Agronomics Limited Investment in CellX (9841H)
December 09 2020 - 2:00AM
UK Regulatory
TIDMANIC
RNS Number : 9841H
Agronomics Limited
09 December 2020
9(th) December 2020
Agronomics Limited
("Agronomics" or the "Company")
Announces Investment in CellX
Agronomics, a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat, is
pleased to announce today that the Company has completed a
subscription of US$ 50,000, in the form of a Simple Agreement for
Future Equity ("SAFE"), in CellX Limited ("CellX"). The
Subscription will be paid using cash from the Company's own
resources. The SAFE will convert at the valuation cap divided by
the company capitalisation at the next equity financing, which
should give Agronomics an approximate equity ownership of
1.43%.
CellX is a China based cellular agriculture company, focussing
on cell-based pork and seafood products initially. CellX was
founded in 2020, with the intention of showcasing its first
prototypes in 2021. CellX has already brought on an impressive pool
of early-stage global alternative protein investors including Lever
VC China Fund, Humboldt Fund, Purple Orange Ventures, and
Brinc.
Richard Reed, Chairman of Agronomics, commented: -
"We were delighted to witness what we believe to be the first
approval of a cultivated meat product in Singapore, and we believe
CellX will be at the forefront of the very same innovative
developments in China. CellX is an early stage but exciting
opportunity for us and this investment further demonstrates
Agronomics' ability to source and access new entrants, as well as
the more established players, in this rapidly advancing field.
CellX provides geographic and regulatory diversification for
Agronomics to one of the largest animal protein markets in
China."
Ziliang Yang, Founder and CEO CellX, added: -
"China is crucially important for turning cellular agriculture
into a reality, not just because of its immense market size, but
also its large scientific talent as well as capital pools. As one
of the earliest pioneers in China, CellX is uniquely positioned to
lead China's cellular agriculture revolution."
About CellX
CellX is a China based cellular agriculture startup, working to
revolutionize the traditional meat industry by creating clean meat
products using tissue engineering and 3D bioprinting technologies.
Its goal is to provide sustainable source of animal protein, better
health for all human beings, and improved animal welfare.
About Agronomics
Agronomics is a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat. The
Company has established a portfolio of 14 companies at the Seed to
Series B stage in this rapidly advancing sector. It seeks to secure
a 5-10% initial ownership in 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 the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with c
US$ 170 million invested globally between 2016-2019 and over US$
270 million already raised in 2020 alone. Additional financings are
anticipated as the capital requirements of these companies grows to
build out and scale up manufacturing facilities. Currently it is
estimated that there are 60 companies globally within the sector.
AT Kearney, a global consultancy, has predicted that Cultivated
Meat's market share of meat consumption will be 35% by 2040.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
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 Nick Searle Charles Goodfellow Joe McGregor
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+44 (0) 20 7930 0777
+44 (0) 7738 724 630
+44 (0) 1624 639396 agronomics@tbcardew.co
info@agronomics.im +44 (0) 207 628 3396 +44 (0) 207 397 8900 +44 (0) 207 469 0936 m
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