REG - Agronomics Limited - Investee Company Update: Good Dog Food

AgronomicsAnnouncement

04/05/2023 07:00

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RNS Number : 1536Y  Agronomics Limited  04 May 2023

4 May 2023

Agronomics Limited

("Agronomics" or the "Company")

Investee Company Update: Good Dog Food Announces Successful £3.6 Million Seed
Financing Round

Agronomics (ANIC:LSE), the leading listed company focused on the field of
cellular agriculture, is pleased to announce that the Company has invested £1
million ("the Subscription") in Good Dog Food Limited ("GDF") as part of its
£3.6 million Seed financing round. The Subscription was paid using cash from
the Company's own resources and will result in Agronomics holding 8,768 shares
in GDF representing 42.4% of the company. Investors joining this latest round
of financing include Siddhi Capital, a prominent and highly respected investor
in innovative food products and technologies, together with a number of
private individuals. Jim Mellon, an Executive Director of Agronomics and a
2.99% shareholder in GDF, also participated in the fundraise, with a £300,000
investment.

GDF is focused on developing cultivated pet food, with the goal of creating a
novel range of products from ingredients that should appeal to pet owners who
value sustainable, slaughter-free, antibiotic-free, high quality nutritious
food for their pets. Meat provides essential nutrients for companion animals,
however, when produced from livestock or fish, it is a major driver of climate
change and often results in the overexploitation of natural resources. Food
for companion animals accounts for almost a quarter of meat produced in the
US, and in the US alone it is estimated dog and cat food is responsible for 65
million tonnes of CO2-equivalent methane and nitrous oxide.

In March 2022 Agronomics launched GDF, investing £150,000 in the Founder's
round. Subject to audit, Agronomics will be carrying this investment at £4.96
million, including an unrealised gain of £3.81 million.

Jim Mellon, Executive Director of Agronomics said:-

" By creating sustainable, ethical meat from cells, Good Dog Food are able to
replace the 20% of meat and fish produced globally for use in pet food.

As a dog owner, I have been looking for high-quality alternatives to
traditional meat to provide to my dogs. Good Dog Food will do exactly that. It
is even more exciting to know that Good Dog Food may accelerate the
introduction of cultivated meat to the broader public "

Owen Ensor, GDF's CEO, adds:-

"We're extremely excited to work with Agronomics. Their industry-leading
expertise and advice have been fundamental to the ongoing success of Good Dog
Food. With their support, we aim to bring some of the first ever cultivated
meat products to market and, ultimately, help transform our food system into
one that is both sustainable and ethical. Developing products for pet food is
the natural starting point."

About Good Dog Food

Good Dog Food aims to develop the first ever cultivated meat products for the
£80B pet food industry. They will create meat that is truly healthy, ethical,
and sustainable whilst being free from antibiotics and steroids. Given the
more straightforward regulation for pet food, Good Dog Food aims to
commercialise product faster than cultivated meat for human food. To date they
have removed all animal components from their manufacturing process, have
developed prototype products, and built relationships with leading pet food
manufacturers and retailers. Find out more at www.gooddogfood.com
(http://www.gooddogfood.com) .

 

About Agronomics

Agronomics is a leading listed alternative proteins company with a focus on
cellular agriculture 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 and be 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 Limited        Cenkos                Peterhouse Capital

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


 Denham Eke                                       James Biddle          Harry Rees                       Michael Johnson       Charles Goodfellow

                                                                        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

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

 

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