Company presentation Website - Feb 13, 2020 - White Dog Labs
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Company presentation
Website
Feb 13, 2020
Proprietary and confidential information of White Dog Labs, Inc
Overview of White Dog Labs
• WDL was founded to apply its expertise in anaerobic micro and synthetic
biology to major industrial challenges.
• Using its unique capability for screening, selecting, and culturing organisms that
grow in oxygen-depleted environments such as the deep gut of humans and
animals, WDL has been mining the microbiome to built a curated library of
novel organisms.
• Combining its library with decades of industrial engineering experience, WDL
has developed a platform to produce single cell protein that can sustainably
replace animal protein in a nutritious and scalable manner.
• The company’s first product is ProTyton, a single cell protein for the aquafeed
market that has received a coveted off take agreement from Cargill.
• WDL ambitions extend to the human health and nutrition market as well. The
company is currently working with a food consulting firm single cell protein
based Dairy products.
A Microbiome mining biotech company with current and future products
Raising $25M to breakeven and expecting to reach $50M PAT in 2025
Proprietary and confidential information of White Dog Labs, Inc
White Dog Labs Products
Animal health and nutrition today – humans tomorrow
Animal Nutrition and health products Human Nutrition and Health
ProTyton MiruTyton
A scalable and sustainable, Natural butyrate feed-additive with demonstrated Single Cell Protein was developed during the cold-war
premium Single Cell Protein (SCP) poultry and swine benefits. Disruptive economics, for human consumption during space travel. WDL’s SCP,
with demonstrated health in as it is a co-product of ProTyton fermentation with its high protein and low calories is ideally suited
marine applications for a high-protein, vegan dairy products.
OFFTAKE AGREEMENT RECEIVED A MAJOR CO IN DEVELOPMENT
WITH CARGILL OFFTAKE LOI
WDL is transitioning ProTyton and MiruTyton into production
Proprietary and confidential information of White Dog Labs, Inc
Company Presentation Outline
• Overview
• Company
• Executive team
• Board of directors
• Advisors
• Investors
• Locations
• Technology
• WDL Business Units
• AyoBio - Animal Nutrition & Health
• ProTyton
• MiruTyton
• HominBio – Human Nutrition and health
• Production
• Ethanol plant repurposing
• CMR plant, Little Falls, MN
Executive Team
Dr. Bryan Tracy Dr. Aharon (Ari) Eyal Dr. Shawn Jones Dr. Randy Phillips Dr. Alon Karpol
CEO and co-founder CSO and Chair of Scientific VP of Molecular and Micro Director of Fermentation GM, WDL Israel
Advisory Board Biology Technology
PhD Chemical and Former Professor of PhD Chemical and PhD Chem Eng, PhD in Biochemistry.
Biological Engineering. Applied Chemistry at the Biological Engineering, 25 years of syngas Former CEO of Designer
Jerusalem Univ. World leading collaborations Energy, innovator in
Co-founder and CEO of fermentation. Lead
renowned expert in with corporate cellulosic hydrolysis
Elcriton a biology and advanced separation engineer of BRI Tech –
fermentation company science and is the author R&D partners acquired by Ineos Bio.
acquired by WDL. of some 80 publications,
and 250 patents.
Board of Directors
Dr. Sass Somekh Talli Somekh Dr. Bryan Tracy Dr. Gino Addiego
Executive chairman Co-Founder CEO and co-founder SVP of Engineering,
30-year executive career of product Software and biotech Co-founder and CEO of Operations & quality at
and business development in the entrepreneur, General Elcriton a biology and Applied Material, the
semiconductor equipment industry. Partner, Musea Ventures fermentation company leading semiconductor
Silicon Valley Engineering Hall of Fame CEO of Erisyon acquired by WDL. equipment manufacturer
with $17B in revenue.
6
Advisors
Prof Sam Rochell Dr. Shaymaa Abousaad
Dr. James Martin Odom
Poultry nutrition PhD, Faculty member Minufia Univ, Egypt
Biotechnology and
Univ of Arkansas Visiting researcher NCSU
Aquaculture Current research focuses on in ovo feeding
30-year career scientist at DuPont Research interests in the formulation
of broilers diets and their influences programming, mitochondria biogenesis and
– 10 years in aquaculture dynamics, autophagy mechanism, orexin and
(Norferm) and with Omega-3 on intestinal physiology, immunology,
and microbiology in broilers mitotic activity of the muscle-satellite cells.
Verlasso salmon
Dr Enav Bar-Shira Prof Ed Bayer
Prof Ronnie Friedman
PhD, Immunology researcher Chair of Bio-Organic Chemistry
Dean 2006-2013
Animal Sciences Weizmann Institute
Animal Sciences
The Hebrew University of Jerusalem co-discovered the Cellulosome - an intricate
The Hebrew University of Jerusalem
Research focuses on Development and adaptations multi-enzyme complex produced by many
Immunology of the digestive tract in precocial
of innate immunity in the gastrointestinal tract of cellulolytic anaerobic microorganisms, and in
animals. Maternal immune protection of the
the newly hatched chick, and establishment of 1994 Bayer proposed an original concept for
gut in birds. Pro-inflammatory responses to
immune competence in the avian GALT during the the construction of designer cellulosomes.
physiological stress
immediate post-hatch period
Investors
The Somekh Family Investment arm
White Dog Labs Locations
Minnesota – ProTyton Production
Reached agreement to acquire the CMR plant in
Little Falls MN. Production starts 2021
Delaware - HQ
• R&D & product/business development
• 18,000L fermenter pilot line
Israel –R&D
• Microbiome R&D
• Biologics development
CMR plant - Little Falls, MN
Company Presentation Outline
• Overview
• Company
• Executive team
• Board of directors
• Advisors
• Investors
• Locations
• Technology
• WDL Business Units
• AyoBio - Animal Nutrition & Health
• ProTyton
• MiruTyton
• HominBio – Human Nutrition and health
• Production
• Ethanol plant repurposing
• CMR plant, Little Falls, MNWDL’s Tyton Technology Platform
Discovered and isolated
Target microbiome microbiome-derived Clostridia Processing
Solventogenic Clostridia
Phage DNA
Protocol-B™ MixoFerm™
Sulfur reducing Clostridia
Acetogenic Clostridia
Acidogenic Clostridia
Previously uncultured Clostridia
Other Clostridia
Protocol-B allows the MixoFerm fermentation
discovery and isolation consumes sugar and gasses,
of new microbiome resulting in greater
based solutions for product yields.
animal and human healthAnaerobic Bioprocessing Expertise
Discovery Demonstration
• >400 unique libraries of organisms
• Discovery 5 new microorganisms per week
• Full suite of genetic engineering tools • 18,000L fermentation with cell recycle potential
• In silico capabilities • Complete bioprocessing capabilities (fermentation, cell
• Advanced analytics and strain characterization separation, washing, drying, evaporation, etc.)
capabilities • Product development under full anaerobic conditions
through packaging
WDL owns and operates facility built for obligate anaerobe handlingment acetone
Technology Differentiation butanol
heat/
energy
World’s largest IP protected MixoFerm Full Stack Developer Natural & non-GMO
library of uniquely New paradigm in Discovery → Process We seek natural
cultured Clostridia fermentation - → Scale-up → Product diversity and only
plus enzymeredefining efficiency evolve and enhance
Genetics, -omics, and controlling the native characteristics
evolution & in silico clostridia
“unculturable” gas for nutrition and health
platforms
13Company Presentation Outline
• Overview
• Company
• Executive team
• Board of directors
• Advisors
• Investors
• Locations
• Technology
• WDL Business Units
• AyoBio - Animal Nutrition & Health
• ProTyton
• MiruTyton
• HominBio – Human Nutrition and health
• Production
• Ethanol plant repurposing
• CMR plant, Little Falls, MNAnimal Nutrition and Health A Business Unit of White Dog Labs
Aquaculture Protein Requirements
Aquaculture companies are actively seeking an alternative premium protein that is scalable,
has greater certainty of supply, and is renewable.
Currently the only premium protein choice is fishmeal.
The annual fishmeal production is about 5 million metric-ton.
Peru’s fishmeal price impacted by El Nino 2009-2019
Catching fish
to feed fish
is not scalableProTyton™ is Best in Class Protein
90
80 84% CP Crude Protein (CP)
70 Essential Amino Acid (EAA)
60
50
As-is wt%
40 40% EAA
30
20
10
0
ProTyton is a premium protein-ingredient that complements lower cost ingredients,
reduces fishmeal inclusion, provides health benefits and is renewable and scalableProTyton Lowers Costs and Provides Health Benefits
ProTyton allows incorporation of lower cost ingredients, and thus ProTyton decreased shrimp mortality challenged with Vibrio
lowers total feed cost even when priced higher than fishmeal at parahaemolyticus (aka Early Mortality Syndrome - EMS).
$1750/metric-ton.
Thermal Feed Compounded
Salmon Diet Growth
Coefficient
Conversion
Ratio (FCR)**
Feed
$/Metric Ton
20% ProTyton
has 1/3
mortality of
Reference
20% Fishmeal
commercial
Fishmeal 0.23 0.86 $1250 diet optimized
0% ProTyton
@$1600 for EMS
ProTyton
10% Fishmeal
resistance
@$1750/ 0.22 0.83 $1220
7.5% ProTyton PL Raceway 40-9
metric ton
USD1.85/Kg ProTyton inclusion in reference diet
*TCG = Rate of Growth **FCR = Feed/Unit of Growth. Lower is Better.
ProTyton is a premium nutrient with significant health benefitsProTyton Qualification by Customers WDL’s 18.000L pilot fermenter Shipments for customer qualification Initial ProTyton focus was salmon – shifting to shrimp now 19
Butyrate – An Important Feed-Additive for All Animals
Implications of butyrate and its derivatives for gut health and animal production
Andrea Bedford and Joshua Gong∗, Guelph Research and Development Centre, Canada
“…positive effects on animal production, including
enhancement of gut development, control of enteric
pathogens, reduction of inflammation, improvement of
growth performance (including carcass composition), and
modulation of gut microbiota.”
• Several butyrate suppliers
• High prices ($7-4,000/ton) – limiting adoption to niche applications
• Synthetic products – not suitable for organic livestock
While MiruTyton delivers the same benefits, it is a
natural product that is profitable even at $500/ton 20MiruTyton – A Highly Competitive Natural Butyrate
• Demonstrated major benefits for poultry
• Faster growth rate and improved Feed Conversion Ratio
• Significantly reduce Salmonella in fecal and cecum samples
• Demonstrated growth benefits for weaned piglets
• Prelim cattle results indicate benefits for receiving
calves or during transition period (going from forage to
concentrate diet)
MiruTyton – demonstrated efficacy in multiple applications 21MiruTyton Reduces Biosecurity Concerns
Salmonella Incidence at Day 42 Campylobacter Incidence at Day 42
Campylobacter Incidence Day 42
Salmonella Incidence Day 42
Male Fecal Female Fecal Male Cecum Female Cecum Male Fecal Female Fecal Male Cecum Female Cecum
110 110
100 100
90 90
% detected 80 80
in sample 70 Log10 CFU 70
60 /gram 60
50 50
40 40
30 30
20 20
10 10
0
1000ppm0drinker water or 2000ppm feed deliver optimal growth 0 500 1000 2000 4000 250 500 1000
0 500 1000 2000 4000 250 500 1000
• 3.6% and 4% more growth for males and females, respectively Control
Control
• 5.5pt and 6.2pt improved Feed Conversion Ratio (FCR) for males and females, respectively In solid feed In drinker (water)
In solid feed In drinker (water)
• Growth gains due to improved FCR
Butyrate (ppm) Butyrate (ppm)
• 4000ppm is too high of a dose, but MiruTyton improves growth always over control
1000ppm drinker water or 2000-4000ppm solid feed significantly reduce Salmonella and
Campylobacter in fecal and cecum samples – Data is from a Salmonella challenge at day 37
• Higher butyrate doses are more effective at reducing the prevalence of both microorganisms Feed Trials
• This is an antibiotic free approach to controlling these microorganisms prior to sending to the processing plant conducted at
• Drinker water administration allows for effective delivery at high doses in last few days of grower operations
MiruTyton delivers antibiotic free, antimicrobial benefits that can be
effective for combatting biosecurity concerns at processing plants 22MiruTyton Improves Broiler’s Growth and Health
Feed Trials
conducted at
Day 21 Weight Male Feed Conversion Ratio Males Ileum Height Males
920 1.50 760
Female Females Females
900
1.45 740
880
1.40 720
860
840 1.35 700
820
1.30 680
800
1.25 660
780
760 1.20 640
0 250 500 1000 2000 0 250 500 1000 2000 0 250 500 1000 2000
Butyrate Dose (ppm) Butyrate Dose (ppm) Butyrate Dose (ppm)
1000ppm optimal dose for growth Improved FCR for all doses 1000ppm supports best ileum health
• Males – 4% more growth • Males – 12pt improved FCR at 1000ppm • Males – 5.2% taller ileum
• Females – 5.7% more growth • Females – 5pt improved FCR at 500ppm • Females – 2.5% taller ileum
These results have encouraged a major US poultry
integrator to start qualifying MiruTyton 23Company Presentation Outline
• Overview
• Company
• Executive team
• Board of directors
• Advisors
• Investors
• Locations
• Technology
• WDL Business Units
• AyoBio - Animal Nutrition & Health
• ProTyton
• MiruTyton
• HominBio – Human Nutrition and health
• Production
• Ethanol plant repurposing
• CMR plant, Little Falls, MNA Business Unit of White Dog Labs
ProTyton Comparison to Protein Sources & Human Muscle
Essential Amino Acids (EAA) are the amino acids the human body needs but cannot produce on its own
ProTyton
5.3
1.8
4
1.5
9.6
5.9
6.3
7.4
42%
40%
Amino Acids. 2018; 50(12): 1685–1695
26Quorn is a Commercial Single Cell Protein Food Product
Quorn protein builds muscle better than milk protein
A study from the University of Exeter has found that mycoprotein, the protein-rich food source that is unique to Quorn products, stimulates post-exercise
muscle building to a greater extent than milk protein.
The study evaluated the digestion of protein, which allows amino acids (the building blocks of protein) to increase in the bloodstream and then become
available for muscle protein building in 20 healthy, trained young men at rest and following a bout of strenuous resistance exercise.
The young men performed the exercise and were then given either milk protein or mycoprotein.
Their muscle building rates were then measured using stable isotope labelled "tracers" in the hours following protein consumption.
Animal proteins like milk are an excellent source for muscle growth, so they provide a useful comparison for testing other protein sources.
The results showed that while those who ingested milk6 protein increased their muscle building rates by up to 60%, those who had mycoprotein increased
their muscle growth rates (MGRs) by more than double this -- showing that mycoprotein, the main ingredient in all Quorn products, is a more effective
The results showed that while those who ingested milk6 protein increased their muscle building rates by up
source of protein to promote muscle growth.
"These results are very encouraging when we consider the desire of some individuals to choose non-animal derived sources of protein to support muscle
to 60%, those who had mycoprotein increased their muscle growth rates (MGRs) by more than double this
mass maintenance or adaptations with training," said Dr Benjamin Wall, Associate Professor of Nutritional Physiology, University of Exeter.
"Our data show that mycoprotein can stimulate muscles to grow faster in the hours following exercise compared with a typical animal comparator protein
(milk protein) -- we look forward to seeing whether these mechanistic findings translate to longer term training studies in various populations."
Tim Finnigan, Chief Scientific Adviser for Quorn Foods, said "We're excited to see this data being presented by the University of Exeter at ECSS. In a world
where many people are trying to cut back on their meat consumption, either for environmental or health reasons, we're happy to be able to offer an
alternative protein that can provide exceptional nutrition and muscle growth, all while being meat-free."
Recent research has suggested that current recommendations for protein intake are too low -- some scientists have calculated that minimum protein
requirements could have been underestimated by as much as 30-50% in some populations.1
The British Nutrition Foundation already recommends mycoprotein as a good source of dietary protein, both for everyday life and for sport and exercise.
However, in the UK roughly a third of total protein consumption comes from meat products -- and increasing meat intake may have serious consequences
for public health and for the environment.
A pivot to "alternative" sources of protein therefore may be advisable -- and mycoprotein is well placed to fill the gap.
Quorn sales are over $250M/year 27ProTyton Major Potential for Human Nutrition
Crude Protein (CP)
Essential Amino Acid (EAA)
Crude Protein & Essential
Amino Acids content (%)
WDL is working with a consulting firm to create vegan, high protein dairy products 28Company Presentation Outline
• Overview
• Company
• Executive team
• Board of directors
• Advisors
• Investors
• Locations
• Technology
• WDL Business Units
• AyoBio - Animal Nutrition & Health
• ProTyton
• MiruTyton
• HominBio – Human Nutrition and health
• Production
• Ethanol plant repurposing
• CMR plant, Little Falls, MNProTyton/MiruTyton Production Features
Renewable Corn feedstock Anaerobic Fermentation Compatibility with ethanol plants
• Plentiful and relatively inexpensive feedstock • Highly scalable process • Straightforward re-purposing of ethanol plants
• Same as used in wine, beer and ethanol • Ethanol plant can be purchased for 1/3 of
industries construction costs
• Low CapEx and OpEx
WDL has scaled up production by receiving corn mash
from ethanol plants, and processing it in conditions
most representative of commercial operations 30Announced ProTyton Production Plan
CMR plant - Little Falls, MN
Central Minnesota Renewables (CMR), Little Falls, MN
• Originally a 20Mgy ethanol plant
• Repurposed for butanol production at cost of $80M
• ProTyton production is very similar to butanol
• CMR has defaulted on a loan and went in receivership
• The court has approved WDL bid to purchase the plant
by assuming the loan
21,000 m-ton/year ProTyton
110,000 s-ton MiruTyton
Plant will be managed in collaboration with
MRE ethanol plant in Sutherland, NEYou can also read
