Rarely does an opportunity exist to monetize animal trials while conducting research for human trials and applications. The combination of talent on this leadership team represents VCapital’s belief that the jockey is as important as the horse in analyzing potential for success. 

 The total addressable market (TAM) for Rejuvenate Bio’s therapy is significant. Sixty-seven percent of U.S. households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA). Currently, there are 90 million dogs owned as pets in the United States. Seven percent of all dogs will develop MVD, representing a market valued at $4.2B. The current standard of care for MVD is a small molecule, Vetmedin from Boehringer Ingelheim, that does not cure the actual disease but has proven to reduce symptoms. Vetmedin generates approximately $100 million of revenue annually. Rejuvenate Bio’s recent results show that their therapy not only stopped progression of MVD, but also reversed it. We believe demand for Rejuvenate Bio’s treatment will be significant. Currently, the company has partnered with the American Cavalier King Charles Club to run a pilot trial for cavaliers and estimates that they can reach 70% of the top-end pet health market.