RCS - Agronomics Limited - Portfolio Company Update: Meatable

AgronomicsAnnouncement

20/07/2022 09:15

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RNS Number : 1230T  Agronomics Limited  20 July 2022

Agronomics Limited

("Agronomics" or the "Company")

Portfolio Company Meatable Unveil its Cultivated Pork Sausage

 

Agronomics Limited (AIM:ANIC), a leading listed company focused on cellular
agriculture, is pleased to announce that its existing portfolio company, the
Dutch cultivated meat company Meatable B.V. ("Meatable") has revealed the
first images of its cultivated pork sausage product, created using real meat,
produced differently. Images can be seen here
(https://www.dailymail.co.uk/sciencetech/article-11028843/Lab-grown-pork-sausages-single-cell-pig-actually-sizzle.html)
. This marks a major milestone for the Dutch company as they approach
wide-scale commercialisation, which they expect to occur in 2025, if not
sooner.

 

Agronomics holds 4,859 shares in Meatable, representing an equity ownership of
5.84% on a fully diluted basis. Subject to audit, Agronomics carries this
position in its accounts at a book value of €8.15 million, representing an
unrealised gain on cost of €2.95 million, following Meatable's completion of
its US$ 47 million Series A financing announced in March 2021.
(https://www.londonstockexchange.com/news-article/ANIC/meatable-announces-us-47-million-financing/14910918?lang=en)

 

The full announcement is set out below with no material changes or
adjustments:

 

 Leading cultivated meat company Meatable reveals its groundbreaking pork
sausages product for the first time

 

●    Industry-leading food company Meatable is developing cultivated pork
and beef with groundbreaking technology

●    Meatable is on a mission to create real meat that can serve the
planet's growing appetite without harming the environment or animals in the
process

●    Major milestone reached for the Dutch company as it reveals images
of its pork sausages for the first time

●    Meatable expects to sell its first products to consumers in 2025 -
if not sooner

 

20 July, Delft - Meatable, the industry-leading food company that is
developing cultivated pork and beef with groundbreaking technology, is today
revealing images of its pork sausage for the first time. The cultivated
sausage is the first product to be announced by the Dutch company, which aims
to create real meat that can serve the planet's growing appetite without
harming the environment or animals in the process.

 

The sausage of the future

 

The reveal of Meatable's cultivated sausages marks a major breakthrough for
the company. Since launching in 2018, Meatable has been developing and
refining its process to grow cultivated meat using opti-ox™ technology,
without the need for FBS (fetal bovine serum). The company only needs one
single cell sample, taken harmlessly from an animal, to replicate the natural
growth of muscle and fat to create real meat. In the last few months, huge
steps have been taken by the team to create the cultivated sausages which have
the same structure, texture, glossiness and pronounced pork flavour that
customers know and love. The product even produces the signature sizzle in the
pan, just like traditional sausages - this is because it isn't like meat, it
is real meat.

 

It takes only a few weeks to grow Meatable's sausages. This demonstrates the
potential of cultivated meat to deliver the delicious meat that consumers love
and enjoy without the negative effects on the planet, with studies showing
that cultivated meat could reduce the meat industry's environmental impact by
up to 92%
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fcedelft.eu%2Fpublications%2Frapport-lca-of-cultivated-meat-future-projections-for-different-scenarios%2F&data=05%7C01%7CLaura%40agronomics.im%7C908d30620a3b42c9cefb08da664f8318%7C859da425033e4dd184c9c55a63f8b18d%7C1%7C0%7C637934788934372745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=JnKWm2A0LbNqq9jYnVnDh5xJpe8Pb6lqCoh5TuPvMKE%3D&reserved=0)
. With 14% of the world's global emissions
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Funfccc.int%2Fblog%2Fwe-need-to-talk-about-meat&data=05%7C01%7CLaura%40agronomics.im%7C908d30620a3b42c9cefb08da664f8318%7C859da425033e4dd184c9c55a63f8b18d%7C1%7C0%7C637934788934372745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=QiKs8aPHXxHbf2ua%2FRWv0gYt5o146xNjbXlYz9nwuU0%3D&reserved=0)
caused by the farmed meat industry, Meatable believes cultivated meat will be
essential to combating climate change and creating a healthier planet.

 

Creating a new food order

 

Meatable decided to create sausages to satisfy potential customers in Europe
and the US with Germany alone comprising around 27% of the total volume of
sausages consumed worldwide. Meatable hopes that its sausage will be the first
step to making cultivated meat more accessible to the wider public.

 

However, as delicious as the sausages look, currently cultivated meat is not
legal to sell in Europe. Meatable has been working closely with regulators in
the Netherlands to support the passing of a motion that will look to enable
the wider tasting of cultivated meat by the end of the year. As regulatory and
safety standards develop over the next few years, Meatable hopes this will
enable it to have its products widely on sale to consumers in 2025, if not
sooner.

 

In the meantime, Meatable will continue to develop and optimise its meat with
the support of its sensory panel as well as a team of world-renowned food
scientists and chefs to ensure the final product boosts the right tastes and
characteristics of traditional meat, as well as further the development of
other products in the Meatable range.

 

Krijn de Nood, co-founder and CEO of Meatable, said: "This is a truly exciting
moment for the entire Meatable team. To be able to see and cook our sausages
for the first time was an incredible experience especially as my co-founder
Daan and I were able to finally have our first taste. This was particularly
exhilarating as we know that all of our hard work over the past four years has
been successful in creating a real meat sausage that is indistinguishable from
traditional pork sausages. We believe that cultivated meat is the future of
food - meat that will satisfy the world's appetites but without harming the
planet or animals in the process. We can't wait to enable more people to taste
Meatable meat on the next step of our journey to create the new natural meat."

 

Daan Luining, co-founder and CTO of Meatable, said: "Over the past four years,
we've been constantly innovating and developing our technology to get it to
this stage today where we can hear the sausages sizzle in a pan, see and, for
Krijn and I, even taste this incredible product that we've created. I hope
more people can taste it soon following the Dutch government's motion to
enable controlled tastings. This will ensure that people can experience that
this isn't just like meat, it is meat - 100% delicious meat, identical on
every level, but without any of the drawbacks. This is one step on our journey
to creating the new natural meat and I'm looking forward to seeing how the
product develops before we can bring it to consumers in the next few years."

 

For further information please contact:

 

About Meatable (https://meatable.com/)

Meatable
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.meatable.com%2F&data=05%7C01%7CLaura%40agronomics.im%7C908d30620a3b42c9cefb08da664f8318%7C859da425033e4dd184c9c55a63f8b18d%7C1%7C0%7C637934788934372745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=7ueVEPHCtd8qks8ISi6ixUE25DCWhB8dd7R58rVa1RU%3D&reserved=0)
is an innovative, Dutch food company, aiming to deliver, at scale, the new
natural
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DWHrorhYqcKg&data=05%7C01%7CLaura%40agronomics.im%7C908d30620a3b42c9cefb08da664f8318%7C859da425033e4dd184c9c55a63f8b18d%7C1%7C0%7C637934788934372745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=H32ZhMaO7q9MRDKEBZ%2FMgda%2BbOt7lyQev5HKKxW8ltc%3D&reserved=0)
, cultivated meat that looks like, tastes like, and has the nutritional
profile of traditional meat. Its proprietary opti-ox™ technology enables
Meatable to produce meat rapidly, sustainably, and without harming animals.
Founded in 2018 by Krijn de Nood (CEO), Daan Luining (CTO), and Dr. Mark
Kotter (principal inventor of opti-ox™technology), Meatable has brought
together a team of experts with unique knowledge in fields including molecular
biology, chemistry, tissue engineering, bioprocess development, food safety,
and food science to create the new natural meat. Follow Meatable
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.meatable.com%2F&data=05%7C01%7CLaura%40agronomics.im%7C908d30620a3b42c9cefb08da664f8318%7C859da425033e4dd184c9c55a63f8b18d%7C1%7C0%7C637934788934372745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=7ueVEPHCtd8qks8ISi6ixUE25DCWhB8dd7R58rVa1RU%3D&reserved=0)
: LinkedIn
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fitsmeatable%2F&data=05%7C01%7CLaura%40agronomics.im%7C908d30620a3b42c9cefb08da664f8318%7C859da425033e4dd184c9c55a63f8b18d%7C1%7C0%7C637934788934372745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=v3Eiw1vv8tFKh6s3QBYH9y%2BDwHtE0cSLiR0mb1W20OU%3D&reserved=0)
,Twitter
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Ftwitter.com%2Fitsmeatable&data=05%7C01%7CLaura%40agronomics.im%7C908d30620a3b42c9cefb08da664f8318%7C859da425033e4dd184c9c55a63f8b18d%7C1%7C0%7C637934788934372745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=fj6XNDoP8%2BPKL06GlZ2sdaXCwN1%2FJtk4VhAK8SMre90%3D&reserved=0)
, Instagram
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.instagram.com%2Fitsmeatable%2F&data=05%7C01%7CLaura%40agronomics.im%7C908d30620a3b42c9cefb08da664f8318%7C859da425033e4dd184c9c55a63f8b18d%7C1%7C0%7C637934788934372745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=WirfOL%2F5P%2BACusULQkjfp8w5jQubB0%2FcIHp%2B7uGMig4%3D&reserved=0)
, Facebook
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.facebook.com%2FmeetMeatable%2F&data=05%7C01%7CLaura%40agronomics.im%7C908d30620a3b42c9cefb08da664f8318%7C859da425033e4dd184c9c55a63f8b18d%7C1%7C0%7C637934788934372745%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=tqGwGBMeczoBKOTfSerc7psiH3NnqCDlicU6wzGwNRM%3D&reserved=0)
.

 

About Agronomics (http://agronomics.im)

Agronomics is a leading listed alternative proteins company with a focus on
cellular agriculture and cultivated meat. The Company has established a
portfolio of 22 companies at the Pre-Seed to Series C stage 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/
(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 $1.8 trillion investment will be required in order to
produce just 10% of the world's protein using this technology, means that we
are on the cusp of a multi-decade flow of capital to build out manufacturing
facilities. Funding in the field of cellular agriculture is accelerating,
however still less than US$ 4 billion has been invested worldwide since the
industry's inception in 2016.

 

For further information please contact:

 

 Agronomics                                       Beaumont              Canaccord Genuity Limited        Cenkos                Peterhouse Capital    TB Cardew

 Limited                                          Cornish Limited                                        Securities Plc        Limited
 The Company                                      Nomad                 Joint Broker                     Joint Broker          Joint Broker          Public Relations
 Richard Reed                                     Roland Cornish        Andrew Potts                     Giles Balleny         Lucy Williams         Ed Orlebar

 Denham Eke                                       James Biddle          Harry Rees                       Michael Johnson       Charles Goodfellow    Alistair Walker

                                                                        Alex Aylen (Head of Equities)
 +44 (0) 1624 639396                              +44 (0) 207 628 3396  +44 (0) 207 523 8000             +44 (0) 207 397 8900  +44 (0) 207 469 0936  +44 (0) 20 7930 0777

 info@agronomics.im (mailto:info@agronomics.im)                                                                                                      +44 (0) 7738 724 630

                                                                                                                                                     agronomics@tbcardew.com (mailto:agronomics@tbcardew.com)

 

 

 

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