As we closed out the third quarter of 2024, I'm pleased to be able to share a very positive report on our development. Gemina is in the midst of a new capital raise, Patronus is making steady progress towards its own listing, Brokkr is open on a seed raise, and on the back of more exceptional technical and commercial progress, Anodyne is preparing for a Series A financing in 2025.
John Davies
CEO
PORTFOLIO NEWS
A bio-electric catalysis company that uses enzymes to sustainably manufacture everyday chemicals
Anodyne Chemistries is powering forward with its commercial agenda and is now in confidential discussions with a number of national and international partners from the oil & gas, biochemicals, cosmetics, construction chemicals, and agri-chemical sectors. In developing these relationships, the Anodyne team has received wonderful support from both its own shareholders and from shareholders of Syniad, which truly exemplifies the importance of our community of engaged stakeholders.
In terms of technical progress, Anodyne now has three streams of product development programs: the C-stream (carbon chemistries, e.g. formic acid), the H-stream (hydrogen chemistries, e.g. hydrogen peroxide), and the N-stream (nitrogen chemistries, e.g. ammonia). These development streams are all driven by the company's "Anozyme" bio-electric catalysis platform. This quarter, Anodyne successfully began to produce Anozymes at scale at CNETE in Quebec.
In preparation for a Series A round of finance (target Q1 2025), the company is embarking on a process of corporate maturation. Dana Brock has joined the team as VP Finance to implement new financial reporting, planning and governance systems. Dana has held senior financial roles at HP, following its acquisition of Teradici (software) and at PMC Sierra (a public semi-conductor company). She began her career at Deloitte and is a CPA. The company plans to make additions to its board and its scientific advisory board before the end of the year. READ MORE
In other news, Anodyne was awarded the coveted Good4Nature Award by Monthly Barometer in recognition of its innovative contributions to sustainability and its pioneering role in green chemistry. The award ceremony was held in Chamonix and brought together thought leaders and business innovators from around the globe at the Summit of Minds, where Anodyne was praised for its groundbreaking work in harnessing synthetic biology and electrochemistry to manufacture an increasingly broad panel of chemicals.READ MORE
Using light-activated catalysts to replace power-intensive (carbon-intensive) methods of making common chemicals
CataLumTechnologies is emerging from stealth mode to notch up some impressive technological milestones. The most striking of these are its experimental results for ammonia production. The current worldwide process for ammonia production (the Haber-Bosch process) is the most carbon intensive chemical production on Earth, responsible for 1-2% of global GHGs. But to date, the Haber-Bosch process has been absolutely indispensable because ammonia production is so essential for food security: 50% of global food production depends on ammonia. CataLum's early results so far suggest that the company has a viable development pathway towards sustainable ammonia which, if validated, would be an extraordinary objective.
Syniad is continuing to support CataLum and the company is also attracting interest from early-stage VC investors. Readers who might be interested in learning more about CataLum from an investing perspective should reach out to John Davies: john.davies@syniadinnovations.com.
A bioscience toolkit company that licenses advanced bio-reagents for diagnostic applications
As previously reported, Gemina Laboratories announced its first global license in April 2024 and in July provided an update to the market confirming that the company has now engaged in discussions with four more major diagnostic companies. This means that Gemina has now advanced discussions with potential customers responsible, collectively, for approximately 25% of what Gemina estimates to be a $1.5B directly addressable revenue opportunity in lateral flow diagnostics.
On the strength of this progress, on November 13th, Gemina announced its intention to raise additional capital of up to $7M, by way of a placement of common shares, at a price per share of $0.75. The raise is taking place at a value materially greater than Gemina's closing share price of $0.49 on November 12th. After all the turmoil in the junior markets over the last two years, an above-market raise is a superb sign of the extraordinary potential of the company. READ MORE
Developing an advanced bioleaching platform for sustainable processing of critical minerals
Brokkr Mineral Resources is making great progress in and out of the lab. The company has secured two new important grants in the quarter. In July the company also announced a prestigious award from the Biomimicry Institute. READ MORE
On the heels of the Ray of Hope Accelerator, Brokkr was one of nine B.C. clean energy companies to receive investment from the B.C. Centre of Innovation and Clean Energy's 2024 Call for Innovation. The award has enabled Brokkr to advance its platform through a series of late-stage readiness milestones, bringing the company ever closer to a scale demonstration of its nickel bio-leaching platform. READ MORE
Developing novel advanced materials for defense applications and beyond
Having looked carefully at different go-public routes, Patronus Technologies has now committed to an IPO, led by Canaccord - Canada's largest independent investment bank. This IPO pathway has a number of advantages for Patronus, not least post-listing. The company has worked hard over the last 12 months to build its readiness for life as a public company, especially with the assembly of a strong board of directors.
In October, Lt. General Giles Hill (Rtd) has taken over the chairmanship of Patronus. Giles was one of the British Army's most senior officers, rising through the ranks to reach the rank of Lt. General and becoming Deputy Commander of NATO forces in Afghanistan. READ MORE
Rick Fichera has become CEO of Patronus. He joins the company after an impressive career in Boeing's defense business, rising to Divisional CFO for Boeing's $2B Mobility, Surveillance & Engagement practice. READ MORE
Over the next 30 days, Patronus aims to complete a small bridge round to ensure the IPO process is properly financed. Listing is targeted for mid-January 2025.
For those who would like to read more abut Patronus and its computational materials discovery, the website can be found at https://patronus.tech. For readers who are interested in Patronus as an investment opportunity, please feel most welcome to contact Syniad's chairman, Martin Cronin, directly at martin.cronin@syniadinnovations.com
Kothar Computing is Syniad's latest venture and is going through a rapid hiring process (now 9 people) as it sprints to release its software core. The company is already engaging with specialist VCs with a view to securing co-investment, alongside Syniad.
IN THE NETWORK
A warm congratulations to.....
Sam Wadeon his promotion from VP Finance to CFO of Syniad, in recognition of his exceptional performance since joining the team. His promotion is accompanied by the warmest wishes from the team;
Professor Sean Crowe, scientific co-founder of Brokkr, on his promotion to full professor at the University of British Columbia;
Professor Scott Dunbar, Chairman of Brokkr, on his retirement from the headship of NBK Institute of Mining Engineering after two great terms in office;
Manou Davies, who was formerly Anodyne's CSO and is now appointed as CTO;
Lida Tan, part of CataLum's founding team, on successfully defending his PhD;
Charleigh Priestman and Jonathan Poole on completing their internships with Anodyne and Syniad respectively. The very best of luck with your ongoing engineering careers at Queens and the University of British Columbia;
John Prins, a dedicated supporter of Syniad. After 25 years advising Canadian and U.S. investors and issuers, John has launched J.F. Prins Investment Management focused on identifying asymmetric equity investment opportunities.
