Promicol

Investment Thesis & Opportunity

The investment thesis centers on capitalizing on PROMICOL's patented advantage in ATP technology to solve critical bottlenecks in the global healthcare and life sciences industry. The first and most interesting application of the SANYGO platform is the rapid detection of Direct Oral Anti-Coagulants (DOACs) in patients requiring emergency surgery. Currently, physicians must make decisions regarding expensive antidotes without exact coagulation data, often relying solely on experience. The SANYGO solution provides the necessary Novel Actionable Insight directly at the Point-of-Care to inform these critical, lifesaving decisions. The versatility of the core assay technology (measuring ATP release) presents a vast opportunity for future applications across a large number of hereditary and acquired disorders, including Prothrombin Time and Platelet Function. The broader opportunity lies in four key markets: 1. T-Cell Therapy Testing (market projected to reach USD $1.71 B by 2026) 2. COVID-19 Vaccine Testing (market worth USD $105 B between 2021–2026) 3. Blood Coagulation Testing (market projected to reach USD $5.0 B by 2025) 4. InVitro Cancer Diagnostics (future pipeline). The company's Value Proposition is simple: reduce mandatory sterility testing time by 30% to 50%, significantly reducing costs and time-to-market for Big-Pharma.

Business Model, Market Opportunity, & Strategy 

PROMICOL operates with a multi-prong Go-to-Market strategy, utilizing direct sales for their flagship products while establishing long-term relationships with Big-Pharma partners. The strategy targets the largest geographical markets first, focusing on North America (47% of the point-of-care market) initially for the SANYGO, followed by Europe and the UK, before expanding to Asia and the Rest of the World from 2024 onwards. The company also establishes deep Academia Partnerships with leading German and Dutch universities (Cologne, Maastricht, Mainz) to support R&D.

Financial Performance, Terms, & Target Returns 

The company's financial model shows huge growth potential, with total annual revenues projected to increase from €2.358 million in 2022 to over €146 million by 2028. Over the same period, EBITDA is forecasted to grow from €925,000 to nearly €100 million. The company's valuation was assessed by Grant Thornton in 2021, which put the Fair Value of the Equity at €378.4 million (base case). The company believes this value has not decreased and was considering an IPO. The projected Gross Profit Margin remains robust, staying above 81% from 2025 onwards. The global revenue potential of their tests is estimated to be more than €8 billion.

Impact Measurement, Management, & SDG Alignment