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Blue Armor 1A
What if vaccinating fish was the key to more profitable and sustainable aquaculture?
Blue Armor is currently initiating a 3-year research and development program to deliver the first replicon RNA vaccine for salmonids. The goal is to complete all R&D activities, including regulatory dossier preparation, by the end of Year 3. Market access may follow via the Minor Use/Minor Species (MUMS) pathway at the European Medicines Agency (EMA) — a regulatory mechanism that allows for accelerated approval for products targeting niche veterinary indications. If salmon qualifies under MUMS, commercial access could be achieved within 5 years. If not, additional field efficacy trial data will be required, potentially extending the timeline to 7–9 years.
Business Roadmap and Investment Plan
Cost associated with the first phase of the project until year 3 are estimated to be of 3.42 million euro. Most of the costs are associated with R&D laboratory research and animal studies.
In order to de-risk the investment, the project is divided into two phases. The first phase, proof of efficacy, and the second phase, the development phase.
The development plan is structured around two technical phases:
Initial 18 months (up to Spring 2027) – Early-stage R&D, antigen design, replicon RNA formulation, and preliminary testing → Co-financed at 70% by the Walloon Region
Following 18 months (2027-2029) – Preclinical challenge trials, GMP readiness, and regulatory dossier completion → Requires a second investment round to complement a second regional subsidy application submitted after proof of concept
By the end of Year 3, Blue Armor aims to have a submission-ready regulatory dossier, paving the way for the product’s registration.
Commercialization Strategy
Blue Armor's go-to-market plan includes:
Commercialization through specialized veterinary distributors — two potential partners have already been identified, with early-stage discussions in progress
Field validation trials with the top three global salmon producers to demonstrate vaccine performance under commercial farming conditions
A Letter of Intent (LOI) has been signed with one of the top five salmon producers worldwide, establishing a framework for a preferred commercial partnership
Once the product is ready for launch, manufacturing will follow a hybrid strategy:
Internalization of key production steps (e.g. RNA edition, testing and synthesis, formulation, QC validation)
Outsourcing of GMP-scale production to qualified partners
The long-term vision is to build in-house manufacturing capabilities (GMP-scale production), providing both flexibility and cost efficiency.
Estimated gross margins are projected between 70% and 90%, depending on production scale and commercialization model.
Long-Term Revenue Model and Exit Potential
Assuming successful registration and launch:
Blue Armor projects up to €60 million in annual revenue within 5 years after market entry
Sales will initially target Norway, followed by expansion to Scotland, Iceland, the Faroe Islands, and Chile
Upon validation of the platform, the company will seek to license the technology for use in other species such as tilapia, trout, and sea bass
The first exit opportunity may arise after 5 years, via licensing or strategic acquisition. However, Blue Armor also anticipates the possibility of continuing independently through full registration and commercial deployment, supported by the second investment round to finance market entry and initial manufacturing.
TAX SHELTER
45%
Investments in this company benefit from a 45% personal income tax reduction. Read more…
A remaining amount of €380,500 is available for the Tax Shelter benefit.
