RCS - Agronomics Limited - Solar Foods Update

AgronomicsAnnouncement

03/09/2024 07:00

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RNS Number : 6084C  Agronomics Limited  03 September 2024

3 September 2024

  (https://agronomics.im/) Agronomics (https://agronomics.im/) Ltd

("Agronomics" or the "Company")

Solar Foods obtains Self-Affirmed GRAS status for Solein(®) in the United
States

Agronomics (LON:ANIC), a leading listed company in the field of cellular
agriculture, is pleased to report that its portfolio company Solar Foods Oyj
("Solar Foods") has announced that it has obtained self-affirmed Generally
Recognized as Safe ("GRAS") status in the US for the sale of its single-cell
protein, Solein(®).

Solein, produced by Solar Foods, is a novel food requiring regulatory approval
in most markets before it can be sold and used in food and beverages. To
achieve GRAS status, Solar Foods has conducted large-scale scientific
research, and the results pertaining to food safety have been published in
peer-reviewed scientific journals. Additionally, a qualified panel of experts
has compiled a statement on the product's safety and intended use based on
determined food categories and Solein concentrations.

Achieving GRAS status is a major step towards Solein's commercialisation and
entry into the US market. This is the second approval Solar Foods has secured
after the sale of food products containing Solein was approved in Singapore in
September 2022.

The next step for commercialising in the US involves registering the Solar
Foods production facility, Factory 01, with the US Food and Drug
Administration ("FDA"), which requires a food safety plan fulfilling specific
regulatory requirements. This will enable Solar Foods to start exporting
products from Factory 01 in Finland to the US.

Solar Foods also aims to obtain FDA-Notified GRAS status, which entails
receiving a No Questions Letter from the FDA. FDA-Notified GRAS status is
likely to broaden the list of potential customers given that many will require
this status to introduce foods and ingredients into product lines. Solar Foods
estimates it will obtain the No Questions Letter by the end of 2026.

Chief Commercial Officer, Juan Benitez-Garcia at Solar Foods said:

"Obtaining self-affirmed GRAS status is the first step towards entering the
United States. We will shortly be able to launch commercial activities in this
significant new market, including marketing and sales operations, and drive
our growth. So far this has been possible only in Singapore. The United States
will be a significant market for us and GRAS status in the US will contribute
to advancing Solein's expansion into other markets."

 Jim Mellon, Co-Founder and Executive Chair of Agronomics, said:

"We are delighted that Solar Foods has successfully achieved another
significant milestone in the approval process for the commercialisation of
Solein. The US regulations for food safety are both stringent and well
respected globally and this approval is likely to aid the company in achieving
regulatory approval in other jurisdictions. This landmark accomplishment
indicates the company is on track to soon deliver products directly to
customers and key retail suppliers in one of the world's largest markets.

As Agronomics' portfolio matures, we look forward to seeing other companies
gain approval for their respective products in jurisdictions around the world"

For  Solar Foods' full press release please see the following link:
https://solarfoods.com/solar-foods-obtains-self-affirmed-gras-status-for-solein-in-the-united-states/
(https://solarfoods.com/solar-foods-obtains-self-affirmed-gras-status-for-solein-in-the-united-states/)

About Solein(®)

Solein is an all-purpose protein grown with the air we breathe: The unique
bioprocess takes a single microbe, one of the billion different ones found in
nature, and grows it by fermenting it using air and electricity. Solein is a
nutritionally rich and versatile ingredient which can replace protein in
virtually any food. Solein can also be used as a fortifier to complement the
nutritional profile of various foods: it can be a source of iron, fibre and B
vitamins, and it can also bring different techno-functionalities into food
products. Solein is suitable for any food or product, regardless of diet.
Learn more about Solein at www.solein.com (http://www.solein.com/) .

About Solar Foods (https://solarfoods.com/)

Solar Foods produces protein using carbon dioxide and electricity. Solein
production, irrespective of weather and climate conditions, liberates global
protein production from the constraints of traditional agriculture. Solar
Foods, founded in 2017 in Espoo, Finland by Dr Pasi Vainikka, Dr Juha-Pekka
Pitkänen, Sami Holmström, Jari Tuovinen, Professor Jero Ahola, and Janne
Mäkelä as a spinoff from VTT Technical Research Centre of Finland and LUT
University. www.solarfoods.com (http://www.solarfoods.com/) .

About Agronomics

Agronomics is a leading London-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 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 and improve food security for the world's expanding
population. A full list of Agronomics' portfolio companies is available at
https://agronomics.im/ (https://agronomics.im/) .

For further information please contact:

 Agronomics Limited   Beaumont Cornish Limited  Canaccord Genuity Limited       Cavendish Capital Markets Limited  Peterhouse Capital Limited  SEC Newgate
 The Company          Nomad                     Joint Broker                    Joint Broker                       Joint Broker                Public Relations
 Jim Mellon           Roland Cornish            Andrew Potts                    Giles Balleny                      Lucy Williams               Bob Huxford

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

                                                Alex Aylen (Head of Equities)   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

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 

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