Photonz Corporation Omega-3

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1 Photonz Corporation

2 Omega-3

3 Why high purity? High purity allows high dosage, and these doses are needed for treatment effect when omega-3s are used medically. 96.5% EPA-EE is already an active ingredient in approved cardiovascular disease drugs (e.g. EPADEL in Japan, Vascepa in the US). Expect substantial expansion in the volumes required for EPA drugs (Vascepa only just launched in the US, EPADEL just became overthe-counter) Not just for CVD but other indications as well - new drugs, even greater volume.

4 Cardiovascular disease JELIS trial in Japan: 96.5% EPA in conjunction with statins gives 19% relative reduction in major cardiac events over statins alone. Yokohama et al, Effects of eicosapentaenoic acid on major coronary events in hypercholesterolaemic patients (JELIS): a randomised open-label, blinded endpoint analysis, The Lancet, Volume 369, Issue 9567, 2007

5 Effect On Triglycerides - Amarin Change in Median Placebo-Adjusted TG Levels From Baseline to Study End: Patient Statin Use at Baseline 0% -18% -41% -26% -16% -33% -20% -35% -65% -53% EPA 4g/day EPA 2g/day -70% With Statin No Statin All Patients

6 Long-Term Risk: Supply Shortfall Use of fish oil in aquaculture is increasing. Use of fish oil in human nutrition is increasing rapidly (about 10% per year). And now we have a whole new class of use... Serious long term risk of there not being enough fish in the sea.

7 Supply Shortfall Pharmaceutical Use Fish Oil Use Human Consumption Animal Feed Aquaculture Shortfall 0.5 M tonne % of available fish oil supply Cardiovascular indication ALONE Require 0.5 million tonnes fish oil Additional quality constraints: Fatty acid composition Trans-fat content Zero (Japan) Oxidation, metals, PCBs, etc Near Future 0 New and Wijkstrom 2002 FAO Fisheries Circular No. 975 Delgado et al International Food Policy Research Institute Tacon & Metian 2008 Aquaculture 285 IFFO Presentation GOED Ghent 2012

8 Global Fish Oil Production El Niño years: , , , , , , Source: FAOSTAT

9 Short-Term Risk: Annual Variation El Niño El Niño Poor Management, Pacific Decadal Oscillation?

10 Early November...

11 Early February...

12 The need for another source Current EPA (or omega-3) drugs are all derived from fish oil, and there s a supply issue. But fish do not make omega-3s, they get them from their diet. Algae are the primary producers of omega-3s.

13 Growing Algae - photobioreactors and open ponds

14 Photonz and Algae Photonz has chosen to grow algae largely heterotrophically Not limited by light penetration in culture Can reach cell densities far in excess of phototrophic cultures No variation depending on time of year Level of control available that gives a very consistent product Equipment already available for rapid scaling to commercial quantities But, you do have to pay for the sugar

15 The Advantages of a heterotrophic Algal Source Contaminant free Controlled Traceable Sustainable Fish (Secondary source) Fish rendering & refining Pure EPA Scalable Contaminant free Controlled Traceable Sustainable Algae (Primary source) Fermentation and processing Pure EPA Scalable

16 The Photonz Process Novel and Protected Downstream Processes are Conventional Biomass Lipid Ethyl esters Concentrate >96.5% EPA Fermentation Extraction Esterification Concentration Purification

17 Why has no-one done this already? No need It s hard there don t appear to be the right organisms fast-growing grow on sugar (whilst still making EPA) make high amounts of EPA make low amounts of compounds that interfere with purification we need to do something different needs to be applicable at scale

18 Traditional Fermentation Batch or fed-batch fermentation grow induce production and then harvest everything

19 NZ A Proud History of Fermentation

20 Continuous Fermentation

21 Process Development Strain Development, Process Development and Small Scale Production performed in New Zealand Downstream Processing developed both in NZ and overseas.

22 Scale Operations 7,000L 160,000L Scale up to multiple thousands of litres successfully conducted at contract sites overseas, sites for full-scale manufacture identified and technical transfer underway.

23 Can it be done? - Yes Photonz 97% (EPA from algae) EPADEL (EPA from fish)

24 2012