. Many of these factors are beyond

NattoPharma ASA’s ability to control or predict. Given these uncertainties, readers are cautioned not to place

undue reliance on any forward-looking statements. The Company does not intend, and does not assume any

obligation, to update the forward-looking statements included in this presentation as of any date subsequent to

the date hereof.

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• Introduction

• PharmaCo transaction

• Nutraceutical Overview

• Sales & Marketing: Driving Growth

• Update: clinical data, studies, intellectual property

• Pharmaceutical path

• Question & Answer Session

Agenda

4

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Timing Right to Separate: Two Distinct Business Models

5

• Cash and EBITDA positive

• Commercial focus sales & marketing

– Sales Growth

– Regional expansion

– Customer relevance and support

• Lean expenses

• Development $ on customer applications

and new ingredient introductions

• Secure supply, expanded capacity

• Pharmaceutical clinical trials, building IP

• Managing multi-year regulatory processes

(FDA, EMA)

• Commercial and development partnership

with Pharmaceutical player(s)

• Long term commitment:

o High investment, high risk

o Potential enormous value creation

and financial return

NattoPharma: Nutraceutical PharmaCo: Dedicated Pharmaceutical Path

NattoPharma ASA

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Kjetil Ramsøy

Chief Financial Officer

➢ PharmaCo Transaction

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Announcement of Strategic Spin-Off

Board in NattoPharma approves the plan to divest the pharma business

General Meeting in PharmaCo approves the Private Placement

Capital Markets Day in NattoPharma

Allocation of shares completed and approved by Board of Directors in PharmaCo

Information sent to subscribers regading allocation of shares

Registration of new shares sent to Foretaksregistret

20.11. 24.11.

28.11 29.11.

05.12. 12.12.

13.12 15.12.

15.12 21.12

Last trading day inclusive of right to participate in Private Placement in PharmaCo

Subscription period starts at

09:00 CET

Subscription period ends at

13:00 CET

Due date for payment of shares

Private Placement expected to be completed

PharmaCo – timing

7

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PharmaCo transaction – step 1

8

NattoPharma ASA100%

PharmaCo ASNattoPharma USA, Inc.

NattoPharma R&D Ltd.

100%

Transfer through equity contribution and sale & purchase agreement• Granted and pending patents• Know-How• Completed and ongoing clinical studies

▪ PharmaCo starting as a 100% owned NattoPharma subsidiary

▪ PharmaCo acquires the pharma business from NattoPharma for NOK 65,5 million -

financed through;

o contribution of 8 million in new equity

o vendor loan agreement of 57,5 million

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PharmaCo transaction – step 2

9

NattoPharma ASA100%

PharmaCo ASNattoPharma USA, Inc.

NattoPharma R&D Ltd.

~46%

Transfer through equity contribution and sale & purchase agreement• Granted and pending patents• Know-How• Completed and ongoing clinical studies

▪ Private placement in PharmaCo of approx. 9,6 million to raise working capital

▪ Directed towards NattoPharma ASA shareholders - NattoPharma diluted to non-

controlling interest

▪ The private placement is guaranteed by an Underwriting Agreement with 4 large

shareholders

Current shareholders inNattoPharma ASA

~54%

100 %

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PharmaCo – & NattoPharma shareholders

10

▪ Shareholders in NattoPharma will be participating in PharmaCo both by;

o direct ownership through the Private Placement

o indirect ownership through the ~46% stake held by NattoPharma ASA

• NattoPharma ASA is not likely to participate in future fundraising for

PharmaCo, hence further dilution is expected in later phases

▪ NattoPharma will receive cash from PharmaCo through the repayment of the vendor

loan of 57,5 million over the next 7 years

▪ NattoPharma will retain the right to use the patented claims and the related

technology in the supplement business through a license agreement with PharmaCo

o NattoPharma will have the option to extend the license agreement after the first

term on it’s own discretion

▪ NattoPharma will be granted exclusive access to all research and development

taking place in PharmaCo during the license period

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PharmaCo funding structure

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Assets

Intangible Assets 65,5

Cash 9,7

Total Assets 75,2

Equity & Liabilities

Total Equity 17,7

Long Term Loan 57,5

Total Equity & Liabilities 75,2

Balance Sheet (in NOK million)

Fully diluted # of shares in NattoPharma 19 252 433

Ratio 10

Shares offered in Private Placement 1 925 243

Initial Shares 30 000

NattoPharma equity contribution 1 600 000

Total Number of shares in PharmaCo AS 3 555 243

NattoPharma ownership 45,8 %

Other Shareholders 54,2 %

Initial capital 30 000

Equity contribution by NattoPharma 1 600 000

Private Placement 1 925 243

Share Capital 3 555 243

Share Premium 14 100 973

Total Equity 17 656 216

Share Structure

Equity

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Daniel Rosenbaum


➢ NattoPharma ASA

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Two-Year Focus on Building Strong Nutraceutical

Business and Creating Shareholder Value

13

• Solid commercial position of dietary supplement business

o Sales growth and Market leadership

o Geographic expansion

o Dependable production and supply

• Sustainable business with positive EBITDA, focused expenses

• Highly capable, commercially focused organization

• Foundation for pharmaceutical path

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Nutraceutical: Dynamic, Growing Vitamin K2 Market

With Enormous Potential Future Volume

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• From Health Specialty ⥤ Mass Market supplement ⥤ Functional Food

• Additional applications,

health indications

• Geographic expansion

o China

o Brazil

o Vietnam,…

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Volume Growth

Health Retail

Internet

Food

Mass Market

MLM

TODAY

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Measurable Increase in Consumer, Practitioner and

Clinical Community Awareness

15

Frequency of Vitamin K2 Citations

in Scientific Publications

2016 Highest on

record

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

2016 2017

Global Media hitsIncrease in consumer and practitioner awareness

Interest in Vitamin K2 Researcher Community Accelerating

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Cardiovascular Leads Growth: NattoPharma is the

Clear Leader, Owner of IP

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• Increasing Clinicals, articles are focused on Cardiovascular benefits

2014 2015 2016 2017E

NattoPharmaUS Volume Trend

> 70%

US Example: Cardio driving growth

0%

10%

20%

30%

40%

50%

Cardio Claims: % Increase

US

EU avg.

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Volume Growth Will Be Accompanied by Greater

Pricing Pressure

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• Specific measures deployed to succeed in a growing market

with increasing competitive intensity:

o Sales coverage, supply chain, customer technical support, innovation

Volumes ⇑ Price ⇓• Mass market, multi’s, food;• dose cost decline

• Increasing price intensity• New entrants, capacity additionsvolumes

Ingredient price

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Competitive Position Built on Innovation, Differentiation

and Most Comprehensive Offering

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✓ More than +19 published human clinical trials

confirm the efficacy and safety of MenaQ7®

✓ 6 Patents and counting…

✓ Advance Delivery Platform enables broad

customer applications

✓ CryoCap encapsulation for enhanced stability

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Cost Competitive Position, Capacity Expansion

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Production Lines

Pro

du

ctio

n S

ite

s

Site

1a,

b

2017Commissioned

Q4 2017

InstalledQ1 production

Site

2 Under AuditH1

Site

3 Audit, Discussion in processcGMP, pharma capable

mid-2018

✓ Multiple Production Lines,

✓ Additional Manufacturing sites

✓ Pharmaceutical requirements

✓ Yield and Optimization gains to

reduce cost

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Greater Customer Coverage with Expanded

Commercial Team

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Eric AndersonJeff LindElise Kaiser

Gunilla Traberg

Rudi DeMan

ACTIVE RECRUITMENT2 sales positions

OFFER EXTENDED1 sales position

✓ Direct Brand-owner relationships

✓ Distributor Aligned, Key regional partnerships

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Improved Operations via Efficiencies, Logistics

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✓ Expanded, new US logistics facility opened in

September 2017

✓ Cloud-based global ERP system implemented

February 2017

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Growth Trend Continued in 2017; Delayed Launches

Forecast to Have Strong Impact in 2018

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• 2017 expected volume

growth of 22-24%

o Lower than target due to

several launch delays

o Constrained supply (synthetic)

2014 2015 2016 2017E 2018F

NP Global Volume

• 2018 forecast based on currently planned product launches, new

customer ramp-ups

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Highlights: Major Launch in China

with Fishburg

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Picture

• Launch Ceremony with over 200

retail distributor partners in attendance

• Coverage in state news!

• NattoPharma quick response to recent

changes in evolving Chinese regulatory policy

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Significant Improvement in Synthetic Product

During Second Half of 2017

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H1 H2

KGs of Synthetic MK7• Additional production line

and equipment

• Added personnel and capabilities

• Operating improvements

• Overall delays of 4 to 6 months, but now on track

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Performance Improvement on Key Metrics

25

0%

20%

40%

60%

80%

2016 2017

Expenses as

% of Sales

40%

45%

50%

2016 2017

Gross Profit

-20%

-10%

0%

10%

2016 2017

EBITDA % of Sales

✓ Significant Improvement in Operating

leverage in Nutra business

✓ Expenses as % of Sales from 70 to 43

✓ From negative to positive EBITDA

Product margin gain,

but below target due

to capacity ramp-up

delays

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Supplement Base Case of NOK 400M with Significant

Upside Potential

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5 Year outlook

• Near term: K2 consumer

awareness and growth

• Geographic expansion, multi’s,

functional foods

• Product line extensions (ex: Full

Spectrum)

• New active ingredients

Revenue

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Eric Anderson

Senior Vice President

Global Marketing & Business Development

➢ Sales, Marketing & Business Development

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THE VITAMIN THAT IS

CHANGING THE WORLD!

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Question?

Q: Are OSTEOPOROSIS and ATHEROSCLEROSIS

normal by-products of aging?

Age-related hardeningof the arteries

A: NO! This is evidence of a vitamin deficiency, or insufficiency.

Loss of bone increasing fracture risk

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MenaQ7® Science

• MenaQ7® is only clinically validated MK-7 for real health

benefits

• 19+ Human Studies - Performed by scientists at University of

Maastricht and others observing all regulations for clinical

studies and working under full academic independence

• Key Trials include 3-year studies published in:

o Bone: Osteoporosis International (2013)

o CVD: Thrombosis and Haemostasis (2015)

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All industry Efficacy Claims are based on our studies

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Examples…

All Industry Claims Based on MenaQ7®

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MenaQ7® Vitamin K2 for All of

Life’s Stages

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• Essential for Bone and Heart Health

• Essential for Children’s Health

• Unfortunately, we do not get enough in our diets

• One of the fastest-growing New Dietary Ingredient

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What is happening today?

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Europe:

Over 300 K2 products

currently

available

North America:

Over 300 K2 products currently

available

Australia/New Zealand:


available

Scandinavia:


available

Brazil:


available

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NattoPharma is Driving the Market

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NattoPharma Begins to Promote: Again

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MenaQ7® is Clinically Proven

• More than +19 published human

clinical trials confirm the efficacy and

safety of MenaQ7®

• Education is the basis of awareness and

consumer demand in the supplement

industry

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Global K2 Media Hits: Measurable

Increase in Consumer, Practitioner and

Clinical Community Awareness

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Statins, Smoking, Kids Fracture Risk, Etc.

Leveraging Topical Research

• Vitamin K deficiency is a greater risk for CVD than

Smoking

• Statins are «mitochondrial toxins» causing coronary

artery calcification by inhibiting Vitamin K2 synthesis.

• Vitamin K deficiency leads to Increase Fracture Risk in

Kids

• NattoPharma is at the forefront of bringing this news to

industry and media

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Global Supplement Industry Salesand Growth %

45%7% versus NattoPharma growth of:

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How will NattoPharma win?

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Nutraceutical: Dynamic, Growing Vitamin K2 Market

With Enormous Potential Future Volume

• From Health Specialty ⥤ Mass Market supplement ⥤ Functional Food

• Additional applications cA

– CardioVascular

– Multivites

• Geographic expansion

– Asia

– Brazil

– ROW

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Volume Growth

Health Retail

Internet

Food

Mass Market

MLM

TODAY

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• Differentiated product for customers concerned with soy allergens

• Soy-based offering, valuepositioning

• Targets Regulatory, i.e. China

• Premium product, resonates with higher-end “holistic” brand customers

• Unique to NPN

atu

ral

Syn

thet

ic

We are the only

K2-MK7 Player to

offer a full-range

of multiple K2

technologies to

address market

needs.

MenaQ7 is the

Expert Brand

• Large volume, value-driven customers

• Appeals to “single molecule” Pharma- positioned customers

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Indications % 2017* % 2025*

Bone 80 % 30 %

Cardiovascular 5 % 30%

Gen Health / Kids 10 % 20 %

Other 5 % 20 %

Volumes x 5 x

Channel Type

Health Food Natural

Full Spectrum

Soy

FDM PURE

MLM All Grades

CAM All Grades

Mail / Internet All Grades

Manufacturing

“Original” Soy/subtilis-based Fermentation

“Soy Free” Fermentation

“Nature Identical” pharma-grade

“Full Spectrum” Mk-6,7,8 & 9

Supplement Mix Today vs. Future: NattoPharma in Strong Position

Cardio with greatest growth expectation

Channel Grade preferences:

MenaQ7 full range

Sales by Channel

*estimate45

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MenaQ7 Full SpectrumCryoCap

MenaQ7 Soy

Joint HealthDigestive Health

Mental Acuity

MenaQ7 Full Spectrum – opens doorsMenaQ7 Soy – China

CryoCap – Solving Problems

Sales Growth Strategy

Existing Sales Up 30%Increase Global Markets

Expanding CV ClaimsMulti-Vites

Create New Customers

Introduce New Products Develop New Ingredients

Increase Existing Base

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Increase Global Markets and Offerings

47

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Increase Demand via Global Brand Partners: Examples

Country Partner Event

Norway TGM Books, Illustrations, Sampling, PR

UK Wiley’s Mass Media, Retail Events, Whole Foods Market Training

Finland FinClub MLM Presentations over 500 Business Builders

Brazil BioLab Pharma Pharma Meeting Presentation to CV Physicians

United State Various National PR, Retail Education, Sampling, Books

China FishBurg National Launch, Distributor Training, Media

Vietnam Smarc Doctor and Media Presentations; PR

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Game Changers: New Products

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Leon Schurgers, PhD Quote50

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• First of its Kind Product

o Premium Positioning

o Gains Entry to Competitor’s Accounts with New Offering

o Three year development process suggests protection from

Imitators

• Particularly appeals to “whole food, natural” buyer with a range

of menaquinones as are found in food supply in West

• Called the “Rotterdam Project” Full Spectrum ties to European

Epidemiological research supporting CardioVascular health

New Product: MenaQ7® Full Spectrum™

Provides MK-6,7,8 &9

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• Developed specifically for minerals that negatively interact

with Vitamin K2

• Double Natural Wax excapsulate that protects MenaQ7

• Pharma Grade Waxes are chosen for flexibility and integrity

• Addresses stability needs for most of challenging supplement

powder, capsule and tablet needs globally

• Our ADVANCE Delivery Platform also has technologies for

liquids and beverages.

New Product: CryoCap™ –an ADVANCE Delivery Platform™ Technology

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Game Changers: New Ingredients

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Sell New Ingredient Technologies:

NattoPharma, already strong in bone, CV and

General Health, is actively developing new technologies in

categories with significant consumer appeal and growth potential

Leverage Our:

✓ Global Footprint

✓ Distribution Network

✓ Provide Consumer Relevance

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US Speciality Supplement Categories: Examples($1,048 mil., raw material sales)

• Joints

• Digestion

• Mental Acuity

The Specialty Supplement Market

growth rate is expected to

accelerate in the next five years

and reach 7.6% by 2020.

Source: NBJ RMIS 201455

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NP Consumer Survey – Reasons for

Supplementation

Supplement Users N=380

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Hogne Vik; MD, PhD

Chief Medical Officer

➢ Update on new studies, clinical data, intellectual property, grants

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• Important element of NP competitive advantage

o Product Claims essential to market positioning

o Proprietary IP creates exclusvity

o Superior Product Quality & Performance

• Clinical leadership drives expanding global vitamin K2

awareness

o Communication in media, journals

o Direct interaction with practitioner community at major forums

NattoPharma Research & Development Creates

Differentiation and Drives Value

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NattoPharma Industry Leadership Built on a

Foundation of R&D

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✓ NattoPharma created the category

✓ Driver for use of MK7 for preventive bone and CV indications

✓ Broadest MK7 ingredient portfolio

✓ Stable product suitable for multiple customer delivery applications

✓ Leading MK7 health applications for preventive & curative medicine

Experts in the science,

High Relevance for the

customer

Claims, Product

Performance and

customer-ready

applications

Intellectual Property

for long term

differentiation

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R&D Investment Increasingly Aimed to Maintain

Differentiated Position and Value

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• Marketable Product Claims

• Proprietary IP Positioning

• Superior Products &

Performance

2017: Expand Portfolio

2017: Novel Application Technologies

2015: Thrombosis and Heamostasis

2014: Nature-identical MK7 product

2014: EU grants and NFR grants

2013: Osteoporosis

2011 : Completion of 3-yr study indisputable data on K2 benefit

2006: R&D and IPR agreement signed between VitaK & NP

2004: NattoPharma Established

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Patent Portfolio Continues to Strengthen:

Cardiovascular, Freedom-to-Operate, Expanded Uses

62

Patent Family Recent Outcomes Significance

Compositions for Treating or Preventing Cardiovascular Disease

Granted in US Solid Coverage in Key Cardiovascular Market

Process for Preparation of MK-7 Type of Vitamin K2

Granted in US, AUS, & Israel

Solidifies Proprietary Process to Manufacture of MK7

Use of Vitamin K for Weight Maintenance and Weight Control

Granted in AUS Expanded Use

Current Status Provides Broad Protection✓ 6 Patent Families with Global Reach✓ Broad Coverage on Use of MK7 for Reduction of Arterial Stiffness ✓ Manufacturing Process for Premium synthetic MK7✓ Use of MK7 in combination with Omega-3 products✓ Patents on Formulations, New Uses and Combinations

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Significant Increase in Clinical Attention Drives

Practitioner and Consumer Awareness

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Frequency of Vitamin K2 Citations in Scientific Publications

Matrix GLA Protein gains recognition as a potent calcification biomarker

And the Studies Continue:• Vitamin K & PAD risk• Vitamin K2 & CHD risk• K2 deficiency as dangerous as smoking• Two new studies linked to CV Health and Vascular Stiffness• Low K2 Status Increases Fracture Risk in Children• Review_K2 D Combo in Children's Bone Health

Number of

citationsNumber of

publications

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• Multiple Recent Publications Referencing/Utilizing MenaQ7o May 2016: MenaQ7 K2 Study Validates Inflammation Benefit

o Jun 2016: New paper: statins & warfarin inhibit K2

o Aug 2016: New Study: K2 essential for bone & cardio health,

o June 2017: MenaQ7 study with hemodialysis patients publishes

o Aug 2017: MenaQ7 study again shows improved arterial health

o Nov 2017: NattoPharma: Vitamin K2 Recommended for CAVS, New Review

• NattoPharma Gaining Awarded Grantso Feb 2017: NattoPharma awarded new Horizon 2020 grant

o Mar 2017: NattoPharma awarded new INTRICARE grant

o Apr 2017: NattoPharma awarded calcium research grant

Researchers Continue to Choose and Demonstrate

the Benefits of MenaQ7®

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Recent Publications Report Positive Results on

Cardiovascular Related Clinical End-Point Studies

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Study Examples:

• Vitamin K2 Supplementation and Arterial Stiffness in Renal Transplant

Population

• Effect of vitamin K2 on progression of atherosclerosis and vascular calcification

in non-dialyzed patients with chronic kidney disease stage 3-5

• Plasma dp-ucMGP as a Marker of Kidney Damage and Cardiovascular Risk in

Advanced Stage of Chronic Kidney Disease.

• Vitamin K2 supplementation in haemodialysis patients: a randomized dose-

finding study*

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Targeted Therapeutic Indications in Pharma; Application

Development,Customer-Driven Innovation in Supplements

66

Pharmaceutic Drug Development

• Indications where there are No current therapies on the market

• Vitamin K2-MK7 as novel treatment where cardiovascular calcification plays

a central role in the disease:

Supplement Market Development

• Partnerships on Novel Combinations, differentiated products

• Application development for expanded use areas (customer delivery forms)

• Adaptions to regional requirements and preferences

• Leverage studies from Pharma development

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Daniel H Rosenbaum


➢ PharmaCo

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Vitamin K2-MK7 Shows Multiple Compelling

Therapeutic Indications

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• Market Opportunities represented substantially exceed €1 Billion

in potential value

• Vitamin K2-MK7 as potential novel treatment for cardiovascular

calcification

o Major driver of negative cardio events across multiple indication areas;

calcification implicated in multiple diseases:

• NO current therapies

➢ Renal Transplant ➢ Aortic stenosis

➢ Chronic Kidney Disease ➢ Artherosclerosis

➢ Heart valve transplant ➢ Stent calcification

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NP Has Invested, and Continues to Build, a Strong

Intellectual Property Position

69

• Method of use patents include claims for use of vitamin K to

address vascular calcification, arterial stiffening

o Additional pending applications will broaden claims in target indication

areas

• Data protection will provide 5 – 10 years exclusivity (US, EU)

• Process patent granted for preparation of high purity

• Proprietary delivery system specific to pharmaceutical

applications

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Robust Strategy to Maintain Distinction Between

Pharmaceutical and Dietary Supplement Markets

70

• Pharma grade is higher purity, formulated uniquely for

pharmaceutical markets

• Prescription dose expected to be significantly higher supplement

• Reimbursement eligibility likely to minimize consumer (patient)

out-of-pocket costs

• Key differences between prescription drugs, dietary supplements

o FDA/EMA approval; claims & labeling; promotional, educational activities

• Indications are life-threatening diseases, involve hospital treatment;

• physician unlikely to recommend substitute

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Successful Registrations Will Create Significant Value

Examples1:

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Renal Transplant

Claims evolution

⥤ reduced risk CV events, transplant failure (CVC-related)

Market Opportunity2

Patient pool: ~450.000€ 400 – 500 Million

Chronic Kidney Disease (mult. stages)

Claims evolution

⥤ reduced risk of CV events;reduced stage progression,

Market Opportunity2

Patient pool: > 30 million> € 4 Billion

Aortic Stenosis, Heart Valve

Claims evolution

⥤ Prevent/reverse valvecalcification, replacement

Market Opportunity2


Artherosclerosis

Claims evolution

⥤ reversal of calcification; improved arterial function

Market Opportunity2


• NP Value via royalty, technology fee, milestones and API production and sales

1 Examples are subject to multiple risk factors and assumptions2 Market value at finished product (pharmaceutical company) sales level; EU and US

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€500 to 600

Million

Development, Regulatory Timeline Has Attractive

Cost/Benefit Ratio, Risk-Mitigating Milestones

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€400 to 500

Million

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

EOP= End of Phase; FDA = Food and Drug Administration; IND = Investigative new drug; NDA = New

Drug Application; PAC = Postapproval confirmatory study.

PAC$40M

Begin

SALES

IND Submission

Phase 3 studies

Phase 3 safety study

$30-40M

$24MPAC

Milestone 1:

$ 4 to 5M expenditure

24 months

Milestone 2:

+ $6 to $14M expenditure

+12 – 16 month

Phase 1a/1b

IND study$2M

Phase 2

POC studyPhase 3 study Safety

extension$15-20M

Phase 2

POC study

Other required Phase 1 studies

Ongoing non-clinical, CMC studies

Non-clinical

IND CMC

studies

$6M

$8M

$ 2.5M

Phase 3 Investment:

+ $15-50M expenditure

+ 24-36 months

CK

DSu

bse

t 2

CK

DSu

bse

t 1

Accelerated approval discussionsBegin

SALES

Approval

Approval

$40M

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Exciting Times for NattoPharma

73

Two entities, each focused on value creation

• Strong Nutraceutical Business in growing Vitamin K2 global market

➢Focus on sales growth, commercial and operating excellence,

profitability

• Huge value potential in dedicated Pharma entity

➢Focus on clinical data, regulatory, target indications

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Daniel H Rosenbaum


➢ Q & A Session

Kjetil Ramsøy

Chief Financial Officer

Hogne Vik; MD, PhD

Chief Medical Officer

Eric Anderson

Senior Vice President

Global Marketing & Business Dev.

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