Ioffe Biotechnologies

Altair Ioffe
Kingston, ON

The pitch

Altair Ioffe from Kingston, ON, pitched Ioffe Biotechnologies in Season 12, Episode 4, asking the Dragons for $120K for 40% of the company.

Asked for$120K for 40%
Valuation$300Kimplied by the ask
OutcomeNo deal

Offers in the Den

Dragon	Offer	Result
Michele Romanow	Market too early stage, wants more clinical studies	Out
Jim Treliving	Concerned about safety of overconsumption of pills	Out
Arlene Dickinson	Wants more traction before investing, encouraged to return later	Out
Michael Wekerle	Would want 80% equity for the risk given lack of sales, not a formal offer	Out
Manjit Minhas	Valuation leaves no room to grow	Out

Altair Ioffe, a graduate student from Kingston, Ontario, asked for $120,000 for 40% of Ioffe Biotechnologies, maker of Indezone, a patent-pending, Health Canada approved cognitive enhancement pill containing six naturally occurring, clinically backed ingredients including vitamin B6, amino acids and 100 milligrams of caffeine. A box of 20 pills retails for $14.99, and the product launched in January at the Queen's University Pharmacy, later expanding to Western University's pharmacy locations. Altair Ioffe has raised $75,000 through grants with no debt and generated about $3,000 in sales so far, retaining 100% ownership of the company.

Michele Romanow went out citing an early stage market lacking sufficient clinical studies. Jim Treliving went out over safety concerns about people overconsuming the pills. Arlene Dickinson and Michael Wekerle both said the company needed more traction and sales before a fair valuation could be reached, with Michael Wekerle noting he would need 80% equity given the current risk. Manjit Minhas went out saying the 40% ask left no room for valuation growth, and there was no deal.

Pitch details from CBC’s Dragons’ Den pitch page.