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Agronomics Limited (Symbol: AGNMF) is a leading publicly listed company specializing in cellular agriculture and alternative proteins. With a robust portfolio of over 20 companies, Agronomics is at the forefront of a revolution in agriculture, focusing on precision fermentation and cultivated meat production.
Founded with the vision to transform food production, Agronomics invests in pioneering companies that are developing new methods to produce food and materials traditionally derived from animals. This approach not only offers sustainable solutions but also aims to address significant challenges related to human health, animal welfare, and environmental degradation.
Agronomics has made significant strides with its portfolio companies. For instance, Mosa Meat, a global leader in cultivated beef, recently raised EUR 40 million in new capital to scale up production and prepare for market entry. This round was led by Lowercarbon Capital LLC and M Ventures, with participation from various government-backed and conventional meat sector partners. In November 2023, Mosa Meat became the world's largest cultured meat center with the opening of its fourth facility, increasing production capacity for cow-free burgers.
Another notable portfolio company, Solar Foods, has raised a total of EUR 16 million in its Series B round. Solar Foods' Factory 01, operational since April 2024, is expected to produce 160 tons of Solein™ annually. Solein™, a microbial protein-rich powder, has already received regulatory approval in Singapore and is in the process of obtaining approval from European Food Safety Authority.
Financially, Agronomics maintains a strong position. As of March 31, 2024, the company's net assets were valued at £171 million, including investments worth £153 million. The recent unaudited Net Asset Valuation (NAV) per share was 16.98 pence, reflecting a 0.5% increase from the previous quarter.
Agronomics continues to thrive by leveraging strategic partnerships, government support, and innovative technologies to drive the future of food production. The company remains committed to its mission of decoupling food supply chains from environmental and animal dependencies, significantly contributing to global food security.
For a comprehensive list of Agronomics' portfolio companies and more details, visit their official website.
Agronomics reports an unaudited Net Asset Value (NAV) of 15.73 pence per share as of September 30, 2024, marking a 4.2% decrease from June 2024. Net Assets stand at £158 million, including £147 million in investments and £12 million in cash. The company experienced a £6.9 million decline in NAV during the quarter, primarily due to a £5.1 million unrealized foreign exchange loss and a £0.9 million reduction in Solar Foods holdings. Despite market challenges, portfolio companies raised approximately US$300 million in funding rounds, with four companies securing significant investments during the period. Notable achievements include regulatory clearance for Meatly's cultivated pet food in the UK and Solar Foods' listing on Nasdaq First North Growth Market Finland.
All G, an Agronomics portfolio company, has become the first company globally to receive regulatory clearance for selling recombinant bovine lactoferrin in China. The company uses precision fermentation to develop animal-free proteins for functional foods and nutrition. This approval allows All G to generate initial revenue streams before its Series B funding round, with product launch planned for 2025. All G aims to produce lactoferrin at or below price parity compared to conventional methods. The company has raised AU$ 45 million to date, with Agronomics investing AU$ 15 million, currently valued at £7.9 million as of June 2024.
Agronomics (LSE:ANIC) has invested US$ 2 million in Liberation Labs Holdings Inc.'s US$ 3.5 million fundraise via a Secured Promissory Note. The note pays 10% interest annually and matures on October 10, 2027. It will convert into the same instrument and terms as Liberation Labs' intended Series A round, which aims to raise a minimum of US$ 37.5 million.
Agronomics has now invested a total of US$ 19.6 million in Liberation Labs, holding a 37.5% stake on a fully diluted basis. The investment is currently valued at £25.7 million, representing about 15.9% of Agronomics' last stated Net Asset Value. Liberation Labs, an early-stage company, has no revenues, monthly operating costs of US$ 0.4 million, and total assets of US$ 49.5 million as of June 30, 2024.
Agronomics (LSE:ANIC) has invested US$2 million in Liberation Labs Holdings Inc.'s US$3.5 million fundraise via a Secured Promissory Note. The note pays 10% interest annually and matures on October 10, 2027. Additionally, Liberation Labs received a US$1.39 million award from the US Department of Defense for a feasibility study on adding a 4 million litre biomanufacturing facility.
Liberation Labs has signed letters of intent with potential customers representing over 200% of available capacity for its Launch Facility's first years of operations. Agronomics has now invested a total of US$19.6 million in Liberation Labs, holding 37.5% on a fully diluted basis. The company's position in Liberation Labs represents approximately 15.9% of Agronomics' last stated Net Asset Value.
Agronomics announces that its portfolio company, Meatable B.V., has secured €7.6 million in funding under the Innovation Credit programme from the Netherlands Enterprise Agency. This credit will be used to improve productivity and reduce costs as Meatable prepares for commercialization. Meatable, a frontrunner in cultured meat, has raised approximately €97 million to date, including a €30 million Series B funding round in August 2023.
Meatable recently achieved significant milestones, including hosting Europe's first public tasting of its cultivated meat products and reducing production times for its pork sausage by 50%, from 8 days to 4. Agronomics' Co-Founder and Executive Chair, Jim Mellon, highlighted Meatable's innovative approach as a promising solution to meet rising global meat demand while mitigating environmental impacts.
Agronomics (LSE:ANIC) announces that its portfolio company, Onego Bio, has secured EUR 14 million in new funding from the European Innovation Council Accelerator Program and an additional Series A investor. This brings Onego's total funding to EUR 65 million. Agronomics' investment in Onego remains at EUR 8.4 million, currently valued at GBP 11.1 million (EUR 12.9 million), accounting for 6.7% of Agronomics' last published Net Asset Value. Agronomics holds a 16.1% equity ownership on a fully diluted basis.
Onego Bio, a precision fermentation company, is developing Bioalbumen®, a bio-identical egg protein. The company aims to commercialize in North America first, with plans to submit a GRAS notice to the FDA this year. The new funding will support Onego's go-to-market plans in both the US and EU, including regulatory approval processes.
Agronomics, a London-listed cellular agriculture company, announced the exercise of warrants, resulting in the issuance of 1,791 Ordinary Shares at 28.5p each, generating gross proceeds of £510.43. These shares will be admitted to trading on AIM around June 11, 2024, and will be pari passu with existing shares. Following this admission, Agronomics' total share count will be 1,009,411,583. Shareholders can use this updated share count for transparency rule calculations. Agronomics has a portfolio of over 20 companies focused on innovative food and material production technologies, addressing sustainability, human health, animal welfare, and environmental issues.
Agronomics announced an unaudited Net Asset Valuation per share of 16.98 pence, a 0.5% increase from the previous quarter. The company's Net Assets were £171 million, with a 48% discount to the share price. Agronomics made progress in funding rounds and partnerships, marking positive revaluations and acquisitions within their portfolio.
Agronomics , a leading company in cellular agriculture, announces that its portfolio company Meatly has developed a protein-free culture medium for cultivated meat at a groundbreaking price of one pound per liter. This innovation significantly reduces production costs and paves the way for price parity with conventional meat products. With a focus on the pet food market, Meatly's achievement marks a critical milestone in the cultivated meat industry, driving scalability and affordability. Agronomics and investors like Pets at Home are supporting Meatly's upcoming product release, highlighting the company's positive trajectory in the alternative proteins sector.
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