innovation across borders - session 5 jennifer thompson
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Revolutionary Dehydration Technology
Global research collaborator with Nestlé SA,Danisco AS, Grupo Bimbo SA & Grimmway Farms
CompanyRadiant Energy Vacuum (“REV”) Dehydration Technology
Vancouver-based industrial technology company, UBC spin-offNew proprietary method of drying food, bulk liquids, biological and pharmaceutical material Large, diverse global markets use drying to extend shelf-life, reduce shipping & storage costs, create novel productsMission is to introduce a new global dehydration platform to compete with freeze drying, air drying & spray drying
REV Technology PlatformsPositioned to Compete in Broad Market Segments
Platform Functionality Markets
nutraREV™ Dehydrates pieces of solid food; continuous tumble drying
Low-fat snacksNutraceuticals
Pet & Baby food
Functional foodsDried fruits, vegetables,
herbs meats
powderREV™ Converts bulk frozen material to dry powder; accelerated, continuous freeze drying
Probiotics Food cultures
Proteins
EnzymesBulk food
Pharmaceuticals
quantaREV™ Dries pastes, gels, liquids, or particulates; continuous high-volume belt drying above freezing
Bulk FoodFruit PomaceConcentratesIngredients
Protein suspensionsEnzymes
PharmaceuticalsEncapsulated materials
bioREV™/freezeREV™
High-speed continuous dehydration of biomaterials in vials
VaccinesAntibodies
Other injectable drugs
Non-regulated biologicals and reagents
MIVAP™ High-speed, low temperature drying of purees in trays
Meat pureesFruit slices
PomaceEncapsulated enzymes
Commercial Progression
REV TechnologyPatents filed,
issued or pending
Conceptual prototype
stage
Pilot development
stage
Commercial development
stage (1)
Multi-national collaboration
partners
Regulatory approval
anticipated (3)
nutraREV™ Nestlé & Bimbo N/A
powderREV™ 9 to 12 months (2) Danisco N/A
quantaREV™ 12 to 18months Grimmway N/A
freezeREV™ 3+ years TBD Yes
bioREV™ TBD TBD Yes
(1) Commercial machine with dried capacity of up to 100 Kilo per hour sold to CAL-SAN, testing initiated with Nestlé & Bimbo in 2010(2) Expected time required to complete pilot machine testing, Danisco licence agreement and secure first commercial machine order for
delivery in first half of 2012(3) FDA GMP regulatory approvals required for therapeutic pharmaceutical applications
Technology Development Targets as of January 2011
Commercialization StrategyTwo tier approach for broader market acceptance
Strategic Plan: start with collaborations, build a royalty stream from technology licenses, outsource manufacturing of REV machines
Tier One:
Strategic collaborations with leading multinationals, exclusive agreements for specific global market segments, targeted annual royalties $25-$50M per divisionNestlé SA, Danisco AS, Grupo Bimbo SA & Grimmway Farms
Tier Two:
Entrepreneurial or regional partnerships with limited territory or product exclusivity, targeted annual royalties of $1-$5M per partnerCAL-SAN Enterprises, IFS/Smartpac
Intellectual Property StrategySupporting the Strategic Plan
ENW owns 7 patents/pending plus exclusive world-wide rights to 7 patents filed by UBC (Dr. Tim Durance): 2016 - 2024
IP protection strategy: patent in big markets where machines are likely to be installed, or product sales may occur - India, China, Brazil, EU and North America, possibly other countries depending on the application
PCT route gives 2 ½ years to decide where to file. Start with US provisional while invention is refined, then file PCT within 12 months. ~ 4 months later, the PCT patent examiner conducts search and gives written opinion. National patent filings in selected countries 30 months after the provisional application. Takes a further 1-5 years to obtain patents.
CollaborationsGive & Take with Tier 1 & Tier 2 Partners
Global collaborations help move us along the Technology Adoption Life Cycle* (innovators, early adopters, early majority, late majority, laggards):
Detailed knowledge of industry needs, “pain” and costs
Product & market expertise
Credibility with investment community to raise funds on public markets
Credibility with target markets where brand names sign on publicly
CollaborationsGive & Take with Tier 1 & Tier 2 Partners
Strong base of intellectual property
Exclusivity of testing for specific products/regions/timeframe
Public collaboration announcements
Investor confidence & increasing levels of financing
Cash for in-house technology development
Ownership of all IP
Grant exclusive licenses for royalties
Open InnovationLessons learned – the bad news first
Important to establish clear property rights before or at first meeting
Everything takes longer than you think, esp. with large companies
Smaller companies may not have the horsepower or experience needed
to bring products to market
Confidential agreement terms difficult for investors (but good for us)
Open InnovationLessons learned – now, the good news
Collaboration benefits:Farm out work to external facilities/experts to reduce costsThird party technology endorsementIncrease speed to market with internal champions at multinationalsAssistance with regulatory approval processHelp design best machine to meet industry needs (batch vs continuous, size, processing speed, necessary savings to justify investment)
So far, no regrets. Each collaboration has served a valuable purpose and we learn from every one.
Open InnovationSelected examples
Aridis Pharmaceuticals – Early credibility with investors, learned about sector, provided prototype design input, too small for larger collaboration
Danisco AS – First global collaboration, great partner, good credibility
Bioseutica PLC – Good signal to huge market in encapsulation
Nestlé SA – Best possible reference in food industry
SRC – Detailed feedback on design, help us keep costs low
Contact Details
www.enwave.net | TSX-V: ENW | FSE: E4U
Jennifer ThompsonV.P. Corporate Development & Investor Relations
P: (604) 603-6549E: jthompson@enwave.net
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