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Featured in August 2025
TRENDLINES: Will this Singapore listco prove to be a good biotech bet as its stock hits bottom?
02 August 2025
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Those colorful M& M' s and Skittles that kids (and adults too) gobble up might actually contain some health risks from synthetic dyes.  That' s the angle the Texas Attorney General is taking as he launched a probe into Mars Incorporated on July 16, 2025.He points to their 2016 pledge to swap out artificial colors in U.S. products, which they' ve dragged their feet on&mdash while making the switch in Europe under stricter regulations. The investigation flags health worries, and pushes for natural alternatives, just like Nestle has done, reports Reuters. Another US company, General Mills (owner of brands such as Cheerios and Hä agen-Dazs), faced similar scrutiny but announced in June 2025 plans to remove synthetic dyes from its cereals. |
This lines up with bigger changes in U.S. food rules on synthetic colors, which come from petroleum.
| &ldquo Today, the FDA is asking food companies to substitute petrochemical dyes with natural ingredients for American children as they already do in Europe and Canada,&rdquo said FDA Commissioner Marty Makary, MD, MPH. &ldquo We have a new epidemic of childhood diabetes, obesity, depression, and ADHD. Given the growing concerns of doctors and parents about the potential role of petroleum-based food dyes, we should not be taking risks and do everything possible to safeguard the health of our children.&rdquo -- Source |
Meanwhile, a cool 7-year-old startup in Israel, Phytolon, is developing natural food coloring with biotech for a global market that is estimated to be worth US$2 billion currently and growing by 50% in 5 years.
Phytolon uses fermentation&mdash basically tweaking baker' s yeast to produce betalains, those natural pigments from beets or prickly pears.
No farms needed.
Their lineup covers yellow, orange, red, pink, and purple vibes, holding up great against pH changes, heat, and time.
These are perfect for stuff like dairy, drinks, candies, and baked goods.
 Phytolon co-founders: Dr Halim Jubran (CEO), Dr Tal Zeltzer (Chief Technology Officer).Fund-raising: &bull US$4.1 million in Sept 2020 (seed funding) &bull US$14.5 million Series A in July 2022 &bull Additional funding in Oct 2023 &bull Recent investment from Rich Products Ventures in Nov 2024 |
Big players have taken notice. Boston-based biotech company Ginkgo Bioworks in April 2025 teamed up with Phytolon to triple output.
Phytolon has received cash injection from Rich Products Ventures in November 2024.
Phytolon is a portfolio company of The Trendlines Group, an Israel-Singapore company listed on the Singapore Exchange that' s all about boosting human life by funding and nurturing medtech and agrifood startups to real-life impact.
Trendlines owns a chunky piece&mdash 26.37% directly and 3.24% through the Agrifood Fund&mdash and is hands-on helping Phytolon nail U.S. and Euro approvals.
Phytolon is a pre-revenue company while there already are a few producers such as Oterra.
A comparison of the two is as follows:
|
Aspect |
Phytolon |
Oterra |
|
Company Background |
Startup founded in 2018 in Israel focused on biotech innovation. |
Established company (as part of Chr. Hansen founded in 1874) world' s largest natural colors supplier, acquired by EQT Private Equity in 2021 for ~US$940M. |
|
Production Technology |
Precision fermentation using genetically engineered yeast to produce betalains (pigments identical to those in beets and prickly pears) farm-free, lab-based process. |
Traditional extraction and sourcing from plants, fruits, and vegetables (e.g., apples for brown, Colombian forests for blue) relies on agricultural supply chains. |
|
Sustainability Focus |
High efficiency: Reduces water use by 95%, land by 88%, and emissions by 90% compared to traditional farming minimizes agricultural variability and waste. |
Emphasizes responsible sourcing (e.g., from sustainable forests) and plant-based options for clean-label and vegetarian products focuses on circular economy but tied to agriculture. |
|
Market Focus & Scale |
Targets replacement of synthetic dyes in dairy, drinks, candies, and baked goods pre-commercial stage, focusing on partnerships for scale-up. |
Broad focus on food & beverage, dietary supplements serves major brands with consistent, high-volume supply dominant market share in natural colors. |
|
Challenges |
Still in growth phase higher initial R& D costs regulatory approvals pending for broader markets. |
More expensive than synthetics due to complex extraction vulnerable to agricultural supply fluctuations. |
Phytolon could be ripe for a buyout or exit that could pay off big for Trendlines shareholders.
That' s especially sweet after a dry spell of major wins since 2021 when portfolio company OrthoSpin was acquired for US$79.5 million in cash.
Trendlines received US$15.8 million for its 26.9% stake.
Shareholders griped about the no-show of exits at the April 2025 AGM. (See: TRENDLINES: Shareholders at AGM pressed board on exit strategy and cash controls)
Trendlines helped pull in a record US$42 million for several of its portfolio companies in 2024, seemingly unaffected by the ongoing war between Israel and Hamas. Now, Trendlines is seeking capital for itself with a 1-for-8 rights issue (subscription at 2.85 cents/share) and a private share subscription (at 3 cents/share) with several investors. It hopes to raise up to S$3.89 million from the rights issue, and up to S$6.3 million from the private subscription (see graphic below).  &bull Robert Stone will invest $2.6 m via the placement and a further $185,000 to exercise his pro-rata rights shares, raising his stake from 4.75% to as high as 10.13%.&bull Likewise, Boon Suan Aik will raise his stake from 4.32% to 6.96%. (Their final percentages will differ if they subscribe for excess rights shares and depending on the participation rate of other shareholders in the rights issue). &bull Librae Holdings will maintain its stake at a whisker below 30%, the threshold for a compulsory takeover offer. Tredlines' stock is scraping all-time lows&mdash around 3 cents on Aug 1, 2025&mdash making it an attractive target for investors with a load of patience and betting on huge upsides from Trendlines' sale of portfolio companies.  For example, assuming 5-10X return on the US$20+ million of invested capital into Phytolon, a sale could fetch US$100-200 million, returning SGD36-76 million to Trendlines (market cap: SGD33 million).  Source: FY2024 AGM minutesPhytolon is but one of a number of Trendlines' mature portfolio companies &mdash others include Escala Medical, which develops minimally invasive devices for treating pelvic organ prolapse (POP) in women. In June 2025, the company secured US$4.5 million in funding, including co-financing from the European Innovation Council Fund, to accelerate the business expansion of its device which received FDA approval in 2022. |