9.10.2023

ImmunoPharma Strengthens Leadership with New CEO

ImmunoPharma welcomes Christan Espeseth as our new CEO, signaling a new focus on organization and communication within the company.

We express our gratitude to Kjetil, who is now passing the helm to focus on our interests in the USA and as chairman of ImmunoPharma. His contributions as interim CEO have been fundamental to our growth.

Welcome to Christian, the new CEO with rich experience and a fresh vision for IP. With great enthusiasm, Christian takes on the responsibility of leading the company to new heights.

Christian has a solid background in the nutraceutical industry and the communications sector. With experience spanning various startups and larger growth companies, he can demonstrate success in his own ventures and projects for a wide range of industries, including FMCG, organizations, health, and nutraceuticals.

He has extensive leadership experience at various levels within the communications industry, most recently as the CEO of dentsu X and the Growth Director for dentsu Norway. He possesses invaluable expertise in business development and growth, consistently delivering results. Throughout his professional career, he has focused on building teams that foster unity and expansion. He excels in business strategy, concept/product development, organizational development, and, notably, culture and operationalization. He is known for his infectious enthusiasm and his ability to identify opportunities in almost any situation.

Since 2018, he has been the chairman of our daughter company, Eqology. During this period, the company has experienced significant growth. This is valuable knowledge and experience that we look forward to benefiting from in the parent company.

Together, we look towards a bright future with a clear direction and steady growth for ImmunoPharma.

30.6.2023

ImmunoPharma Newsletter
June 2023

ImmunoPharma´s newsletter for June 2023 can be downloaded in PDF format here.

30.6.2023

ImmunoPharma Group

The ImmunoPharma Group closed out 2022 with strong growth and operational performance in all market segments. As you can read more about in the separate sections below, we made good progress with our new investments and we saw a very strong performance in Eqology. This development is also continuing into 2023.

During 2022 we continued the process of streamlining the group for future growth. In that process, we reorganized the internal structure, merging dormant entities with the operating units to focus the structure on our core activities. The below overview represents the company structure as we move into 2023.

The total revenue for the Group was MNOK 482.1 compared to MNOK 390.9 in 2021, which is an increase of 23%. The Earnings Before Interest, Tax & Depreciation (EBITDA) was MNOK 14.3 compared to MNOK 16.1 in 2021, a decrease of 11 %. Adjusted for the operational loss in Nordic Healthy Living Inc and Mycotech Pharma AS, which the board considers largely investments for future growth financed directly through operating cash, the EBITDA for 2022 ended at MNOK 37.1. You can read the full annual accounts by downloading the Annual Report from our homepage, immunopharma.net.

Eqology is currently the largest contributor to the ImmunoPharma Groups total revenues.

In 2022 Eqology delivered revenues of MNOK 432.7, up 26% from 2021 revenues of MNOK 343.4.

30.6.2023

Eqology

EQOLOGY continues to demonstrate robust growth in 2023, achieving record-breaking sales for five consecutive months from January to May. In May alone, the company attained a remarkable turnover of 64 MNOK (5.5 million euros), reflecting a substantial growth rate of 96% compared to May of the previous year. Year-to-date, EQOLOGY has maintained an impressive growth rate of 83% compared to the corresponding period last year.

In June, EQOLOGY organized its corporate health event, the European Summer Rally, in Warsaw, which attracted over 300 distributors. The company unveiled its latest innovation, the Eqology Collagen Booster, during this event. This third-generation, ready-to-drink formulation features highly effective Norwegian marine collagen with Hyaluronic Acid+ and Astaxanthin, all of which are MSC-certified. Clinical studies have demonstrated that consistent product consumption for seven days can reduce wrinkle depth and improve skin hydration by 22.6%.

EQOLOGY has established its presence in 32 European countries, further expanding its market reach.

30.6.2023

Mycotech

Mycotech has experienced great progress throughout the year, with rapid advancements in many aspects of the business. The management team is thrilled about the upcoming phase for AndoSan as we prepare to enter international markets with two product launches scheduled for 2024.

In collaboration with our research partners in Germany, we have conducted extensive cell studies on AndoSan over the past six months. These studies have provided valuable insights into the underlying mechanisms responsible for the observed effects in human trials. Building upon this knowledge, our company has strategically chosen two pathways for our flagship product:

1. The findings from Q4 2022 and subsequent research give a strong indication that AndoSan has the ability to inhibit viral entry into host cells, particularly against SARS viruses like COVID-19, and has laid the foundation for a new combined anti-viral oral spray. This innovative product will offer protection against various viruses, including COVID-19. We have established a close relationship with an Asian manufacturer and plan to do a pilot launch of the product in Norway in Q1 of next year, using our already established distribution channels. We believe that the momentum surrounding this product is strong, and its potential is significant. A patent has been filed to protect this innovative new product.

2. Since 2004, AndoSan has been used in pilot research as a supportive treatment for cancer patients, yielding promising results. We believe that now is the opportune time to capitalize on this success and anticipate launching AndoSan to support cancer cachexia/ cancer fatigue patients in Q3 of 2024, as discussed in our previous newsletter. The company has initiated the required regulatory preparations for the upcoming product launch, which are anticipated to take approximately one year. It’s important to note that the timeline for these preparations is not entirely within the company’s control. Consequently, the launch of the product is projected to occur in the third or fourth quarter of 2024

Considering that 50% of all cancer patients are affected by this debilitating condition and 90 % experience severe fatigue, the market potential for AndoSan in this field is enormous. Currently, there is no known effective treatment for these conditions, making our target market even more attractive.

As part of our commercialization plan, we have strengthened our control over the production and supply chain by establishing full process control. We are delighted to announce the appointment of Jennifer Furtmann as our new Supply Chain Manager, who will join the company in September. With her extensive experience as Global Supply Manager for Evonik Industries and Head of Supply and Demand Management at Kappa Bioscience, Jennifer brings valuable expertise to further enhance our supply chain operation and contributions to the success of Mycotech.

Funding

We are pleased to inform you that the equity raise, as announced in our previous newsletter, is currently in the process of raising between NOK 50 million to NOK 100 million within the third quarter. This is done in cooperation with ABG Sundal Collier, who has also supported us in finalizing our new company presentation. With this material now ready, we have begun approaching potential investors both in Norway and internationally. Should you be interested in this equity investment, please contact us for more information.

The funds raised through this emission will be utilized to facilitate our planned market entries, expand our production capacity, invest in further research and development initiatives, and strengthen our working capital position.

ABG Sundal Collier is a leading Norwegian investment bank renowned for its expertise in the Nordic countries. Their involvement is a testament to the confidence they have in our company and its potential for growth.

Additionally, we are pleased to share that we have recently applied for grants from the European Union and support from the Norwegian Research Council. These applications amount to a total of up to EUR 2.5 million. If successful, this additional funding will further bolster our resources, enabling us to accelerate our business objectives and enhance our research and development efforts.

We are excited about the opportunities ahead and remain committed to driving our company’s growth and success.

30.6.2023

Nordic Healthy Living

Our Direct-to-Consumer (DTC) business has, up until now, been organized under different company structures and names. Going forward, we will rename the legal entities so that those operating in the DTC segment all are branded under the common name – Nordic Healthy Living. By doing this, we can benefit from strong global brand recognition for our consumer products and develop marketing assets that corroborate all markets, building a strong product identity.

Due to market differences, we are not going to start promoting the same products in all markets, such as the US and Scandinavia/Europe. Still, we are going to develop a common identity and overarching website where all products in the different markets can be presented.

This new strategy will not impact our MLM business (Eqology) and will continue its journey on the path it so successfully has embarked on.

Nordic Healthy Living AS (former TGM) has gained strong momentum with the launch of its latest product, Quramin. Within the first half of this year alone, Nordic Healthy Living AS has sold more than 3,000 subscriptions for Quramin, demonstrating the demand for this distinctive product that addresses specific vitamin deficiencies, illnesses, and health opportunities. The introduction of Quramin has expanded Nordic Healthy Living AS’s product offerings and positioned the company for further growth.

Looking ahead, Nordic Healthy Living AS remains committed to its focus on expanding the product range and capitalizing on new market opportunities. We are currently working diligently on the development and upcoming launch of an additional product, which will further augment our lineup of supplements. This new product will be in alignment with our mission to provide innovative and efficacious solutions that promote the well-being of our customers.

Through Nordic Healthy Living Inc., ImmmunoPharma continues to make strategic investments in the US market, capitalizing on successfully launching its JointFood and BoneFood products into the largest dietary supplement market globally. The Centers for Disease Control and Prevention (CDC) reports that nearly 1 in 4 US adults has been diagnosed with arthritis, making it the leading cause of disability among adults for over 15 years. This trend indicates a growing number of consumers seeking vitamins and supplements not only to alleviate their current pain but also to maintain the overall health of their bones and joints.

In the first eight months of its launch, JointFood with Tamasteen™ and BoneFood has already reached an impressive client base of more than 40,000 customers and more than 15,000 active subscribers. The company continues to attract an increasing number of subscribers every month. Since its introduction in September 2022, JointFood with Tamasteen™ has been the flagship product, but BoneFood is also gaining traction as a complementary offering. The interdependence of joint mobility and bone health underscores the necessity for a product like BoneFood, which supports bone structure alongside joint function.

The total turnover of these two products amounts to more than USD 6 million from the start of the campaign in September 2022. Nordic Healthy Living aims to achieve a total turnover of USD 15 million by the end of 2023. If this goal is met, the investments made in the US market could turn cash positive as early as 2024. This signifies the company’s commitment to expanding its presence and capturing the significant market opportunity in the US.

24.11.2022

ImmunoPharma Newsletter
November 2022

ImmunoPharma´s newsletter for November 2022 can be downloaded in PDF format here.

24.11.2022

Mycotech Pharma and change in top management

We founded Mycotech Pharma earlier this year to ensure full focus on developing the potential of AndoSan and to make Mycotech Pharma the leading medical mushroom product company in the world.

Mycotech has been working closely and intensely with its German scientific partners throughout the summer, yielding significant insights. The development and the scientific results obtained have exceeded expectations and the speed of development is even accelerating. This confirms the clinical results obtained the last 15 years and gives us a scientific understanding of why such results should be expected. In addition, several new exciting and unexpected insights have been obtained, leading to a filed patent application in a new target indication representing a potential in a rapidly emerging market. The high focus on the scientific understanding of AndoSan will continue into 2023, being the basis for product development, defining the market for AndoSan, and demonstrating the Mechanism of Action for the different applications. This is expected to lead to a significant demand in the market, which will turn the company's main focus toward marketing and sales. The company is also focused on how to secure enough supply of AndoSan and are working on plans to scale up AndoSan production and optimize production that has already started.

To be able to capture this opportunity's full potential, the board of ImmunoPharma asked Ralf Schmidt, the present CEO of ImmunoPharma, to lead Mycotech Pharma on a full-time basis and to build and further develop this company. Ralf happily accepted this challenge, saying “I feel privileged to work in a company and on a topic I'm truly passionate about and I'm eager to scale AndoSan production and see the profound impact this product will have on people's health.”

The Board of Directors in ImmunoPharma expresses a big thanks to Ralf, saying “We thank Ralf for the hard work in professionalizing many aspects of ImmunoPharma during the past year and we are excited to work with him further in a new setting with his focus on the further development of Mycotech Pharma.”

With Ralf stepping down from his role as CEO of ImmunoPharma, Kjetil Ramsøy will serve as a working Executive Chairman for a transitional period and have day-to-day administrative responsibility for ImmunoPharma and its activities. The process of finding a permanent person for the role of CEO starts immediately and we will share information as this process unfolds.

Funding of Mycotech Pharma

In the first share capital increase completed in conjunction with the launch of the company earlier this summer, we raised NOK ~10 million from investors who have already invested in ImmunoPharma.

Creating a good starting point for the activities planned in the initial phase. Due to the quicker-than-expected progress in the development process, the need for cash to carry out the development has been covered from the first round. We have, therefore, decided to postpone the second round of capitalization until H1 2023. This is to account for the potential impact on valuation from the positive results we have seen so far, as well as better align the size of the capitalization with the revised capital requirements forecasted based on a refined strategy plan that takes these accelerated results into account.

24.11.2022

TGM launces its new product, Quramin

As previously communicated, the company has been working this year on further developing its product portfolio. It’s a pleasure to announce that the company’s new product, Quramin has been launched according to plan. A little more time is needed to be able to evaluate how the market is responding to the new product, but we will share more information as soon as we’ve gathered more data.

Quramin is a unique and well-balanced composition consisting of 11 essential vitamins, minerals, and herbs with documented effects. To learn more about the product, please visit: www.quramin.no.

12.04.2022

ImmunoPharma invests in the US

Almost a year ago now, we announced the plan to start a new Direct-to-Consumer (D2C) campaign in the US market, taking advantage of the experience built through TGM over the years.

We are, therefore, proud to announce that we launched a new product in the US consumer market on September 15th. Joint Food with Tamasteen (www.jointfood.com) is a specially designed joint health product consisting of 10 natural components that, together, provides the most complete and efficacious product on the market in terms of both relieving joint discomfort and improving joint flexibility.

The global bone and joint health market is estimated to be valued at USD 12 billion in 2022. The market is primarily driven by an aging population and is expected to grow significantly over the next 5-10 years. North America is dominating this development, which justifies our entry here as the pilot market for this product.

12.04.2022

Strong growth of +29 % for EQOLOGY in 2021

EQOLOGY closed the year 2021 with a growth of + 29 % and 344 MNOK in turnover. This was an all-time high for the company. The growth is due to very good development in key central European markets and growth in newly opened European markets.

The company launched several new innovations in 2021, such as Nordic Energy Booster, an ultimate dietary supplement complex with active Vitamins & Minerals, and a new superior Omega-3 product, Pure Arctic Oil Gold. The new Omega-3 brand is specially designed to be good for your brain and vision which is a growing market. Focus during this year as in 2021 will be to continue the strong, profitable, growth seen over the past few years, and the company is now present in 27 European markets.

02.06.2021

TGM with new product launch later this year

TGM is now completing the development of a new dietary supplement that contains vitamins, minerals, and herbs.

During the development, TGM has collaborated with Germany’s foremost expert in this field, Joerg Gruenwald Ph.D., the founder of A&R in Berlin. Jörg has a lifetime of experience in developing herbal and natural products, and many of these have become an international success.

To ensure the highest possible quality, equal to the standards of the ImmunoPharma Group, TGM will produce this new product in Norway in close partnership with an established and recognized industrial contract manufacturer.

TGM has high expectations for this new product launch, which covers many of the challenges that consumers face with their health today. It also manifests the transformation from a pure vitamin K2 focus to a more holistic approach, however, K2 will continue to be a core substance.

TGM and its subsidiaries have continued their solid development at the start of 2022, focusing on reducing operational expenses and delivering a strong turnover. Striving to be both simpler and better, providing customers with an excellent experience and achieving superior customer satisfaction.

Key points:

• The new product contains ingredients that have over 300 published studies.

• Several of the ingredients are unique in the Norwegian market and allow for significant differentiation, and the product will be competitive in price compared to the bestselling products on the market today.

• Production of the product will start in the second quarter, advertising and media testing will begin in the third quarter, and the official market launch will take place towards the end of the year.

02.06.2021

ImmunoPharma gains biotech expertise
with new Group CEO

Biotech veteran, Dr. Ralf Schmidt, will take his seat as the new Group CEO of ImmunoPharma on October 1, 2021. Dr. Schmidt has been a leader in biotech for decades and is primed to lead ImmunoPharma through its evolution into becoming a biotech enterprise.

“We’re delighted to bring Ralf on board as Group CEO of Immunopharma,” says Frode Bohan, Founder and Member of the Board of ImmunoPharma. “His vast international expertise in running biotech firms is exactly what we need to navigate the transition to becoming an international biotech power. Ralf also has an impressive track record and extensive entrepreneurial experience, which makes him a perfect fit for our culture.”

Dr. Schmidt will leave his current post as Biovotec CEO—an international biotech company that developed a novel dressing for chronic wounds—to lead ImmunoPharma forward. With a MA in Chemical Engineering, an MA in Process Engineering, an Executive MBA, a PhD in Industrial Chemistry, and experience leading numerous multinational biotech corporations, Dr. Schmidt is uniquely qualified to raise ImmunoPharma’s profitability and international profile.

“I’m looking forward to joining the ImmunoPharma team during this important transition,” says Dr. Schmidt. “With our current global need for effective immunomodulating medicines, as well as the strong interest in longevity medicines, ImmunoPharma could achieve exponential growth once it achieves biotech status.”

Prior to co-founding Biovotec, Dr. Schmidt was COO of Dynal Biotech, a Norwegian company, and Axis-Shield, which is listed on the stock exchange in both the UK and Norway. He worked in both operational and managerial roles, including a senior management consultant role at McKinsey, and he currently sits on the board of numerous multinational corporations.

02.06.2021

Gina Burøy-Olsen as TGM’s new
commercial director

In January 2021, TG Montgomery welcomed Gina Burøy-Olsen on as commercial director. An expert at improving customer retail experiences through new digital technologies, Ms. Burøy-Olsen’s initial focus will be to solidify TG Montgomery’s position in the K2 Vitamin consumer market through an enhanced digital customer experience.

Ms. Burøy-Olsen has over 20 years’ experience in digitizing sales and marketing for companies such as Komplett (Norway’s leading online retailers) and Telenor and NetCom (the two largest Norwegian telecom operators). She was a major contributor to the successful building of Komplett Mobil, and helped develop their extensive customer base.

Ms. Burøy-Olsen is also prioritizing growth through product diversification and international expansion.

About TG Montgomery
TG Montgomery sells and distributes K2 Vitamin. TGM’s emphasis is on maximizing profitability through a proprietary, fully automated, and easily scalable in-house marketing system. Through this platform, TGM is well-positioned to penetrate attractive new markets.

02.06.2021

Key figures for 2020

ImmunoPharma is reporting a strong year in 2020 with revenues reaching MNOK 316,3 despite the COVID-19 situation.