TIDMANIC
Agronomics Limited
22 June 2023
22 June 2023
Agronomics L imited
("Agronomics" or the "Company")
Cultivated Meat Approved for Sale in the US
Agronomics (LON: ANIC), the leading listed company in cellular
agriculture, is pleased to announce that cultivated meat has now
been approved for sale in the US. Two cultivated meat companies,
UPSIDE Foods, Inc. ("UPSIDE Foods") and Eat Just, Inc. ("Eat
Just"), have both achieved all three regulatory milestones and been
granted approval from the joint United States Department of
Agriculture ("USDA") and Food and Drug Administration ("FDA")
framework to sell their cell-cultivated chicken to US
consumers.
UPSIDE Foods received a Grant of Inspection from the USDA, which
means that the company has met the applicable federal requirements
and standards to operate as a meat establishment and is now allowed
to process, package, and sell its cultivated chicken in the United
States under the inspection of USDA's Food Safety and Inspection
Service.
This confirmation was the final hurdle in a three-step
regulatory process that the company was required to meet in order
to be granted approval. In November 2022, UPSIDE Foods received a
'No Questions' letter from the FDA, accepting their conclusion that
their cultivated chicken is safe to eat. Earlier this month, the
USDA granted UPSIDE Foods Label Approval, enabling the company to
label its cell-cultivated chicken products as safe to eat in the
US.
Now that UPSIDE Foods has received approval, it can begin
commercial production and the process of scaling its own facilities
and supply chain agreements with commercial partnerships to provide
its products to the US market. UPSIDE Foods plans to produce up to
50,000 pounds of cultivated meat initially across its portfolio of
products, with a projected expansion capacity of up to 400,000
pounds. In addition, work has already begun on a larger space with
a planned annual capacity of millions of pounds of cultivated meat
products.
Meanwhile, GOOD Meat, the cultivated meat brand of Eat Just,
which went through the same rigorous process as UPSIDE Foods,
received a Grant of Inspection for its demonstration plant in
Alameda, California. The company, which already sells its products
in Singapore, will begin producing cultivated chicken for the
celebrated restaurant group José Andrés Group, which operates more
than 30 restaurants across the country. A yet-to-be-disclosed
restaurant in Washington, D.C. will be the first in the country to
serve Eat Just's cultivated chicken.
Agronomics is confident that this landmark announcement will
pave the way for government approval for other producers of
cultivated meat and proteins in the US, increasing the variety of
products that will be available to US consumers in the coming
years. The cultivated meat sector is one of the fastest growing
markets, increasing at a CAGR of 410% to 2030. It is projected that
by 2040, cultivated meat could account for 35% of the global meat
market, according to AT Kearney, the global consultancy firm.
Jim Mellon, Co-Founder and Executive Director of Agronomics
commented :
"This announcement marks a monumental milestone in the
development of the cultivated meat industry. The US government
approval provides access to both UPSIDE Foods' and Eat Just's
sustainable and ethical meat products in a country that is one of
the world's biggest meat consumers.
"US regulations for food safety are some of the most stringent
in the world. Today's approval will provide the framework for other
jurisdictions across the globe to approve the sale of cellular food
products. This decision has the potential to rapidly accelerate the
development of the cultivated meat market in America and
beyond."
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture including precision fermentation
and cultivated meat. The Company has established a portfolio of
over 20 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 Public Relations
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Richard Reed Roland Cornish Andrew Potts Giles Balleny Lucy Williams Bob Huxford
Denham Eke James Biddle Harry Rees Michael Johnson Charles Goodfellow Anthony Hughes
Alex Aylen (Head of
Equities)
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+44 (0) 1624
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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