RCS - Agronomics Limited - USDA Gives First Label Approval to Lab Grown Meat

AgronomicsAnnouncement

16/06/2023 07:00

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RNS Number : 8942C  Agronomics Limited  16 June 2023

16 June 2023

Agronomics (https://agronomics.im/) 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 (https://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 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/
(https://clicktime.symantec.com/368cVqxx3R6vTFuHpf6MSE66Gi?u=https%3A%2F%2Fagronomics.im%2F)
.

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 Limited        Cenkos                Peterhouse Capital    SEC Newgate

 Limited                                          Cornish Limited                                        Securities Plc        Limited
 The Company                                      Nomad                 Joint Broker                     Joint Broker          Joint Broker          Financial

                                                                                                                                                     Communications
 Richard Reed                                     Roland Cornish        Andrew Potts                     Giles Balleny         Lucy Williams         Bob Huxford

 Denham Eke                                       James Biddle          Harry Rees                       Michael Johnson       Charles Goodfellow    George Esmond

                                                                        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  Agronomics@secnewgate.co.uk

 info@agronomics.im (mailto:info@agronomics.im)

 

 

 

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