executive summary: market opportunity / unmet need ...microsoft word - qi zhao executive...

Enrich Therapeutics Inc. 100 Barber Ave, STE 17 Worcester, MA 01606 Qi Zhao Ph. D T 203-815-0259 www.enrichtx.com [email protected] Executive Summary: We are developing cutting edge devices and applications for image-based single cell manipulation. Our product is a lot less expensive and will be protected by patent. Market Opportunity / Unmet Need: Cell isolation market is $5.9B now, total screen-isolation tool market is $3.7B (serviceable addressable market). Our target market is the 10,000 labs (20% biology labs in US R1, R2 research institutions). The market value is ~$350M (bottom- up), growing at ~10% CAGR. (www.marketsandmarkets.com.) Products/Services – Pipeline: Image-based single cell sorter using proprietary software instead of high-precision hardware to achieve a price at ~ $15K per device, and annual consumable ~$4K per device. Commercial / Technical Milestones: 1: Proof of concept, alpha version, NIH review (Mar., 2019) 2: Customer requirement collection (Sept., 2019). 3: Non-essential part design and optimization via contracted design shop (Sept., 2019). 4: Beta version (Sept., 2020), external lab validation. 5: Contracted device manufacturing (Dec., 2020). Competition: Berkley-light: Costs ~$500K per device. Flow-sorters: Not a single cell tool, slow in single cell selection, cost ~$300K per device. Our unique, proprietary, software-based technology will set our price ~$15K/per device or less and achieve single-cell results. Financial Projections (Unaudited): Revenue starts ~Sept. 2020, breakeven occurs ~ June 2021, Year device revenue, consumable revenue, gross profit 2021 $1.2M $0.13M $0.5M 2022 $8.7M $1.6M $8M 2023 $13.1M $6.9M $13M 2024 $18.5M $16.9M $23.4M The revenue growth will continue at ~10% (market CAGR). Industry: R&D Device Management: Qi Zhao, CEO Ph.D Biophysics (Tsinghua Univ.), 4 years of experience of industrial innovation (Abcam), NIH research award recipient, 4 years of postdoctoral training at Yale. Xueqi Liu, CTO Ph.D Biophysics (Tsinghua Univ.). Image processing expert, software engineer. 6 years of post-doctoral training at Yale. Finance: • Current Investors / Financing to Date NIH SBIR Phase I/ $225K (starts in Sept.2019) • Financing Sought $2M for: 800K product design 800K manufacturing 400K marketing Legal: • Incorporated in July, 2018. • IP for: software-based particle locating and isolation system. Provisional patent filed in July,2018, US Non- provisional patent is expected to be filed by July, 2019, international patent is expected to be filed by Sept, 2019

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Page 1: Executive Summary: Market Opportunity / Unmet Need ...Microsoft Word - Qi Zhao Executive Summary_enich_v10.docx Created Date 20190402130644Z

Enrich Therapeutics Inc. 100 Barber Ave, STE 17 Worcester, MA 01606

Qi Zhao Ph. D T 203-815-0259 www.enrichtx.com [email protected]

Executive Summary: We are developing cutting edge devices and applications for image-based single cell manipulation. Our product is a lot less expensive and will be protected by patent.

Market Opportunity / Unmet Need: Cell isolation market is $5.9B now, total screen-isolation tool market is $3.7B (serviceable addressable market). Our target market is the 10,000 labs (20% biology labs in US R1, R2 research institutions). The market value is ~$350M (bottom-up), growing at ~10% CAGR. (www.marketsandmarkets.com.) Products/Services – Pipeline: Image-based single cell sorter using proprietary software instead of high-precision hardware to achieve a price at ~ $15K per device, and annual consumable ~$4K per device. Commercial / Technical Milestones: 1: Proof of concept, alpha version, NIH review (Mar., 2019) 2: Customer requirement collection (Sept., 2019). 3: Non-essential part design and optimization via contracted design shop (Sept., 2019). 4: Beta version (Sept., 2020), external lab validation. 5: Contracted device manufacturing (Dec., 2020). Competition: Berkley-light: Costs ~$500K per device. Flow-sorters: Not a single cell tool, slow in single cell selection, cost ~$300K per device. Our unique, proprietary, software-based technology will set our price ~$15K/per device or less and achieve single-cell results.

Financial Projections (Unaudited): Revenue starts ~Sept. 2020, breakeven occurs ~ June 2021, Year device revenue, consumable revenue, gross profit 2021 $1.2M $0.13M $0.5M 2022 $8.7M $1.6M $8M 2023 $13.1M $6.9M $13M 2024 $18.5M $16.9M $23.4M The revenue growth will continue at ~10% (market CAGR).

Industry: R&D Device

Management: Qi Zhao, CEO Ph.D Biophysics (Tsinghua Univ.), 4 years of experience of industrial innovation (Abcam), NIH research award recipient, 4 years of postdoctoral training at Yale. Xueqi Liu, CTO Ph.D Biophysics (Tsinghua Univ.). Image processing expert, software engineer. 6 years of post-doctoral training at Yale.

Finance: • Current Investors /

Financing to Date NIH SBIR Phase I/ $225K (starts in Sept.2019)

• Financing Sought $2M for:

800K product design 800K manufacturing

400K marketing Legal:

• Incorporated in July, 2018. • IP for: software-based

particle locating and isolation system. Provisional patent filed in July,2018, US Non-provisional patent is expected to be filed by July, 2019, international patent is expected to be filed by Sept, 2019

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