TIDMANIC
Agronomics Limited
21 September 2022
21(st) September 2022
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company Onego Bio Announces Partnership with Perfect
Day
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 entered into a partnership with Perfect Day, Inc.
("Perfect Day"), the leader in production of dairy proteins also
via precision fermentation, through Perfect Day's latest enterprise
biology business nth Bio. Onego Bio utilises the same efficient
microflora platform as Perfect Day, but for production of egg white
proteins, beginning with its first product Bioalbumen(TM). This
partnership will allow Onego Bio to access Perfect Day's expertise
in strain engineering, bioprocess development, regulatory support,
and process services, accelerating the scale up and
commercialisation of their animal-free egg white proteins.
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
unaudited Ne t Asset Value ("NAV") as at 30 June 2022, the Onego
Bio position represents 4.1 % of NAV.
The full announcement is set out below without any material
changes:
Perfect Day Deepens Investment in Enterprise Biology Business
with New Brand Identity, nth Bio, and Announces Partnership with
Onego Bio
Company unveils enterprise biology partnership with Onego Bio,
to accelerate scaling of animal-free egg white protein
production
SALT LAKE CITY (SEPTEMBER 20, 2022) - Today, global
biotechnology leader Perfect Day announces the new brand identity
of its enterprise biology business - nth Bio - and its first
publicly-announced partner, Onego Bio, Ltd. Following the
announcement of its enterprise biology hub and second U.S. base in
Salt Lake City earlier this year, Perfect Day has formalized the
vision for its newest area of impact under the nth Bio brand. nth
offers the company's expertise and technology services to companies
across the globe who share its kinder, greener mission and empowers
them to extend their impact into new areas of the food system and
beyond.
n th has been working largely behind-the-scenes for the past two
years to deliver scale-up production, IP licensing, strain
engineering services, and other solutions to a diverse range of
precision fermentation, biopharmaceutical, and life sciences
customers. n th is the only enterprise biology company in the world
that offers end-to-end expertise and services from the earliest
stages of molecular development to commercial-scale manufacturing,
and the many steps in-between.
In addition to debuting the n th Bio brand, the company is
excited to be able to publicly share its work with partner Onego
Bio as a hallmark example of what it stands to achieve through this
work. Onego Bio aims to use a breakthrough technology to
commercialize animal-free ovalbumin, the most abundant egg white
protein, with precision fermentation. Global egg production has
almost doubled its volume during the past 20 years and is
forecasted to reach 138 million tons by 2030. The Onego Bio team
stands to meet that demand in a way that preserves the future of
our planet. nth has accelerated the timeline for turning this
vision into a reality by offering its strain engineering,
bioprocess development, regulatory support, and scale up process
services.
"The name nth Bio comes from the exponential impact we stand to
have by bringing others along on our journey. It's our commitment
to creating a kinder, greener tomorrow through collaboration -
taken to the nth degree. We look forward to continuing this work
from our Salt Lake City base, supporting innovative,
mission-aligned companies with nth and extending our impact into
new industries," said Ryan Pandya, Perfect Day co-founder and CEO.
"Onego Bio is a serious, new player in the field, with top-notch
technology skills and world class experts that share our kinder,
greener mission. We believe their animal-free egg white products
will play a significant role in transforming our food chain," he
added.
Onego Bio is a spin-off from VTT Technical Research Centre of
Finland that has been developing and researching precision
fermentation technology for the past several years. The technology
is based on the same efficient microflora platform that is used by
Perfect Day to produce animal-free milk proteins. Onego Bio aims to
launch its first product Bioalbumen(TM) in the U.S. as a food
ingredient for the bakery and confectionary industry-as well as a
protein supplement for fitness products-and later enter the
consumer market with its own branded products for baking and
cooking.
"We are thrilled to announce the partnership with nth Bio.
Perfect Day has been an enormous trailblazer in the global
animal-free protein business, gaining GRAS status in the United
States, and successfully communicating the no-compromise impact
potential that its technology empowers to a larger audience. We are
excited to have the opportunity to work with Perfect Day to follow
in their footsteps with our own Onego Bio products," said Maija
Itkonen, CEO of Onego Bio.
This global partnership and the work of n th underscore Perfect
Day's deep commitment to impact through collaboration. As the first
company to bring nature-identical, animal-free proteins to market
at scale, Perfect Day has unmatched expertise and potential for
impact, which it can't maximize alone. By giving access to
essential tools and infrastructure, n th allows partners like Onego
to accelerate the things our world needs to move in a more
sustainable direction. The best way to change the world for the
better is to work with others to create broader impact. The
potential is exponential.
Scaling this newest part of Perfect Day's business augments the
impact of the company's ongoing work bringing animal-free products
to consumers via its B2B ingredient partners and consumer brands
under The Urgent Company. Perfect Day has already produced more
animal-free whey protein in the first half of this year than it did
in all of 2021 and has unlocked the capacity to produce thousands
of metric tons starting next year through its four commercial-scale
facilities around the world. Consumers can find kinder, greener
products made with Perfect Day's first ingredient, animal-free whey
protein, across six categories in three countries.
About nth Bio
n th Bio by Perfect Day is empowering a new generation of
bioengineers to shape the world they envision. As an incubator for
ideas that foster rapid fruition, nth offers enterprise biology
services to allow its partners to grow their projects from
beginning to end. We provide the perspective, knowledge, and
experience to scale and nurture ideas systemically. Because
progress doesn't happen in a silo, it happens as a system.
n th Bio is pioneering a new field of biology applications to
extend Perfect Day's impact into new areas beyond what they could
do alone. nth brings the company's unparalleled expertise to offer
services from strain engineering to piloting to full-scale
production, and everything in-between-and is the only enterprise
biology company that can offer services anywhere on that journey.
By sharing their expertise with other innovators, nth is
accelerating the path to a kinder, greener tomorrow.
About Onego Bio Ltd
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 .
About Perfect Day, Inc.
Founded in 2014 by Ryan Pandya and Perumal Gandhi, Perfect Day
is on a mission to create a kinder, greener tomorrow through the
harmony of science and nature. Leveraging expertise across biology,
food innovation, and consumer products, Perfect Day supports
companies in developing, scaling, and commercializing
next-generation products that satisfy market demands and champion a
path toward a sustainable future.
The company's flagship product, the world's first
precision-fermented protein, debuted in 2020 and today can be found
in animal-free ice creams, cream cheese, baked goods, and sports
nutrition products across the U.S., Hong Kong, and Singapore.
Instead of relying on cows, Perfect Day utilizes microflora to
create proprietary animal-free milk protein. Perfect Day's protein
can be used across a range of products to deliver the same taste
and texture while supporting the planet. An ISO compliant,
third-party reviewed life cycle assessment (LCA) found that Perfect
Day's whey protein reduces blue water consumption by up to 99%,
greenhouse gas emissions by up to 97%, and non-renewable energy use
by up to 60%, when compared to conventional production methods.
To learn more, visit perfectday.com or follow along on Facebook
, Twitter , Instagram , and LinkedIn .
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 Cornish Canaccord Genuity Cenkos Securities Peterhouse Capital TB Cardew
Limited Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Broker Public Relations
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Richard Reed Roland Cornish Andrew Potts Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Harry Rees Max Gould Charles Goodfellow Alistair Walker
Alex Aylen (Head of Michael Johnson
Equities)
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info@agronomics. agronomics@tbcardew.
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