TIDMANIC
Agronomics Limited
07 September 2022
7(th) September 2022
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company Onego Bio Awarded EUR 4.5M in Grant
Funding
Agronomics (AIM:ANIC), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that
portfolio company Onego Bio Ltd ("Onego Bio"), a company developing
sustainable and animal free egg proteins via precision
fermentation, has been awarded EUR 4.5 million in grant funding
from Business Finland . This additional non-dilutive funding will
allow Onego Bio to accelerate research and development of their egg
protein - Bioalbumen(TM), as they move towards
commercialisation.
Agronomics holds 340,237 shares in Onego Bio, representing an
equity ownership of 19.94% on a fully diluted basis following its
investment in February 2022 . Agronomics currently carries this
position in its accounts at cost of EUR 6.9M. Based on the last
reported Net Asset Value ("NAV") as at 30 June 2022, the Onego Bio
position represents 4.1% of NAV.
The full Onego Bio announcement is set out below without any
material changes:
Onego Bio secures EUR 4.5M additional funding to accelerate
research and development
Onego Bio is a Finnish biotechnology company producing
animal-free egg white with precision fermentation. With the new
funding granted by Business Finland, the company can accelerate the
research and development of Bioalbumen(TM) production even further.
The company's solution rises to the major global challenges of food
production and sustainable development.
HELSINKI, Finland (September 7th, 2022) Onego Bio is a biotech
spin-off from VTT Technical Research Centre of Finland. The company
uses a commercially proven Trichoderma technology to solve
environmental problems associated with eggs, one of the world's
most used animal proteins. This safe, sustainable and
cost-effective precision fermentation method produces ovalbumin,
the most abundant egg white protein, and the team believes this
chosen technology is superior because of its efficiency and
productivity.
Onego raised EUR 10 million seed funding from Agronomics and
Maki VC in February, and now Business Finland, a public
organization under the Finnish Ministry of Employment and the
Economy, has awarded a grant of additional EUR 4.5 million for
Onego Bio's research and development work. Business Finland's
funding makes it possible to increase the project's resourcing and
speed up its implementation, which improves its business
expectations and positive social and environmental effects.
According to Business Finland, the company's solution rises to
the major global challenges and development trends in food
production. It has significant international business potential,
and promotes sustainable food production, food security and the
fight against climate change. The funded project also promotes the
commercialization of public research findings into a global
competitive advantage and has a significant positive impact on the
development of the company's business.
"Since our founding in February 2022, our team has been working
hard to launch remarkable development projects, recruiting talented
new team members, as well as generating business plans and
commercial scenarios. With the help of this amazing additional
funding, we can focus on even more complex and ambitious R&D
areas and keep our risk appetite and performance requirements
high", says Maija Itkonen, CEO and co-founder of Onego Bio.
Cellular agriculture uses microorganisms and bioreactors instead
of traditional animal farming and can provide the same beloved food
ingredients that are used every day but decoupled from the animal
agriculture systems. Because of its unique functional properties,
egg white is difficult to replace with alternative ingredients and
it's often the last frontier before entirely animal-free products
can be manufactured. Onego Bio provides the nutritional and
functional upsides of egg white, without the environmental, ethical
and safety-related concerns. The company aims to launch its first
product Bioalbumen(TM) as a food ingredient for food industry and
later enter the consumer market with its own branded products for
baking and cooking.
For further information, please contact:
Laura Toppinen
Head of Brand & Communications
Onego Bio Ltd
laura@onego.bio
About Onego Bio
Onego Bio Ltd is a game-changing biotech company producing
animal-free egg proteins with precision fermentation. When
implemented in full scale, this new production method provides
significant benefits to the environment, food security, as well as
animal welfare. The team believes the chosen technology is superior
because of its efficiency and productivity . Based on the
anticipatory LCA published in Nature Food , the technology shows
potential to significantly reduce most agriculture-associated
impacts, such as global warming and land use.
Egg is one of the world's most used animal proteins and
difficult to replace with alternative ingredients. Onego Bio will
make it possible to manufacture the same delicious foods entirely
animal-free. Company aims to launch its first product
Bioalbumen(TM) as a food ingredient for food industry and later
enter the consumer market with its own branded products for baking
and cooking. Bioalbumen provides the nutritional and functional
upsides of egg white, without the environmental, ethical and
safety-related concerns.
Founded in 2022 by Maija Itkonen (CEO), Christopher Landowski
(CTO) and Jussi Joensuu (COO), Onego Bio is a VTT spin-off that
salutes the remarkable work done by VTT Technical Research Centre
of Finland for the next level cell ag products and applications.
Onego Bio's mission is to rethink eggs and give people access to
sustainable, delicious and healthy animal - free food. Learn more
at www.onego.bio and follow our journey in LinkedIn , Twitter and
Instagram .
Founded in 2022 by Maija Itkonen (CEO), Christopher Landowski
(CTO) and Jussi Joensuu (COO), Onego Bio is a VTT spin-off that
salutes the remarkable work done by VTT Technical Research Centre
of Finland for the next level cell ag products and applications.
Onego Bio's mission is to rethink eggs and give people access to
sustainable, delicious and healthy animal-free egg protein.
Learn more at www.onego.bio and follow our journey in LinkedIn ,
Twitter and Instagram .
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 24 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.
For further information please contact:
Agronomics Beaumont Canaccord Cenkos Peterhouse TB Cardew
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Broker Public Relations
========== ============= =============== =============== ========================
Richard Reed Roland Andrew Giles Balleny Lucy Williams Ed Orlebar
Denham Eke Cornish Potts Max Gould Charles Alistair Walker
James Harry Rees Michael Goodfellow
Biddle Alex Aylen Johnson
(Head of
Equities)
========== ============= =============== =============== ========================
+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0) +44 (0) 7738
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info@agronomics.im 3396 8000 8900 0936 agronomics@tbcardew.com
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