Agronomics Limited Investee Company Update: Tropic Biosciences (8804R)
July 08 2022 - 6:29AM
UK Regulatory
TIDMANIC
RNS Number : 8804R
Agronomics Limited
08 July 2022
8 July 2022
Agronomics Limited
("Agronomics" or the "Company")
Investee Company Update: Tropic Biosciences UK Limited Raise US$
35 Million
Agronomics Limited (AIM:ANIC), a leading listed company focused
on cellular agriculture, is pleased to announce that portfolio
company, Tropic Biosciences UK Limited ("Tropic Biosciences"), has
successfully raised US$ 35 million in its latest funding round led
by sustainable food system investor, Blue Horizon. Other investors
participating in the Convertible Loan Note include DisruptAD,
Bloom8 (formerly Rage Capital), Skyviews Life Science, Sucden
Ventures and Tekfen Ventures. Agronomics first invested in March
2020 and the position will remain carried on the books at cost,
being US$ 2,999,996.60.
Tropic Biosciences is a UK based gene-editing company developing
high-performing commercial varieties of tropical crops promoting
cultivation efficiencies, enhancing consumer health, and improving
sustainable environmental practices. This is made possible through
the use of its proprietary Gene Editing Induced Gene Silencing
("GEiGS") technology - which allows minimal edits to specific
non-coding genes of a host organism, resulting in improvements such
as in crop performance and crop protection. In November 2021, they
received confirmation from the United States Department of
Agriculture Animal & Plant Inspection Service ("USDA-APHIS")
that its gene-edited potato product developed using GEiGS was
exempt from regulation. This is a promising indicator that other
products developed using this technology will also not face
regulatory barriers to enter the US market.
Tropic Biosciences focuses on banana, coffee and rice crops -
commanding a vast combined market of US$ 400 billion. Notably, they
are developing commercial varieties of banana that are resistant to
the Panama Disease (TR4) fungus. Panama Disease spreads rapidly and
nearly all varieties of bananas, including the main commercial
variety Cavendish, are susceptible. It is considered to be one of
the greatest threats to banana production worldwide, and as of yet
there remains no cure.
This latest round of funding will allow Tropic Biosciences to
accelerate and expand its go-to-market plans.
For further information please contact:
Agronomics Beaumont Cenkos Peterhouse Capital TB Cardew
Limited Cornish Limited Securities Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
--------------------- --------------------- --------------------- -------------------------
Richard Reed / Roland Cornish / Giles Balleny / Lucy Williams / Ed Orlebar /
Denham Eke James Biddle Michael Johnson Charles Goodfellow Charlotte Anderson
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+44 (0) 20 7930 0777
+44 (0) 1624 639396 +44 (0) 7738 724 630
info@agronomics.im +44 (0) 207 628 3396 +44 (0) 207 397 8900 +44 (0) 207 469 0936 agronomics@tbcardew.com
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About Tropic Biosciences
Tropic Biosciences is one of the leading agricultural
gene-editing companies globally, and focuses on the development and
commercialization of high-performing varieties of tropical crops,
namely coffee, bananas and rice. It employs over 120
industry-leading professionals and is headquartered at the renowned
Norwich Research Park.
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 22 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 $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however still less than US$ 4 billion has been invested worldwide
since the industry's inception in 2016.
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