Agronomics Limited Investment in Meatable BV (5653X)
20 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMANIC
RNS Number : 5653X
Agronomics Limited
20 December 2019
20 December 2019
The information contained within this announcement is deemed by
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the Market Abuse Regulation (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.
Agronomics Limited
("Agronomics" or the "Company")
Investment in Meatable BV
The board is pleased to announce it has today completed a
subscription of EUR2,000,000 (the "Subscription") in the form of a
Convertible Loan Note (the "CLN") in Meatable BV ("Meatable").
Meatable is a company based in the Netherlands, focused on
producing cultivated beef and pork. Upon conversion, the CLN is
expected to give Agronomics a minimum equity interest in Meatable
of 5.26%. The Subscription will be paid in cash using the Company's
own resources. The CLN will convert into equity automatically in
the event of a qualified financing, being EUR5m of greater, or on
maturity date, being January 2022.
Meatable has raised US$10 million to date, as announced on 6(th)
December, 2019. Investors include both angel and institutional
investors, as well as a US$ 3 million grant from the European
Commission. Taavet Hinrikus, co-founder of TransferWise and Albert
Wenger, managing partner at Union Square Ventures are both
investors.
Meatable was co-founded by Krijn De Nood, Daan Luining and Dr
Mark Kotter in 2018. Notably, Daan worked as a researcher on the
'hamburger project' under Professor Mark Post, responsible for
producing the world's first lab-grown burger in 2013. Since then,
Daan has worked as a Research Strategist at New Harvest, one of the
leading non-profit organisations in the cellular agriculture field.
Krijn previously worked at management consultancy firm McKinsey
& Company, with focused expertise in strategic development and
operations.
The recent funding will be used to accelerate the development of
Meatable's prototype in Summer 2020 and support its plans to have a
small-scale bioreactor operating and producing meat. Meatable are
on track to reach their targets of having an industrial scale
manufacturing plant producing thousands of kilograms of meat by
2025.
Meatable hope that they will be able to offer 'The New Natural'
method for meat production in the future to meet the demands of the
growing global meat consumption and population growth.
As the Subscription is considered a Substantial Transaction
under AIM rules, this announcement requires certain disclosures
under Schedule Four of the AIM Rules. Meatable is an early stage,
pre-revenue company with cash burn rate of EUR175,000 per month and
net assets as at 30 September 2019 of approximately EUR5.5
million.
Richard Reed, Chairman of Agronomics, commented on the
investment: -
"We are thrilled to be adding Meatable to the Agronomics
portfolio, as our first company based in Europe and working on beef
products. The combined expertise of Krijn, Mark and Daan, along
with the rest of their impressive team, means Meatable is one of
the most credible within the sector. We look forward to Meatable's
prototype in Summer 2020 and the developments ahead for their
scaled production."
Krijn De Nood, co-founder and CEO, added: -
"Meatable is on a mission is to become the leading choice for
sustainably and efficiently produced meat. One key element to our
success are the people backing us financially. In Agronomics, we
have an investor that shares our mission, believes in the success
of the cultivated meat sector and open its network to us, which
will make Meatable more likely to achieve its mission"
About Meatable
Meatable is a Dutch cultivated meat company aiming to deliver at
scale cultivated meat that looks like, tastes like, and has the
nutritional profile of real meat. Their proprietary OPTI-OX
technology enables them to produce the cells needed to make meat
rapidly, sustainably, and without harming animals. Founded in 2018,
by Krijn de Nood (CEO), Daan Luining (CTO) and Dr. Mark Kotter
(Principal Inventor of the OPTI-OX technology) Meatable has grown
quickly to a team of 14. This includes 12 scientists with unique
expertise in fields ranging from tissue mechanics and high-density
cell culturing to bioengineering and business strategy.
About Agronomics
Agronomics is an AIM-listed investment company focused on the
nascent field of cellular agriculture and synthetic biology, with
an emphasis on environmentally friendly alternatives to the
traditional production of animal-derived products. The Company was
launched in April 2019, with the appointment of a highly
experienced team of investors and entrepreneurs including Richard
Reed, Jim Mellon and David Giampaolo.
Agronomics believes that the recent developments within cellular
agriculture and the alternative protein space will play a major
role in feeding the world's growing population as it approaches 10
billion people by 2050. The production of animal protein via novel
approaches is a viable solution to minimise global greenhouse gas
emissions, water, energy and land requirements as well as
alleviating animal welfare concerns.
For further information, please contact: -
Agronomics Limited Beaumont Zeus Capital Peterhouse Britton Financial
Cornish Limited Capital Limited PR
Limited
The Company Nomad Joint Broker Joint Broker Investor Relations
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+44 (0) Jamie Peel 469 0936 140416
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3396 831 1512
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