RCS - Agronomics Limited - Formo Update

AgronomicsAnnouncement

20/03/2024 10:45

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RNS Number : 6117H  Agronomics Limited  20 March 2024

20 March 2024

 Agronomics Ltd

("Agronomics" or the "Company")

Formo and Those Vegan Cowboys Partner to Industrialise Precision Fermentation
Casein Proteins

Agronomics (LSE: ANIC), a leading listed company focused on the field of
cellular agriculture, is pleased to announce that its portfolio company Formo
Bio GmbH ("Formo") has partnered with Those Vegan Cowboys
(https://thosevegancowboys.com/) ("TVC"), a Belgium-based company focusing on
precision fermentation-derived caseins.

The partnership will look to combine development efforts across strain
engineering, bioprocessing and the large-scale production of caseins to bring
precision fermentation caseins to the mass market. Caseins are naturally
occurring phosphoproteins found in dairy products which are essential to the
characteristic textures and properties of certain cheeses, such as melting and
stretching. Formo believes that the partnership will bring technological
efficiency gains, accelerating this path to cost parity. Throughout the
partnership, Formo and  TVC will maintain their distinct identities as
separate companies and each market their own line of animal-free cheeses.

As founders of Food Fermentation Europe (https://www.foodfermentation.eu/) ,
an organisation aiming to raise awareness and build a forward-looking policy
framework for precision fermentation food and ingredients in Europe, Formo and
TVC will also be working with the European Food Safety Authority to drive
legislative change to facilitate the adoption of precision fermentation
produced foods.

Formo is already producing animal-free cheese that has the same taste,
texture, and functional properties as conventionally produced cheeses but
comes at a substantially lower cost for the environment, human health, and
animal welfare. Formo's precision fermentation-enabled cheese will enter the
market later in 2024.

Raffael Wohlgensinger, CEO of Formo, said:

"Our technology is the key to conquering a trillion-dollar market in the next
ten years. In order to gain a leading market share together with our partners,
the production of animal-free casein needs to be able to compete with animals
on a cost level. The initiated collaboration allows us to improve the
technological efficiency and scale of production to achieve this very goal."

Jim Mellon, Executive Chairman of Agronomics commented:

"This strategic partnership is a positive step forward in achieving the
essential milestone of reaching cost-parity with conventionally produced
protein. With their joint capabilities, Formo and Those Vegan Cowboys are well
equipped to deliver on their goal of commercialising precision fermentation
caseins to establish more ethical and environmentally friendly dairy
production without compromising the foods we love to eat."

About Agronomics

Agronomics is a leading listed company focussing on investment opportunities
within the field of cellular agriculture. The Company has established a
portfolio of over 20 companies in this rapidly advancing sector. It seeks to
invest in companies owning technologies with defensible intellectual property
that offer new ways of producing food and ingredients with a focus on products
historically derived from animals. These technologies are driving a major
disruption in agriculture, offering solutions to improve sustainability and
address human health, food security, and animal welfare. A full list of
Agronomics' portfolio companies is available at https://agronomics.im/
(https://agronomics.im/) .

About Formo

Formo is a food tech company on a mission to bring the next generation of
animal-free products to consumers. In 2019, Formo was founded by Raffael
Wohlgensinger to create a more sustainable and ethical food system - where
change is not initiated through consumer sacrifice but through delicious and
hedonistic products. After four years of R&D, the Company has manufactured
micro fermentation-enabled cheese without the cow that is indistinguishable
from the conventional benchmark product, which will enter the market in 2024.
Learn more at https://formo.bio/ (https://formo.bio/)

For further information please contact:

 Agronomics           Beaumont              Canaccord Genuity Limited  Cavendish Capital Markets Limited  Peterhouse Capital    SEC Newgate

 Limited              Cornish Limited                                                                     Limited
 The Company          Nomad                 Joint Broker               Joint Broker                       Joint Broker          Public Relations
 Jim Mellon           Roland Cornish        Andrew Potts               Giles Balleny                      Lucy Williams         Bob Huxford

 Anthony Hughes
 Denham Eke           James Biddle          Harry Pardoe               Michael Johnson                    Charles Goodfellow

                                            Alex Aylen                 Charlie Combe
 +44 (0) 1624 639396  +44 (0) 207 628 3396  +44 (0) 207 523 8000       +44 (0) 207 397 8900               +44 (0) 207 469 0936  agronomics@secnewgate.co.uk

 info@agronomics.im

 

 

 

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