Agronomics Limited USDA Gives First Label Approval to Lab Grown Meat
16 Junio 2023 - 1:00AM
RNS Non-Regulatory
TIDMANIC
Agronomics Limited
16 June 2023
16 June 2023
Agronomics Ltd
("Agronomics" or the "Company")
USDA Gives First Label Approval to a Lab Grown Meat Company
Agronomics (LON: ANIC), the leading listed company in cellular
agriculture, is pleased to announce that UPSIDE Foods, Inc.
("UPSIDE Foods"), has become the first cell-cultivated meat company
in the world to receive Label Approval from the US Department of
Agriculture ("USDA"). This marks a significant milestone for the
cultivated meat industry towards full regulatory approval and
eventual commercialisation.
The USDA granted UPSIDE Foods Label Approval on 12 June 2023,
enabling the company to label its cell-cultivated chicken products
as safe to eat in the US. This is a first for a cell-cultivated
meat company and represents a momentous step forward for the entire
industry. The development follows on from UPSIDE Foods being the
first company to have its cell-cultivated products designated as
safe to eat by the US Food and Drug Administration ("FDA"), as
detailed in the Agronomics announcement released 17 November
2022.
There is now only one further step before UPSIDE Foods achieves
full approval to sell its cell-cultivated products in the US
market. This involves the USDA providing a Grant of Inspection to
UPSIDE Foods production facility, thereby confirming it meets US
federal operating requirements for meat & poultry
facilities.
Agronomics is confident that these developments will pave the
way FDA and USDA approvals for other producers of cultivated meat
and proteins, such that a wide variety of products will be
available to US consumers in the coming years. It is projected that
by 2040, cultivated meat could reach 35% of the global meat
market.
Jim Mellon, Co-Founder and Executive Director of Agronomics
commented : "We are delighted that UPSIDE Foods successfully
concluded the second of the three steps required to achieve
approval for the sale of its products into the US. This clearly
indicates the positive direction of travel for our industry, and we
are confident that cultivated meat products will soon be on US
shelves.
"In addition, US regulations for food safety are some of the
most stringent in the world, such that the decisions of the FDA and
USDA pave the way for other jurisdictions across the globe to
approve the sale of cellular food products. We look forward to
providing further updates on these exciting developments as they
occur."
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat. The Company
has established a portfolio of 24 companies in this rapidly
advancing sector. It seeks to secure minority stakes in companies
owning technologies with defensible intellectual property that
offer new ways of producing food and materials with a focus on
products historically derived from animals. These technologies are
driving a major disruption in agriculture, offering solutions to
improve sustainability, as well as addressing human health, animal
welfare and environmental damage. This disruption will decouple
supply chains from the environment and animals, as well as being
fundamental to feeding the world's expanding population. A full
list of Agronomics' portfolio companies is available at
https://agronomics.im/ .
About Cellular Agriculture
Cellular Agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter,
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is being facilitated by advances in cellular
agriculture. This change is necessary, given scientists claims that
if we maintain existing animal protein consumption patterns, then
we will not meet the Paris Agreement's goal of limiting warming to
1.5 .
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however still less than US$ 5 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Genuity Cenkos Peterhouse Capital SEC Newgate
Limited Cornish Limited Limited Securities Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Broker Financial
Communications
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Alex Aylen (Head of
Equities)
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639396
info@agronomics. Agronomics@secnewgate.
im +44 (0) 207 628 3396 +44 (0) 207 523 8000 +44 (0) 207 397 8900 +44 (0) 207 469 0936 co.uk
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