TIDMANIC
RNS Number : 7525Q
Agronomics Limited
23 February 2023
23 February 2023
Agronomics Limited
("Agronomics" or the "Company")
Agronomics invests in Wild Microbes US$3.3 Million Pre-Seed
Financing Round
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that the
Company has invested US$ 0.5 million in the form of a Simple
Agreement for Future Equity ("SAFE"), in Wild Microbes Company
("Wild Microbes"), as part of Wild Microbes' US$ 3.3 million
Pre-seed financing. The subscription was paid using cash from the
Company's own resources.
Wild Microbes' proprietary technology will allow it to
genetically engineer novel microbial strains for use as
host-organisms to produce proteins and other high value molecules.
Currently, the majority of precision fermentation companies rely on
a small handful of microorganisms to produce proteins. Wild
Microbes have the tools that it expects can be used to generate a
catalogue of superior microorganisms which can vastly improve
production efficiency for the entire industry and bring down
costs.
The SAFE is expected to convert into preferred shares in Wild
Microbes at a future equity financing round, giving Agronomics an
approximate equity ownership of 4.17% on a fully diluted basis, and
accounts for approximately 0.3% of the last published Net Asset
Value of Agronomics (31 December 2022).
The full announcement is set out below without any material
changes:
Wild Microbes Announces Successful US$3.3 Million Pre-Seed
Financing Round
Wild Microbes, a company developing next-generation microbes for
biomanufacturing, announced today an oversubscribed $3.3 million
pre-seed financing round. The company is building the largest
catalog of diverse, industrial microbes in the sector using their
high-throughput engineering technology. Wild Microbes's scalable
platform targets new microbes with unique traits and then rapidly
domesticates them and develops them for the manufacturing of
sustainable products.
The company's initial focus is on new microbes for protein
manufacturing. Proteins are used in industries like food, cleaning
products, and cosmetics. The production of proteins by microbial
fermentation is already a large industry, and its continued growth
has the potential to deliver a large and positive impact on the
environment. With their technology, Wild Microbes seeks to reduce
the cost of existing protein manufacturing processes and reduce the
cost, time and risk of bringing new protein products to market.
Beyond proteins, Wild Microbes is exploring new categories
ranging from sustainable chemicals to renewable feedstock usage.
"The precision fermentation industry relies on a small handful of
microbes to make almost every product" said Ben Kramer, cofounder
of Wild Microbes. "Meanwhile in nature there are countless
microbial species we can harness to make better, cheaper products.
We are drawing on billions of years of evolution; nature already
did the hard part."
"We are thrilled to have the support of an outstanding group of
investors as we launch Wild Microbes, with a new vision for
biomanufacturing," said Tim Wannier, cofounder of Wild Microbes.
"This financing round will allow us to begin the development of our
microbial engine, and to identify the first specific use cases for
our growing strain catalog."
Wild Microbes's round was led by Climate Capital Bio, with
participation from Freeflow, Agronomics, and Fall Line Capital. Tim
and Ben first met as a part of Nucleate's Activator program and in
addition to support through Nucleate, this round also included
support from the Activate Fellowship, Third Derivative, Alpine
Social Ventures, and a small group of Angel investors.
About Wild Microbes
Wild Microbes is a synthetic biology company developing a
catalog of new biomanufacturing hosts. The company's best-in-class
genetic toolkit and innovative approach to engineering are set to
change the fermentation industry. New microbial species will power
a transition to better economics and allow the industry to deliver
more bio-products to consumers. For more information, visit
www.wildmicrobes.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.
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.
For further information please contact:
Agronomics Beaumont Canaccord Cenkos Peterhouse TB Cardew
Limited Cornish Genuity Limited Securities Capital
Limited Plc Limited
The Company Nomad Joint Broker Joint Joint Broker Public Relations
Broker
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Richard Reed Roland Andrew Potts Giles Lucy Williams Ed Orlebar
Denham Eke Cornish Harry Rees Balleny Charles Alistair Walker
James Alex Aylen Michael Goodfellow
Biddle (Head of Equities) Johnson
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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 +44 (0) 207 207 397 207 469 630
info@agronomics.im 3396 523 8000 8900 0936 agronomics@tbcardew.com
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