Strictly Confidential
BioCAP – Business Plan
Business Plan
Corinne Centonze
Jean-François Coleille
Maksim Gorbachev
Bernadette Kolbe
Gregoire Mastrangelo
Jaroslaw Miklosik
Prof. Hans Crijns
Prof. Miguel Meulemann
29.05.2009
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BioCAP – Business Plan
29.05.2009
Executive Summary
Consumers are increasingly demanding food that is functionalized to contain
supplementary health additives delivered in the body in a natural and safe manner.
BioCAP is a high-end solution provider addressing this challenge faced by food
ingredient companies.
BioCAP is a Swiss manufacturing company producing glucan, a natural
encapsulating agent derived from brewer’s yeast. Glucan is the major component of
the yeast cell wall, which serves as a carrier for sensitive ingredients such as
vitamins and flavours in food products. Glucan protects and delivers an ingredient
more effectively than other encapsulating agents thanks to its superior physical
properties such as stability and higher loading capacity.
A patented scalable technology, comparatively low CAPEX and production costs and
strong partnerships with brewer Carlsberg, science and technology university ETHZurich and the Swiss engineering company Tex-A-Tec are the sources of BioCAP’s
competitive advantage.
The current global encapsulation market is estimated at CHF 500 mili. BioCAP will
initially focus on the food industry, due to its high market potential, relatively easy
regulatory environment and growing demand for encapsulation technologies. The
micro encapsulation market is fragmented among a limited number of small niche
players offering their proprietary technology. Since demand for micro encapsulation
is expected to grow at rate of 10% over the next three years, there is a market
opportunity for BioCAP to exploit. In 2011, when BioCAP starts its operations, the
estimated micro encapsulation market size is expected to reach CHF 670 mil. With
its capacity, BioCAP will be able to supply lead customers and service 2% of the
global demand.
In the first two years, BioCAP will invest in application development and will pursue
i
1 CHF = 0.66 EUR ; 1 CHF = 0.88 US$ (as of 10.05.2009)
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co-development and commercialization agreements on an exclusive base with
market leaders in food ingredients encapsulation. BioCAP plans to approach large
Swiss-based food ingredient companies such as Firmenich and Givaudan.
Commercial production and first revenue stream will start from 2011.
The company expects to reach a turnover of CHF 13,5 mil in 2015 with an expected
price for glucan of 150 CHF/kg.
The value of the company, using DCF method, is CHF 10,8 mil with a terminal value
of CHF 34 mil beyond 2013, using a WACC of 30% and assuming a long term annual
growth rate of 3%.
There are several business risks to which BioCAP will be exposed in the first year of
its existence. The commercial applications have not yet been developed. Product
registration will be required from national regulation authorities. The development of
some applications might be prevented by competitors’ IP.
BioCAP has a dedicated team of executives with extensive experience in
entrepreneurship, sales & marketing, R&D and finance. In addition, BioCAP is
advised by an experienced board of directors and a reputable scientific board.
BioCAP requires CHF 1,5 mil in seed finance for product development and CHF 2,5
mil in a first financing round to invest in production facilities with a capacity of
225’000 kg of yeast per year and for application development. The estimated IRR is
95%. In exchange for the seed money, BioCAP proposes 40% of the shares.
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Table of Contents
Executive Summary .................................................................................................. 0
1
2
3
4
Company description ........................................................................................... 1
1.1
BioCAP ......................................................................................................... 1
1.2
Technology and product description .............................................................. 1
Market analysis and segmentation ...................................................................... 2
2.1
Value chain ................................................................................................... 2
2.2
Product properties ......................................................................................... 3
2.3
Customer needs ............................................................................................ 4
2.4
Value Proposition .......................................................................................... 5
2.5
Market overview ............................................................................................ 5
2.6
Market segmentation ..................................................................................... 5
2.7
Targeting ....................................................................................................... 8
Industry analysis .................................................................................................. 8
3.1.1
Competitors............................................................................................. 9
3.1.2
Suppliers ................................................................................................. 9
3.1.3
Customers............................................................................................. 10
3.1.4
Substitutes ............................................................................................ 11
3.1.5
New entrants ......................................................................................... 11
Business model ................................................................................................. 11
4.1
Initial stage .................................................................................................. 11
4.2
Growth stage ............................................................................................... 12
4.2.1
5
Marketing mix .................................................................................................... 14
5.1
Product........................................................................................................ 14
5.1.1
6
Advanced applications .......................................................................... 13
Support services ................................................................................... 15
5.2
Price ............................................................................................................ 15
5.3
Promotion .................................................................................................... 15
5.4
Place ........................................................................................................... 15
Development and personnel plan ...................................................................... 16
6.1
Development plan ....................................................................................... 16
6.2
Personnel plan ............................................................................................ 17
6.2.1
Production personnel ............................................................................ 17
6.2.2
General management and administrative personnel ............................. 17
6.2.3
Other personnel .................................................................................... 17
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Regulatory aspects ............................................................................................ 18
7.1
Product regulation ....................................................................................... 18
7.2
IP rights and strategy .................................................................................. 18
8
SWOT analysis .................................................................................................. 20
9
Human resources .............................................................................................. 21
9.1
Executive management ............................................................................... 21
9.2
Board of directors ........................................................................................ 22
9.3
Scientific board ............................................................................................ 22
9.4
Strategic partners ........................................................................................ 24
9.5
Ownership structure .................................................................................... 24
10
Financial plan .................................................................................................. 25
10.1
Valuation ................................................................................................... 25
10.2
Revenues .................................................................................................. 25
10.3
Costs ......................................................................................................... 26
10.4
Cash flow & balance sheet ........................................................................ 27
10.4.1 Cash flow from operations ..................................................................... 27
10.4.2 Cash flow from investments .................................................................. 27
10.4.3 Cash flow from financing ....................................................................... 27
10.4.4 Balance sheet ....................................................................................... 28
10.5
Sensitivity analysis .................................................................................... 28
10.6
Risk factors ............................................................................................... 28
11
Appendix ......................................................................................................... 30
11.1
Patented glucan extraction process ........................................................... 30
11.2
Technology scale-up ................................................................................. 31
11.3
Equipment for industrial plant .................................................................... 32
11.4
List of competitors ..................................................................................... 32
11.5
Micro encapsulation technologies .............................................................. 33
11.6
Development plan ..................................................................................... 34
11.7
Income statement ...................................................................................... 35
11.8
Cash-flow statement .................................................................................. 36
11.9
Balance sheet ........................................................................................... 37
11.10
Working capital ........................................................................................ 38
11.11
Personnel plan ........................................................................................ 39
11.12
Strategic partners .................................................................................... 40
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1 Company description
1.1
BioCAP
BioCAP is a spinoff of HeiQ/Tex-a-Tec, a Swiss specialty chemicals firm that has the
objective to market glucan in the food ingredients industry as an encapsulating agent.
The patented glucan extraction process has been developed by Tex-a-Tec, a
chemical process engineering company in Switzerland and exclusively licensed out
to BioCAP.
The technology development has been co-financed by Carlsberg, one of the world’s
largest brewery groups and a Fortune 500 company, with the intention to find a new
value-added
approach
to
utilize
spent
brewers
yeast.
The
Carlsberg
Feldschloesschen brewery in Basel, Switzerland is regarded as a preferred supplier
of brewers yeast.
BioCAP will be registered as an Aktiengesellschaft (AG)ii company, following Swiss
law and using seed money in the form of subsidies from the Venture Kick
Foundation.
1.2
Technology and product description
BioCAP manufactures particulate beta-glucan 1-3-1-6iii, the major component of the
yeast cell wall. Glucan is used to encapsulate ingredients such as vitamins and
flavours in order to protect them from their environment. The encapsulated ingredient
can then be used as an additive in a number of food products like yogurts, cereal
bars, and beverages. Once in the body, the nutrient is released and is available for
the metabolism.
ii The starting capital to the register the entity is 100,000 CHF.
iii
For purposes of this study, particulate beta-glucan 1-3-1-6 is referred to as glucan.
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Based on the patented extraction technology, yeast is emptied of its contentsiv. The
remaining cell wall is the glucan.
Figure 1. Glucan is a biopolymer with a spherical shape and a size between 3 – 5 мm.
Yeast cell closed - encapsulates the ingredient. Yeast cell opened – releases the
ingredient.
2 Market analysis and segmentation
2.1
Value chain
The main players of the micro encapsulation industry are shown in the figure below:
Figure 2 - Value chain in the micro encapsulation industry
Food manufacturing companies, the drivers of the encapsulation market, typically
search for encapsulation solutions for three following applicationsv:
iv
For the description of the extraction technology, scale-up and equipment, refer to appendices 12.1, 12.2 and 12.3.
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Protection of the encapsulated ingredients against oxidation, heat and extreme
pH during processing or in order to increase shelf life.
Encapsulation allows for the reduction in the use of preservatives in foods and
beverages.

Controlled release of ingredients
The release of ingredients can be triggered by moisture, pH or heat and can be
targeted, for example, at the intestine.

Flavour masking of encapsulating materials
While consumers are increasingly attempting to eat healthily, products containing
functional ingredients often don’t taste good. Examples are fish oil that contains
omega-3 fatty acids or herbal extracts, which are typically bitter tasting.
2.2
Product properties
The five main physical properties of the carrier glucan are listed and explained below:
Glucan is a natural substance, derived from yeast, a living organism. It is widely used
in bakery products and beverages. Glucan is proven to favourably stimulate the
immune system and to lower cholesterol, reducing the need for pharmaceuticals
such as antibiotics and anti-cholesterols. Glucan is already widely used as an FDA
accredited immunostimulant.
Glucan is a stable carrier. It is able to transport functional substances deep into the
intestinal tract. Glucan doesn’t get destroyed by the acidic environment in the
stomachvi.
Glucan is expected to have a high loading capacity, due to its balloon-like structure.
Further research financed by HeiQ/TAT is being conducted at the University of
v
Frost & Sullivan, 2005
vi
Glucan is composed of biopolymers that, in the body, cannot be destroyed hydrolyzed in the absence of the
enzyme Glucanase, which is found only in the human intestines.
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Applied Science in Muttenz, Switzerland, on the characterisation of Glucan as well as
its absorption and release rate.
Glucan can be used as a carrier for many different ingredients. It is useful for carrying
both fat and water-soluble substances. Glucan can be used as a carrier for a whole
range of substances when further modifiedvii.
Glucan is odour and taste free as well as colourless, properties that are required by
the food industry.
2.3
Customer needs
Food ingredient companies consider the following factors when choosing the ideal
micro encapsulation technologyviii:

Function
Manufacturers need to think about what functionality is required for the finished
product. For example, the microcapsule can be used to mask the flavour or to
protect the content from its environment.

Manufacturing cost

Size, Density and Stability

Processing Conditions
The encapsulated ingredient needs to survive before releasing its contents.

Encapsulation Material
An encapsulation material must be used that is nonreactive with both the
ingredient to be encapsulated and the formulation to which the encapsulate will
be added.

vii
Odour and colourless
Glucan’s properties can be modified by additional functionalisation. Functionalizing means adding a process step
that transforms the physical-chemical characteristics of Glucan.
viii
Frost & Sullivan, 2005
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The food industry requires that the carrier be odour and tasteless as well as
colourless, in order not to interfere with the other ingredients.
2.4
Value Proposition
BioCAP is a high-end solution provider to food ingredient companies that are looking
for technologies to enhance their existing portfolio of encapsulation techniques.
Glucan, as a carrier, is a natural substance that is derived from brewer’s yeast and
thus widely available and accepted in the food industry. Glucan will provide food
ingredient companies with a superior technology and ultimately with new applications
for the overall growth of the food industry, in processed and functional foods as well
as health additives.
2.5
Market overview
There are several competing micro encapsulating agents on the market. The most
popular ones are vegetable gum, cellulose derivatives, gelatine, modified starch and
dextrin. These micro encapsulating agents are used in beverages, confectionary and
other food products for encapsulation of flavours, colours, vitamins and other
substances.
We estimate the total accessible market of micro encapsulation at CHF 500 mil. The
market is going to grow at the same rate as the functional food and beverages
market with a 10% rate in the next 3 yearsix. In 2011, BioCAP’s first year of
production, the estimated micro encapsulation market size will be around CHF 660
mil.
2.6
Market segmentation
Our market is segmented into two main categories of actors:
A.
ix
Micro encapsulation SMEs
Euromonitor’s Global Market Information
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Large food ingredients companies doing in-house encapsulation
To ensure a complete overview we also identify actors that directly impact our market
namely:
C.
Ingredient companies outsourcing encapsulation
D.
Food manufacturers
Figure 3 - Segmentation of the micro encapsulation market
Frost & Sullivan (2008) divides micro encapsulation companies into two categories
(namely A and B) based upon the type of services they provide in adding value to the
food end productsx:

(A) The micro encapsulation SMEs: service companies provide encapsulation
services to both food ingredients companies and food manufacturing companies.
The main services provided are R&D and design work for prototype applications,
pilot plant scale operations and contract manufacturing services.
x
Although the Frost & Sullivan study focuses on the personal care industry, our market research tends to confirm the
relevance of this segmentation for the food industry.
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Micro encapsulation SMEs usually work with a large variety of encapsulation
technologies and choose the most appropriate one depending on the substance
to encapsulate and the properties the customer is looking for.

(B) The large food ingredients companies doing micro encapsulation inhouse: “(…) large enterprises that have micro encapsulation as an alternate way
to product innovation. These enterprises have purchased or developed
technology through continued investments in R&D. It also enabled them to gain
market share by differentiating their product line.”xi
This segment is constituted by several large multinationals such as DSM,
Danisco or Tate & Lyle. Partnerships or acquisition of start-ups is largely used.
In addition to the micro encapsulation companies, we take into consideration
companies outsourcing the encapsulation process and the food manufacturing
companies.

(C) The food ingredients companies outsourcing the encapsulation process:
these companies usually contract micro encapsulation SMEs to encapsulate
specific ingredients that they will then sell to the end-products companies. Most
large companies use this service on an ad-hoc basis. However, some companies
outsource their entire encapsulation process and do not have the infrastructures
and the know-how required for example to co-develop applications with a start-up
company without involving a third party.

(D) The food manufacturing companies: companies such as Kraft, Unilever or
Nestle have a strong decision power in the definition of the ingredients they are
buying. Differentiation through innovation is also crucial for these companies. For
this reason, they are strongly interested in building partnerships with start-ups
proposing innovative technologies, even if they do not do the encapsulation
xi
Frost & Sullivan, 2008
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themselves. Unilever for example, expressed the potential interest to work
together with BioCAP on selected applications.
2.7
Targeting
Technology leaders and innovators with a proven track record will be aproached first.
Glucan will be sold to large food ingredient companies doing encapsulation inhouse for the following reasons.

these companies have experience and expertise with encapsulation which may
reduce our time-to-market

selling Glucan to large companies would allow us to focus our sales & marketing
resources

these companies are looking for innovative products and technologies to
differentiate themselves from the competition.
3 Industry analysis
Figure 4 – Competitive forces analysis. The threat of new entrants, the threat of
substitute products, the bargaining power of suppliers, the bargaining power of
customers.
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3.1.1 Competitors
The leading players in food micro encapsulation, according to the 2008 Frost &
Sullivan report on the micro encapsulation industry, include Balchem Corporation in
the US, Brace in Germany, Coating Place of the US, Particle Coating Technologies
in the US and Particle Dynamics and TasteTech in the UKxii. The micro encapsulation
market is however a small, specialized community with each competitor claiming its
own area of expertise and proprietary techniques with the biggest barrier for
specialized micro encapsulators being able to gain the same access to financial
resources of large corporations.
Since the demand for micro encapsulation is growing with double digits and there is
limited number of players focusing on their niches, we are considering the intensity of
competition as low.
3.1.2 Suppliers
The only critical supply that is necessary to produce glucan is brewers yeast.
Brewers yeast is produced as a by-product in breweries and is recovered from the
fermentation process. This product is widely available, as currently it is treated as
waste sold at a low price to other industries.
Our business has secured a supplier of brewers yeast directly from the Carlsberg
Feldschloesschen
brewery
in
Basel,
Switzerland.
Currently
the
brewery
Feldschloesschen sells the excess spent yeast directly to pharmaceutical and other
intermediary companies. With our agreement in place, Feldschloesschen will provide
the brewers yeast required for our production process i.e. the business becomes the
sole customer of the brewers yeast from Feldschloesschen and further Carlsberg
breweries if needed.
xii
For a complete list of competitors, refer to the appendix “Competitor Description”
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Since beer brewing is one of Europe's most popular sectors accounting for 40 per
cent of the global beer productionxiii and there are many breweries which would be
willing to sell their used yeast at slightly higher price, we assume that the suppliers
do not posses significant bargaining power.
3.1.3 Customers
Generally speaking, micro encapsulation, while expensive, is seen as a means of
achieving differentiation and adding value to products. Food manufacturers therefore
respond to increasingly complex consumer requirements and increasing competition,
particularly from the powerful supermarkets’ own brand products, by product
differentiation and branding.
The potential customers of micro encapsulation companies include therefore both
food ingredient producers and food manufacturers. Their requirements however differ
significantly. Food manufacturers require high volumes of already encapsulated
ingredients. Since BioCAP is a raw material provider, we therefore focus our
attention on the food ingredient companies that encapsulate the active ingredients.
The main players in the food ingredients sector are the following: Ajinomoto, ADM,
Cargill, BASF, CSM, Corn Products International, Degussa, Danisco, DSM,
Firmenich SA, Tate & Lyle, Kerry, Südzucker.
The above-mentioned companies are the top players, but there are a number of
smaller firms operating in the market that already use or could potentially be
interested in micro encapsulation. There are many food ingredients companies,
which seek new encapsulation technologies, which would enable them to
differentiate their products. At the same time, there are relatively few small biotech
firms offering this functionality. Thus we believe that the customers have a medium
xiii
Frost and Sullivan. (2008). Strategic Analysis of the European Yeast Market. Market Engineering Research, 8
August 2008.
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bargaining power if provided micro encapsulation technologies are attractive from an
economical and technological point of view.
3.1.4 Substitutes
There are multiple micro encapsulation technologies on the market. However, while
the micro encapsulation market is well established, many techniques are still new to
food ingredients companies and as such do not yet have a proven track record.
Moreover, no substitutes combine the exact same properties as Glucan.
3.1.5 New entrants
In addition to the existing participants, there is a threat of entry from other functional
ingredient manufacturers by way of acquisition or joint venture into the encapsulation
market. A number of Asian manufacturers (yeast and micro encapsulation) with lowcost products also start to enter the market. But, entry is limited by barriers such as
protected intellectual property rights in selected processing techniques (most
companies have developed their own proprietary micro encapsulation technology),
high initial investment on research and “know how”.
4 Business model
4.1
Initial stage
Year one and two will be focused on production plant setup and as such BioCAP will
not generate any revenues during this period. Simultaneously, BioCAP will invest in
application design work, seek partnerships and commit to business development.
The main goal is to rapidly develop basic customer applications and generate initial
turnover for BioCAP through the sale of glucan. This will be achieved by:
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Supporting its customers with the development of the necessary encapsulation
techniques. For larger development projects, BioCAP will make use of cost
sharing models.

Parallely, BioCAP will generate further know-how through own and state funded
research projects. In year one, it will apply to become a project of the CTI, the
Swiss Innovation Promotion Agency, in order to get access to financial and nonfinancial support.
The initial clear focus on the food industry, its relatively easy regulatory hurdles and
its growing demand for encapsulation technologies represent the ideal market for
BioCAP’s entry strategy.
4.2
Growth stage
In the growth stage, following the successful introduction of glucan in the food
industry, BioCAP will extend its customer base by providing more advanced
applications such as the targeted release of substances, the encapsulation of more
sensitive molecules and the absorption of toxic substances as described below. The
focus then will be on specialized encapsulation techniques protected by intellectual
property rights. Through the development of application patents, an additional stream
will be generated by licensing out the developed intellectual property.
Building up on the existing customer base, BioCAP will leverage and push sales by
directly approaching food manufacturers with a pull-strategy offering specific
differentiating intellectual property for licensing as well as ingredient branding
schemes for their marketing, e.g. by providing advanced encapsulation of probiotics
as in LC-1 form Nestle. These schemes will be a driver of innovation for the food
manufacturers and a way to differentiate from their competitors.
Utilizing the generated cash flows from the straightforward food applications will allow
BioCAP to explore and develop the high potential markets of cosmetics and pharma
in a second growth stage. Thanks to its platform technology, vast market applications
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represent a clear opportunity for a sustained growth of the firm. Particularly the
cosmetics industry, with its growing demand for anti-aging and skin repair
technologies, represents an application field with high margins at large volumes.
Finally, further potential growth for BioCAP can be achieved by vertical integration
into the encapsulation industry by directly providing encapsulated ingredients to food
manufacturers and other industries.
4.2.1 Advanced applications
The following applications for glucan are in early stages of use or essentially still in
development. Even though more research will be needed, we see considerable
potential to provide high value added with our technology.

Targeted release of encapsulating nutrients and functional ingredients.
The key challenge of targeted release is to ensure the ingredient targets the
necessary parts of the body in order to be effective. For the targeted release of
ingredients, and depending on the target, an additional process step for the
modificationxiv of glucan will be needed. Considerable research with promising
results has been conducted in this field by Prof. Hans Dutler at ETH Zurich,
Switzerland.

Encapsulation of large and/ or sensitive molecules.
Probiotics, bacteria that help to metabolize foods and limit the growth of harmful
bacteria, is used mainly in dairy products such as Nestlé’s LC1 yogurt. Probiotics
are very sensitive to the food processing and to the acidic environment of the
stomach. Several technical challenges have so far hindered its applicability.

Absorption of toxic substances
Glucan can not only release substances, but also absorb undesirable ones. Initial
research has been done on the absorption of aflatoxins in the pistachio nut
xiv
Glucan’s properties can be modified by additional fictionalisation. Functionalizing means adding a process step
that transforms the physical-chemical characteristics of Glucan.
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production at the Iranian Shahid Bahonar University. Aflatoxins were shown to
reduce the output of nut production by 30%.
5 Marketing mix
5.1
Product
Glucan is a colourless and odourless white powderxv. It can be categorized as
industrial material, which is subject to further processing. Initially Glucan will be
offered as an alternative to existing micro encapsulation solutions. It is fundamental
to stress the main point of parity for the first stage of introduction to the market –
glucan will not interfere with other ingredients, neither by chemical reaction, nor
because of its taste. At the same time we can capitalize on the main points of
difference of our unique technology –glucan is a superior technology to the existing
encapsulation techniques, because it is stable and natural, it has a higher loading
capacity and flexibility in terms of the substances to encapsulate.
Once glucan is present on the market, partnerships will be established and advanced
glucan applications will be developed. The advanced encapsulation will be offered to
the customers as a co-developed, tailored service, with an exclusivity of application
for a limited period of time. Partial costs of the potential application development will
be borne by the customer. For each newly developed application, there will be a
patent filing, so as to raise the barriers of entry for the potential competitors.
The quality of our product will be guaranteed to customer by the provision of all the
required certificates of analysis and traceability.
xv
For a complete description please refer to section 3.2 Product properties.
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5.1.1 Support services
From a service perspective, BioCAP will provide expertise, advice and focus on
technical support to customers. The main services will be R&D as well as design
work for prototype applications,
5.2
Price
The price average of 150 CHF/kg was chosen by comparing the features of other
encapsulation technologies that would offer similar loading capacities and
performance. Since our carrier has a much higher loading capacity as compared to
existing carriers on the market, the value added for our customers will be significantly
higher. The price per application and/or customer could differ.
5.3
Promotion
The micro encapsulation using glucan will be promoted via the following channels:

A brochure explaining glucan characteristics

A company web site

Direct contact with companies potentially interested in the offer via face-to-face,
email and telephone

Informal enquires using personal networks of the management team and board of
directors

Participation at specialist fairs with a dedicated stand

Public Relations campaign with public and private scientific institutions and media
5.4
Place
Since BioCAP sells a high value added industrial product, B2B direct sales channel is
most appropriate.
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6
Development and personnel plan
6.1
Development plan
29.05.2009
The main milestones arexvi:

Obtaining seed finance to set-up the company
Biocap is applying for subsidies from Swiss Foundations such as the Venture
Kick, which is an initiative of private investors to support technological start-up
companies in Switzerland, the Heuberger Jungunternehmer Preis and W.A. de
Wigier Preis. Expected time of receiving seed finance is August-September 2009.

Developing the first commercial application
We have an established partnership with one of the leading Swiss research
institutions - the University of Applied Science in Muttenz, Switzerland. BioCap
will apply to become a project of the CTI, the Swiss Innovation Promotion Agency
that will help us to obtain state subsidies to finance application research and
development. Expected time of the first application development is 300-450 days.

Settle a commercial partnership with a leading food ingredient company
The two largest food ingredients companies – Firmenich and Givaudan - are
located in Switzerland. We are going to use the networking ability of BioCAP’s
scientific board and the parent company HeiQ to settle a partnership agreement
with them. Our initial contacts with Firmenich show a significant interest in the
Glucan encapsulation technology.

Obtaining finance for setting a production plant
Having a partnership agreement with a market leader in the food encapsulation
industry and having developed first commercial applications will make BioCAP
attractive for VC funds.
xvi
see detailed table in the appendix
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Start the production
Substantial engineering expertise of the parent company HeiQ/ TAT makes our
plan to install a production facility three quarters after obtaining finance highly
realistic.
6.2
Personnel plan
The Personnel Planxvii details the growth of the organization over the first three years.
For year one and two only core personnel will be employed by the company, 2
development engineers and 3 executive managers.
6.2.1 Production personnel
The personnel plan shows the position and remuneration of production workers that
will work in three shifts of eight hours each. We have forecasted a 3% annual
increase in salaries for all personnel (including production workers).
6.2.2 General management and administrative personnel
The personnel plan shows the direct and active involvement of the company CEO,
CTO and VP Sales and Marketing at all stages of the start up, setting up of the
production facilities, establishing initial contracts and running the business.
6.2.3 Other personnel
BioCAP foresees the possibility of permanently funding a product development
engineering team, who seeks to continue the innovation and testing originally
developed through BioCAP with strategic partners or customers.
xvii
see table in appendix
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7 Regulatory aspects
7.1
Product regulation
To supply the food industry, BioCAP is subordinated to the regulation on foodstuffs,
food additives and dietary supplements.
Glucan will need to be listed as Generally Recognized As Safe (GRAS). The GRAS
certification is granted by the Food and Drug Administration (FDA). The registration
of glucan as GRAS is certain based on the natural origin of the product. The
expected timeline is 3-6 months from request filing. Glucan is also considered as a
food additive and therefore is subjected to related legislation in terms of quantity
allowed and labelling declaration.
BioCAP customers could request certificates of analysis and ISO 9001 standards. To
supply glucan to the cosmetic industry, an INCI name would have to be requested. A
timeline of 3 to 6 months is expectedxviii.
7.2
IP rights and strategy
BioCAP intellectual property currently covers a process patent developed by our
business
partner
HeiQ/TAT.
The
patent
(Method
for
Isolating
Glucan,
WO2008138559A1, published in 2008) describes a unique method for isolating
glucan, protein, mannan and lipid from yeast. Current patent feedback is “A” and
HeiQ/TAT expects the patent to be granted without limitations and will nationalize the
patent in EU, USA, BR, IN, AUS, CD, MEX, CN, JP and other relevant countries.
xviii
Frost and Sullivan, 2005
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The patent application history and future timeline is summarized as follows:
#
Step
Date
Comment
1
Initial application (EP20070009426)
10 May 2007
Priority date
2
PCT application (WO2008EP03758)
9 May 2008
PCT application
3
PCT
application
publication 20 Nov 2008
(WO2008138559)
4
Enter
into
individual
report
national Oct 2009
examination
5
Publication with search
Issuing of patents
30 months from priority
date
2010 - 2012
Time to issue depends on
country
6
Expiration of patents
2027
20 years after initial filing
(2007)
Table 1 – Patent application timeline
BioCAP has not as yet filed any application patents. BioCAP intends to establish a
comprehensive intellectual property portfolio covering applications developed in
partnership with customers, combined with a licensing model.
In addition, BioCAP’s IP strategy will take into account the IP portfolio of its main
(application) patent competitor, Micap. Micap, a UK food encapsulation company,
has developed several application patents on yeast glucan. Micap is currently under
administration and many of its patents have lapsed due to non-payment of fees,
including for some patents those most directly relevant to food applications.
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8 SWOT analysis
The main internal and external factors of relevance of BioCAP are summarised in the
following SWOT analysis:
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9 Human resources
9.1
Executive management
Maksim Gorbachev, Chief Executive Officer (CEO)
Maksim Gorbachev has 10 years of business experience with 2 years of experience
in private equity and venture capital. At the start of his career, Maksim had 1 year of
entrepreneurial experience. Prior to joining the Vlerick Leuven Gent Management
School where he completed a full-time international MBA, Maksim was an investment
manager at Sminex, a Moscow-based private equity fund. As an investment manager
at Sminex, Maksim was active in the Oil and Gas, Retail and Food Products sectors.
Maksim has an extensive expertise in finance and marketing.
Maksim Gorbachev holds masters degrees in Applied Mathematics from Moscow
State University and in Financial Management from the Financial Academy under
The Government of Russian Federation. Maksim also has a professional marketing
certification from The Netherlands Institute of Marketing.
Dr. Craig Duckham (PhD)xix, Chief Technology Officer (CTO)
Craig Duckham a commercial R&D and project manager has more than 15 years of
experience with 7 years experience in the field of micro encapsulation gained at
Micap Plc in the positions of Technical Director and as Director of Operations and
Technology at Cara Technology Ltd.
Craig Duckham earned his PhD at Nottingham University and is a development
scientist for natural products, flavours, fragrances & pesticides and an accomplished
researcher and analytical chemist with experience gained in food & beverages,
xix
The appointment of Dr. Craig Duckham is still in negotiations.
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water, crop protection and healthcare sectors. Additionally Craig has substantial
experience in managing patent strategy and licensing activities.
9.2
Board of directors
The company board is envisaged to include the CEO, CTO, VP Sales and Marketing
and BioCAP business partner HeiQ. The board will be extended to include additional
(yet to be defined) members. The company welcomes the opportunity for potential
partners or investors to serve on the board.
9.3
Scientific board
The scientific board is currently composed of scientific experts from Carlsberg, TAT
and universities. It will grow to include additional independent scientific advisors, with
an initial specific focus on the food and food ingredients markets.
Esko Pajunen, M.Sc. (Eng), Director of the Carlsberg Research Centre
Esko Pajunen has a long career in food and beer technology starting at the Helsinki
University of Technology and Finnish Food Industries Federation before joining
Sinebrychoff Brewery, where he was Senior Vice President, Research &
Development from 1993-2006. Esko Pajunen has held several positions at the
European Brewery Convention (EBC) among which has been President of EBC
1999-2003 and he is currently Vice President and Member of the EBC Council, EBC
Brewing Science Group and Chairman of EBC Technology and Engineering Forum.
Esko Pajunen holds a M.Sc. (Eng) degree from Helsinki University of Technology.
Walter Marte, Dipl. Ing. Chemistry, Founder and CEO of TAT
Walter Marte has a background in textile chemistry completing a first degree at the
college of higher education in Reutlingen. He further expanded his knowledge into
chemical process engineering and biotechnology by gaining a diploma study at the
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University of Graz, Erlangen and Braunschweig. Walter Marte also serves in an
executive function in industrial research and development at Gurit Heberlein and
further chemical companies and is a member of the scientific staff at the institute for
chemistry and bioengineering sciences at the Swiss Federal Institute of Technology
(ETH Zürich).
For TAT, Walter Marte has an additional focus on research and development focus in
area of technical operations and process improvement and has specifically
developed multi-functional systems based on nano and bio-mimetic principles for
clothes, cosmetics and medical textiles.
Professor Hans Dutler, Prof. Dr. Ing. Chem. ETH, Zurich
Professor Hans Dutler has an extensive academic background with a first study of
organic chemistry with diploma and thesis at the Swiss Federal Institute of
Technology (ETH Zurich) followed by a post doctoral fellowship (three years) at
Harvard University, Cambridge USA. Professor Hans Dutler currently also leads a
(thesis oriented) research group in the field of enzymology and protein chemistry and
educating biology and pharmacy students in organic chemistry and enzymology at
the department of organic chemistry at ETH Zürich.
Professor Hans Dutler brings vast experience specifically in the field of glucan
encapsulation. He was co-founder and president of ABAC AG, a company engaged
in development of new and improved yeast-glucan production methods. Since his
departure from ABAC he has been primarily focused in finding and introducing
hitherto not applied production technologies, which should yield improvements in
quality, price and scale.
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Strategic partners
Strategic partners for BioCAP includexx:

Carlsberg
BioCAP has secured a supplier of brewers yeast directly from the Carlsberg
Feldschloesschen brewery in Basel Switzerland. In addition, BioCAP has the
option to establish its production facilities at the Carlsberg Feldschloesschen site.
A specific production area has been earmarked for the project.

TEX-A-TEC AG
As developers of the glucan extraction technology and process patent holders,
TAT expertise is key during production facilities setup and launch of BioCAP and
with regards to the handover of technical expertise to BioCAP.

HeiQ Materials AG
HeiQ Materials AG acquired TAT in 2008. HeiQ brings relevant experience to
BioCAP in various fields such as applications design, technology scale-up,
manufacturing, IP, regulatory affairs and funding. HeiQ serves as primary advisor
during the start-up phase to the management of BioCAP.
9.5
Ownership structure
BioCAP foresees the following shareholders:

HEIQ
Shares offered in exchange for exclusive intellectual property rights, making
BioCAP owner of IP in case of trade sale or IPO.

Executive management – CEO, CTO, COO, VP Sales and Marketing

Other external investors
Carlsberg Group
Venture Capitalist
xx
see more detailed description in appendix “Strategic Partners”
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10 Financial plan
10.1 Valuation
The discounted cash flow valuation according to our projections values the company
at CHF 10.8 mil with a terminal value of CHF 34 mil beyond 2013, using a WACC of
25% and assuming a long-term annual growth rate of 3%. IRR is 95%.
10.2 Revenues
Based on the operational plan, production is scheduled to commence in the third
year. We assume that sales will gradually grow and reach 13,05 mil CHF in 2013.
Our forecast is based on the assumption that BioCAP is able to reach 100% of the
practical production capacity utilization in 2013. Production balance estimation is
based on the information obtained during pilot plant testing and consistent with
current industrial practice.
Price forecast of the products is based on the current market prices and estimated
inflation rates.
As can be seen from the following graph glucan is the core product and accounts for
99% of BioCAP revenues.
'000 CHF
Net sales
14000
12000
10000
8000
6000
4000
2000
0
2009
2010
2011
1-3, 1-6 beta glucan
2012
2013
mannan
lysate
2014
2015
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10.3 Costs
Costs estimation is based on information of current market prices for raw material
and estimated inflation rates, personnel plan and estimated administrative expense.
The following graph shows the estimated cost structure and cost evolution over a 7
years period.
Cost structure
100%
80%
Depreciation
60%
GS&A
Payrol
40%
COGS
20%
0%
2009
2010
2011
2012
2013
2014
2015
Costs evolution
4000
3500
3000
Depreciation
2500
'000 CHF 2000
GS&A
1500
Payrol
1000
COGS
500
0
2009
2010
2011
2012
2013
2014
2015
We forecast a steady improvement in operation and net income margins due to scale
economies arising on higher revenues.
Margins
FY 2011
FY 2012
FY 2013
Operating
37%
66%
75%
Net income
34%
49%
55%
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10.4 Cash flow & balance sheet
10.4.1 Cash flow from operations
Since the production and sales start from the third year, we foresee to have a
substantial negative operational cash-flow for the first two years.
10.4.2 Cash flow from investments
Launching BioCAP’s operations requires building the production facility. Estimated
capital expenditures are CHF 2.1 mil. We do not expect any significant movement in
CFI after the plant building unless in the unlikely event that BioCAP undertakes an
acquisition.
'000 CHF
Net sales and FCF
16000
14000
12000
10000
8000
6000
4000
2000
0
-2000
-4000
2009
2010
2011
2012
Free cash-flow
2013
2014
2015
Net sales
10.4.3 Cash flow from financing
In order to finance the investment program and cover negative operational cash-flow
in the pre-production phase, BioCAP needs to raise equity capital. The reliance on
new equity issuance, a consistent feature in FY 2009-2010 is expected to reduce
going forward. Our forecast has assumed CHF 1,5 mil in seed finance to start
product development and CHF 2,5 mil in a first finance round to launch the products.
As a start-up, BioCAP has limited recourse to debt facilities. It is not expected to
arrange substantial bank borrowings. So the company is heavily reliant on
successive fund raising.
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Financial plan
10000
8000
'000 CHF
6000
4000
2000
0
-2000
2009
2010
2011
2012
2013
2014
2015
-4000
Free cash-flow
Equity
ST debt
LT debt
10.4.4 Balance sheet
There are estimated significant accumulated P&L losses at BioCAP during the
preproduction phase. In our view BioCAP will be able to remove the accumulated
P&L deficit after the start of production and sales.
10.5 Sensitivity analysis
BioCAP is able to provide a decent return to investors even if actual sales achieved
beta-glucan price, CHF/kg
is only 40% of target calculated or if the price of glucan is lowered to 100 CHF/kg.
Capacity utilization (target sales)
80%
70%
60%
IRR
100%
90%
50%
40%
200
118%
111%
104%
95%
86%
75%
62%
175
107%
100%
93%
85%
76%
64%
50%
150
95%
89%
82%
74%
64%
53%
38%
125
82%
76%
68%
60%
50%
39%
22%
100
64%
57%
50%
42%
32%
18%
8%
75
43%
36%
29%
22%
13%
5%
10.6 Risk factors
We may be unable to meet our ongoing needs for additional capital

If we cannot obtain adequate financing or if the terms on which we are able to
acquire financing are unfavorable, our business and financial condition could be
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negatively affected. We may have to delay, scale back or eliminate some or all of
our development and marketing programs, if any. We may also have to go to third
parties to seek financing and, in exchange, we may have to give up rights to
some of our technologies, patents, patent applications, potential products or other
assets.

We may be unable to hire and retain key personnel
Our future success depends on our ability to attract qualified personnel. We may
be unable to attract or retain this necessary personnel. If we fail to attract or
retain skilled employees, or if our key employee fails to perform in his current
position, we may be unable to assist in bringing glucan products to the
marketplace and to generate sufficient revenues to offset operating costs.

If our product infringes the intellectual property rights of others, we may pay
unexpected litigation costs or damages for selling our product.

If BioCAP’s glucan does not satisfy certain government regulations, BioCAP may
be unable to obtain regulatory approval.

We may be unable to obtain and retain appropriate patent, copyright and
trademark protection for our products or manufacturing process.

We cannot guarantee the quality, performance or reliability if BioCAP products in
the current stage of their development.
We are relying upon the skills and experience of BioCAP's managers and partners to
timely and cost effectively install a production facility and manufacture glucan.
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11 Appendix
11.1 Patented glucan extraction process
Glucan isolation from brewer's yeast is carried out in three basic extraction steps at
different pH and temperature ranges (see figure) to progressively remove yeast
constituents, ultimately leaving the purified particulate glucan structure. A unique,
patent pending process technology, using an ultrasound loop reactor, allows
particularly mild extraction conditions. In the first step the yeast lysate is removed
from the yeast cells under very mild conditions using ultrasound technology. The
lysate extraction IIxxi is conducted under mild temperature at elevated pH, also using
ultrasound. Lipids and the mannan are then extracted at alkaline pH and high
temperatures in the third step without ultrasound. Between each of the three
extraction steps the liquid phase is separated with a centrifuge. Finally the glucanxxii
is rinsed several times depending on the target quality.
100
temperature
[°C]
range III
80
temperature
range II
60
40
20
Lipid and
Mannan extraction
pH-range 11 - 13
temperature
range I
Lysate extraction II
(Protein)
pH-range 8 -12
Lysate extraction I
pH-range 4 - 7
rinsing
t1
t2
time
t3
Figure 5 - Extraction process of glucan in three subsequent steps at different
temperature and pH ranges
xxi
Extraction step II produces a 60%-70% pure glucan.
xxii
Extraction step III produces an 80%-90% pure glucan.
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11.2 Technology scale-up
A key feature of the developed glucan production process is the scalability of the
technique to produce economically interesting volumes of product glucan. In an
engineering study the scale-up parameters were determined on a lab pilot plant
consisting of a stirring vessel (15 l) and an ultrasound tube reactor (6 l), connected
with a circulation pump. The required size of the stirring vessel is dependent on the
amount of yeast to be treated. Batch size of surplus yeast for industrial plant will be
10'000 kg requiring 2 reactors each of approx. 15'000 l volume. 6 to 8 ultrasound
reactors (each of max 83 l) are required to achieve the calculated ultrasoundextraction residence time (determined on pilot plant).
Figure 6 shows a scheme of the pilot plant with two stirring vessels, six ultrasonic reactors, a separator and a paddle dryer.
Ultrasonic Reactors
6 x 83 = 498 Litres
Stirrer Tank 1
15'000 Liters
T1
Stirrer Tank 2
15'000 Liters
Dryer
Separator
T2
Glucan
S1
UR
D1
PUR
SC
PS
Figure 6 - Scheme of Production Plantxxiii
xxiii
Refer to the appendix “Equipment for industrial plant” for further description
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11.3 Equipment for industrial plant
Abbr.
Equipment
No
Size
Technology
T1, T2
Stirrer Tank
2
15'000 l
Standard
UR
Ultrasonic reactor
6-8
6-8 x 83 l
Scale up engineering from pilot
plant
S1
Separator
1
10'000 l/h
Standard
D1
Paddle dryer
1
150 l/h
Standard
PUR
Feeding
PS
Pump 6-8
6-8
x
50 Standard
Ultrasonic reactor
l/min
Feeding
10'000 l/h
Standard
4000 l/h
Standard
pump 1
Separator
SC
Screw-conveyor or 1
sludge pump
11.4 List of competitors

Balchem Corporation, USA, http://www.balchem.com/

Cell Biotech Europe A/S, Denmark,
http://www.duolac.com/Default.asp?page=1

Gate2Tech, France, http://www.gate2tech.com

Genialab , Germany, http://www.genialab.de/

Glatt GmbH, Armin Prasch, Germany, http://www.glatt.com

Innov’ia, France, http://www.innov-ia.com

Karmat Coating Industries, Israel, http://www.karmat.com/

Micap, UK, http://www.micap.biz/

NIRO, Denmark, http://www.niro.com

TasteTech Ltd., UK, http://www.tastetech.co.uk

Thies Technology Inc., USA, http://www.thiestechnology.com

Ttz Bremerhaven, Germany, www.ttz-bremerhaven.de
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11.5 Micro encapsulation technologies

Spray Drying – mainly flavours, vitamins, fatty acids

Cold Dehydration Process – more volatile substances as vitamins

Spray-Chilling – minerals, fatty acids

Pan Coating – non complex ingredients to extend their shelf life

Fluid Bed Coating - separating acids (ascorbic, lactic, vitamin C) from
other ingredients

Co-extrusion Process - heat-sensitive substances: flavours, vitamins,
colours

Emulsion Evaporation

Evaporative Dispersion Process

Spinning Disk

Coacervation - coat citrus oil, vegetable oils, vitamin A

Inclusion Complexation
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11.7 Income statement
BioCap
Financial forecast
Income statement
(CHF)
2009
2010
Net sales
1-3, 1-6 beta glucan
mannan
lysate
COGS
Gross profit
Payrol
GS&A
EBITDA
Depreciation
EBIT
-
-
566 400
100 000
583 392
150 000
(666 400)
(733 392)
-
106 350
2011
2012
2013
2014
2015
3 141 450
3 071 250
70 200
7 684 470
7 512 750
171 720
13 049 100
12 757 500
291 600
13 290 750
12 993 750
297 000
13 532 400
13 230 000
302 400
404 261
623 617
882 128
896 494
910 860
2 737 189
87%
1 288 324
300 000
7 060 853
92%
1 684 922
300 000
12 166 973
93%
2 101 344
300 000
12 394 256
93%
2 157 630
300 000
12 621 540
93%
2 213 916
300 000
1 148 865
37%
212 700
5 075 931
66%
212 700
9 765 629
75%
212 700
9 936 626
75%
212 700
10 107 624
75%
212 700
(666 400)
(839 742)
936 165
30%
4 863 231
63%
9 552 929
73%
9 723 926
73%
9 894 924
73%
(666 400)
(839 742)
936 165
4 863 231
9 552 929
9 723 926
9 894 924
(142 494)
1 073 314
2 388 232
2 430 982
2 473 731
1 078 659
34%
3 789 918
49%
7 164 696
55%
7 292 945
55%
7 421 193
55%
ST borrowing interst paid
LT borrowing interst paid
Cash on bank account interst received
Pre-tax income
Income taxes
Net income
(666 400)
(839 742)
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11.8 Cash-flow statement
BioCap
Financial forecast
Cash-flow statement
(CHF)
2009
2010
2011
2012
2013
2014
2015
Cash-flow from operating activities
Net income
Depreciation
(Increase) decrease of working capital
Cash-flow from operating activities
(666 400,0)
-
(839 742,0)
106 350,0
-
1 078 659,1
212 700,0
(230 824,4)
3 789 917,8
212 700,0
(363 829,7)
7 164 696,4
212 700,0
(429 671,0)
7 292 944,7
212 700,0
(19 130,9)
7 421 193,0
212 700,0
(19 130,9)
(666 400,0)
(733 392,0)
1 060 534,6
3 638 788,1
6 947 725,3
7 486 513,8
7 614 762,1
Cash-flow from investment activities
Capital expenditures
Cash-flow from investment activities
Free cash-flow
(635 100,0)
(1 491 900,0)
-
-
-
-
-
(635 100,0)
(1 491 900,0)
-
-
-
-
-
(1 301 500,0)
(2 225 292,0)
1 060 534,6
3 638 788,1
6 947 725,3
7 486 513,8
7 614 762,1
Cash-flow from financing activities
Equity
Increase (decrease) ST borrowing
Increase (decrease) LT borrowing
Cash-flow from financing activities
Cash-flow from operating activities
Cash-flow from investment activities
Cash-flow from financing activities
Cash inflow (outflow)
1 500 000,0
-
2 500 000,0
-
-
-
-
-
-
1 500 000,0
2 500 000,0
-
-
-
-
-
(666 400,0)
(635 100,0)
1 500 000,0
(733 392,0)
(1 491 900,0)
2 500 000,0
1 060 534,6
-
3 638 788,1
-
6 947 725,3
-
7 486 513,8
-
7 614 762,1
-
198 500,0
274 708,0
1 060 534,6
3 638 788,1
6 947 725,3
7 486 513,8
7 614 762,1
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11.9 Balance sheet
BioCap
Financial forecast
Balance sheet
(CHF)
beg
2009
2010
2011
2012
2013
2014
2015
198 500,0
198 500,0
473 208,0
473 208,0
1 533 742,6
258 201,4
5 850,0
1 797 794,0
5 172 530,7
631 600,3
14 310,0
5 818 441,0
12 120 256,1
1 072 528,8
24 300,0
13 217 084,8
19 606 769,9
1 092 390,4
24 750,0
20 723 910,3
27 221 532,0
1 112 252,1
25 200,0
28 358 984,1
635 100,0
-
2 020 650,0
1 807 950,0
1 595 250,0
1 382 550,0
1 169 850,0
957 150,0
2 020 650,0
1 807 950,0
1 595 250,0
1 382 550,0
1 169 850,0
957 150,0
833 600,0
2 493 858,0
3 605 744,0
7 413 691,0
14 599 634,8
21 893 760,3
29 316 134,1
33 227,0
33 227,0
51 256,2
51 256,2
72 503,6
72 503,6
73 684,4
73 684,4
74 865,2
74 865,2
Assets
Cash
Account receivable
Inventory
Total current assets
1 500 000,0
1 500 000,0
Net PP&E
Other
Total fixed assets
Total assets
1 500 000,0
Liabilities
ST borrowings
Accounts payable & accrued expenses
Total current liabilities
-
-
-
LT borrowings
Total long term liabilities
-
-
-
share capital
profit/loss
1 500 000,0
total equity
1 500 000,0
1 500 000,0
(666 400,0)
833 600,0
Total liabilities
1 500 000,0
833 600,0
-
-
-
-
-
4 000 000,0
(1 506 142,0)
2 493 858,0
4 000 000,0
(427 482,9)
3 572 517,1
4 000 000,0
3 362 434,8
7 362 434,8
4 000 000,0
10 527 131,2
14 527 131,2
4 000 000,0
17 820 075,9
21 820 075,9
4 000 000,0
25 241 268,9
29 241 268,9
2 493 858,0
3 605 744,0
7 413 691,0
14 599 634,8
21 893 760,3
29 316 134,1
37
Strictly Confidential
BioCAP – Business Plan
29.05.2009
11.10 Working capital
BioCap
Financial forecast
Working Capital
(CHF)
2009
2010
2011
2012
2013
2014
2015
Current assets
Accounts receivables
30 days
30 days
258 201
30 days
631 600
30 days
1 072 529
30 days
1 092 390
30 days
1 112 252
30 days
Inventory
30 days
30 days
5 850
30 days
14 310
30 days
24 300
30 days
24 750
30 days
25 200
30 days
-
-
-
-
30 days
Total current assets
264 051
645 910
1 096 829
1 117 140
1 137 452
33 227
51 256
72 504
73 684
74 865
30 days
30 days
30 days
30 days
30 days
30 days
-
-
33 227
51 256
72 504
73 684
74 865
-
-
264 051
33 227
645 910
51 256
1 096 829
72 504
1 117 140
73 684
1 137 452
74 865
-
-
230 824
594 654
1 024 325
1 043 456
1 062 587
-
-
230 824
363 830
429 671
19 131
19 131
Current Liabilities
Accounts payable
Total current liabilities
Total current assets
Total current liabilities
Working capital
Increase / (Decrease)
38
Strictly Confidential
BioCAP – Business Plan
29.05.2009
11.11 Personnel plan
xxiv
xxiv
The production plan, designated in currency CHF, includes a calculation of 18% social costs, with an incremental
wage increase of 3% from year 2.
BioCAP – Business Plan
Strictly Confidential
29.05.2009
11.12 Strategic partners
TEX-A-TEC
AG
(www.tex-a-tec.com),
a
Swiss
technology
company founded in 1990, is a solution provider focused in the
fields of chemical process-engineering development, process, environmental, plant
and control engineering. While the company focuses on chemical processengineering, TAT has an additional focus on product development (mainly targeted at
the textile industry) with the aim of selling the developed products to external
partners.
HeiQ Materials AG (www.heiq.com), a Swiss producer of highperformance nano-composite additives, master batches and textile
finishes, sought to develop a new technology - antimicrobial silver composite – and in
2008 successfully integrated TAT into its operations. Although TAT has been
acquired by HeiQ, it is run as an independent entity.
The Carlsberg Feldschloesschen (www.feldschloesschen.com)
is the leading Swiss beverage company with more than 100 years
history. Feldschloesschen brewery is producing 3,2 mio hl/year and
having market share of 42%.
40