Agronomics Limited Agronomics Follow-on Investment in CellX (5145K)
06 Mai 2022 - 8:00AM
UK Regulatory
TIDMANIC
RNS Number : 5145K
Agronomics Limited
06 May 2022
6th May 2022
Agronomics Limited
("Agronomics" or the "Company")
Agronomics Follow-on Investment in CellX
Agronomics (AIM:ANIC), the leading listed company focused on the
field of cellular agriculture, is pleased to announce it has
invested a further US$ 2 million into Chinese cultivated meat
company CellX Limited ("CellX"), subscribing for 857,363 preferred
shares (the "Subscription"). CellX is a leading cultivated meat
company based in Shanghai. Agronomics will have a 5.14% equity
ownership in CellX, on a fully diluted basis. The Subscription will
be made using cash from the Company's own resources.
Agronomics first invested in CellX in December 2020, with a US$
50,000 investment in the form of a SAFE ("Simple Agreement for
Future Equity"). This SAFE converted to 230,681 preferred shares as
stated in the 28th May 2021 announcement . Subject to audit, in
aggregate, Agronomics will now carry the combined position in its
accounts at a book value of US$ 2,538,117, including an unrealised
gain on cost of US$ 488,117, representing an internal rate of
return of 458% and a multiple on invested capital of 10.76 of the
initial US$ 50,000 investment. The CellX position in the Agronomics
portfolio will represent approximately 1.40% of last reported Net
Asset Value.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as
it forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
About CellX
CellX is a leading cellular agriculture start-up located in
Shanghai, the biotech and innovation hub in China. CellX started
with domestic Chinese pig breed and has quickly expanded to beef
and poultry. With a team of thirty, CellX is working to bring
cultivated meat products to consumers in China and around the
world. The company is co-founded by two impact entrepreneurs,
Ziliang Yang and Ran Liu, and two top scientists, Dr Ning Xiang and
Dr Binlu Huang. The team has made significant progress since their
founding in 2020, and they have now moved into the next phase of
development - scaling up and reducing cost. CellX is collaborating
with top universities and leading companies in China and around the
world to advance the research and development of cultivated meat,
and the company is accelerating market launch and cultivated meat
approval as a key player in the APAC region. More information at
www.cellx.cn
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 21 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/ .
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 $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however still less than US$ 2 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Cenkos Peterhouse
Limited Cornish Securities Capital TB Cardew
Limited Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
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Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Michael Charles Charlotte Anderson
Johnson Goodfellow
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+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0) 7738 724
639396 207 628 207 397 207 469 630
info@agronomics.im 3396 8900 0936 agronomics@tbcardew.com
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