Enzymatica develops and sells products that treat infections and symptoms of the upper respiratory tract. The products are based on the company's key enzyme formulation, Penzyme, swhich consists of cod trypsin and which protects against viruses and bacteria.
ColdZyme is based on barrier technology
The company's leading product is ColdZyme, which is intended to be used to treat and relieve colds. When ColdZyme is sprayed into the oral cavity, a barrier is created on the mucous membrane that traps viruses and prevents the viruses from infecting the cells in the oral cavity and pharynx.
ColdZyme can be used upon exposure to cold viruses or early in the course of cold symptoms. When used early, ColdZyme can relieve symptoms and shorten the course of the illness, which in turn can reduce absences from work and school and visits to healthcare facilities.
ColdZyme is a medical device that is CE marked according to MDD, but the company is currently working on obtaining CE marking according to the new regulations, MDR, which provides an opportunity to strengthen the health claims in the marketing of the product.
Proven clinical efficacy
In-vitro studies show that ColdZyme deactivates 11 different viruses in the upper respiratory tract, including common cold viruses and several variants of SARS-CoV-2. In addition, an independent in-vitro study at Medical University of Innsbruck demonstrated that ColdZyme reduces the amount of virus in cells infected with influenza virus. The study shows that ColdZyme breaks the infection cycle and limits the spread of the virus to more cells.
ColdZyme's effectiveness has also been proven in clinical studies. In September 2023, it presented University of Kent in the UK the first results from a placebo-controlled and double-blind clinical trial in which athletes use ColdZyme or placebo for symptoms of upper respiratory tract infections. The results show that ColdZyme significantly reduces the amount of rhinovirus and symptoms of sore throat. Previous studies in elite athletes also show that ColdZyme can reduce the number of training days lost due to colds.
Own manufacturing facility and patent protection
Enzymatica's headquarters are located in Lund, while Penzyme is produced in the company's own manufacturing facility in Iceland. Over the past three years, the company has upgraded the facility in Iceland to increase production capacity for expansion and future launches. ColdZyme has so far been launched in over 30 markets on four continents, either under its own brand or under partner brands.
The company's enzyme formulation is covered by patent protection in the US, China, Japan, Europe and Russia. The patents are valid until 2036, but the company is also working to secure patents valid after 2036.
Upcoming launches in leading markets
Enzymatica operates in a huge market; over-the-counter and self-care products for colds and other upper respiratory symptoms. The total market value for over-the-counter cold and cough remedies is estimated to be USD 18 billion in the markets where Enzymatica has launched or has distribution agreements.
ColdZyme has been launched in several of the world's largest markets, such as Germany and the UK. However, the three largest cold markets remain – the US, China and Japan. In Japan and China, preparations for launch are underway together with partners, while the company is looking for a partner for launch in the US and Canada. The launches are expected to take place over the next few years, although the timing of the launch in the US is difficult to predict.
The domestic market is developing well
Enzymatica is responsible for marketing in Sweden, the UK and Iceland. In Sweden, ColdZyme is sold by all major pharmacy chains and health food stores. Sales increased by 31 percent in 2023 and currently the market share in Sweden is 5,1 percent in value.
In the UK, the products are sold through agreements with Boots, which is the largest pharmacy chain on the market, and AmazonAccording to Enzymatica, ColdZyme is currently the best-selling cold spray sold via Amazon.
The company's strategy outside of Sweden, the UK and Iceland is to use partners. Competition in the self-care sector is fierce and it is therefore important for Enzymatica to find suitable partners with the right sales and distribution channels in each market.
Fully secured issue
During the pandemic, sales of ColdZyme decreased due to lower spread of cold viruses. The company is now focusing on building up sales again, strengthening its position in existing markets and expanding into more markets.
To secure working capital for the business, the company is currently conducting a new share issue of SEK 27,4 million with preferential rights for existing shareholders. The capital injection is expected to provide a stable basis for negotiations with stakeholders regarding expansion in existing and new markets.
The board has entered into subscription commitments and issue guarantees totaling SEK 27,4 million, corresponding to 100 percent of the issue amount, with the company's three largest shareholders, the chairman of the board, board members and CEO.
The offer in summary
| Terms & conditions | One existing share entitles you to one subscription right. 18 subscription rights entitle you to subscribe for one new share at a price of SEK 3,00 per share. |
| Subscription period | 28 February – 13 March 2024 |
| Subscription price | SEK 3,00 per new share |
| Issue volume | SEK 27,4 million before issue costs. |
| Dilution | 5,3 percent |
Information and subscription
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Subscription via Avanza |
This material has been prepared for marketing purposes and is not and shall not be considered to constitute a prospectus under applicable laws and regulations. The full terms and conditions of the rights issue and further information about the company have been set out in an information memorandum which was published and published on enzymatica.com February 19, 2024.
