Message from the CEO

Ramping up for Global Rollout

With the strategic partnership agreements with B. Braun and Jacobson Pharma in place, Smartfish has built a robust commercial platform for future growth. Thanks to a great collaboration with our partners, our product formulas and regulatory dossiers were up-dated to meet local requirements in 2019, and we are now ready for roll-out.

Addressing a growing market
As prosperity and life expectancy are increasing across the world, the burden of chronic illness such as cancer and lung diseases is also rapidly increasing. At the same time, the growing awareness of and interest in nutritional solutions to health issues drive demand for medical nutrition solutions for these chronic diseases. In 2019 ASPEN (American Society for Parenteral and Enteral Nutrition) conducted a Value Project with the conclusion that nutrition has a beneficial impact on health care costs. We have good reasons to believe that this will further accelerate the growth of evidence-based nutrition solutions in the future. Smartfish is well positioned to capitalize on this growth.

There is also a growing interest among healthy people to sustain their wellbeing and among athletes to enhance their performance through effective nutritional solutions guaranteed free from banned substances. Smartfish products and technology offer solutions to these unmet needs as well.

Our purpose: “Enabling you to be the best you can be, whether you are a patient fighting a life-threatening disease or a professional athlete pursuing your dreams” is more relevant than ever.

A strong foundation for future growth
Our patented emulsion technology platform and omega-3-enhanced nutritional drinks are at the core of our business. We have a unique combination of great-tasting products supported by intellectual property and patents. Our products are documented in preclinical- and clinical studies. Our nutrition products have a demonstrated ability to distribute and integrate vital health promoting ingredients into the human body. From its inception in 2001, Smartfish technology has attracted interest from the research community. Studies validating our technology have been performed with the involvement of more than 50 universities and hospital institutions. Taken together with our clinical studies and patents, this builds a strong proprietary scientific foundation which we will continue to develop.
With the strategic partnership agreements with B. Braun and Jacobson Pharma in place, Smartfish has built a robust commercial platform for future growth. Thanks to a great collaboration with our partners, our product formulas and regulatory dossiers were up-dated to meet local requirements in 2019, and we are now ready for roll-out.

Roll-out of our medical nutrition and consumer health portfolios in 2021
With two strong commercial agreements in place and finetuned product formulations supported by regulatory dossiers we are ready to start the international expansion of our medical nutrition and consumer health portfolios. Local regulatory approvals for Remune were secured by our partner B. Braun in 6 countries by the end of the year clearing the path for planned launch activities. Progress has also been made within consumer health where Jacobson Pharma initiated a test market for Reflect in HK. Recharge Whey Protein (sports recovery) and Recharge Fuel (increased glycogen storage) were shipped for the launch in Taiwan serving as a stepping-stone for our biggest planned consumer health launch in China.

Validation of our cachexia products
We are very pleased with the highly encouraging results of our randomized, double-blinded, controlled pilot trial in patients with non-small-cell lung cancer (NSCLC) which was published in Nutrition and Cancer in July 2019 and then subsequently presented at the annual congress for the European Society for Parenteral and Enteral Nutrition (ESPEN) in Krakow in September 2019. Positive results from the first Smartfish clinical trial for COPD showed important improvements in quality of life. The results were published in 2018 in the Journal of Cachexia, Sarcopenia and Muscle (JCSM). The publication was one of the journal´s most downloaded article in 2018.

New share issue
In parallel to the operational activities, the company has successfully secured a private placement. Jacobson Pharma, Smartfish’s strategic partner for the consumer health business in Greater China, took a leading share of the private placement and as such validates the plans for Smartfish’s expansion in the region.

Building the team
In order to deliver on our ambitious growth objectives, we are in the process of strengthening our team. In January 2019, PhD Johan Olson joined Smartfish as Manager Regulatory Affairs, Quality Assurance/Quality Control and Product Development. Johan brings with him an extensive experience and deep experience in regulatory, QA/QC as well as product development. Together with his strong functional expertise and can-do attitude, Johan is a perfect fit for Smartfish’s growth ambitions. In April 2019 Kamilla Hassander joined the company as CFO. Kamilla has a unique combination of broad financial experience, commercial instinct and strong leadership skills. Her experience from small start-ups to big blue-chip companies is a perfect fit for the next phase of Smartfish development.

Dedication to succeed
I would like to thank everyone who has contributed to the development of Smartfish. This includes our highly-skilled, experienced and dedicated staff, our scientific partners, and our professional partners in manufacturing, marketing and distribution. I would also like to thank our shareholders for their patience and support throughout the years. Their commitment and backing are crucial to our success. Finally, I would like to stress the value of our Board of Directors and Advisory Board. They both consist of highly competent people with a drive to guide Smartfish in the right direction, helping to open doors and build relationships that would not be possible otherwise.

Geir Harstad
CEO

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