Agronomics Limited Investee Company Update: Good Dog Food

TIDMANIC

Agronomics Limited

13 November 2023

13 November 2023

Agronomics Limited

("Agronomics" or the "Company")

'Good Dog Food' becomes 'Meatly' in preparation for UK product launch

Agronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to announce that portfolio company Good Dog Food Ltd has rebranded and will now be trading as 'Meatly' in preparation for its upcoming UK product launch.

Since its launch in 2022, Meatly's team of leading scientists has been working to produce ethical and sustainable cultivated meat for pets without compromising on essential nutritional benefits. The team makes real meat, without animals.

Agronomics has invested GBP1.2 million into Meatly since inception, which is currently carried at GBP4.95 million. This position accounts for approximately 2.9% of Agronomics last published Net Asset Value (30/09/23) , including post-balance sheet adjustments. Agronomics has an equity ownership of 40.7% on a fully diluted basis.

As part of the rebrand, Meatly has launched a new consumer-facing website, www.meatly.pet

CEO Owen Ensor, said: "We're thrilled to announce our rebrand to Meatly, in what marks an exciting new chapter for us as a team and brand. We chose the name 'Meatly' because we wanted to celebrate the fact that that is real meat, made the new way. Our hope is that Meatly will quickly become a household name, loved by pets and pet parents alike, and recognised as the choice for healthy, sustainable, delicious pet food."

"Our pets love meat, but old-fashioned meat, produced through factory farming, requires a huge amount of land, water and antibiotics and is a key cause of environmental degradation. We need cultivated meat now more than ever. Pet food is the natural starting point, given consumers' excitement. We're thrilled to be at the heart of the future of meat production in the UK."

For more information on the status of Meatly production and product availability, please visit the Meatly website: www.meatly.pet

About Meatly

Meatly (previously known as Good Dog Food) was founded in 2022 by CEO Owen Ensor and CSO Helder Cruz with backing from investor Agronomics. The company works to produce ethical and sustainable cultivated meat products for pets without compromising on essential nutritional benefits.

About Agronomics

Agronomics is the leading listed venture capital firm with a focus on cellular agriculture. The Company has established a portfolio of over 20 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.

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 $1.8 trillion investment will be required in order to produce just 10% of the world's protein using this technology, means that we are on the cusp of a multi-decade flow of capital to build out manufacturing facilities. Funding in the field of cellular agriculture is accelerating, however, still, less than US$ 5 billion has been invested worldwide since the industry's inception in 2016.

For further information please contact:

 
  Agronomics              Beaumont  Canaccord       Cavendish        Peterhouse       SEC Newgate 
   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    Bob Huxford 
   Denham Eke              Cornish   Potts           Michael          Charles          George Esmond 
                           James     Harry Rees      Johnson          Goodfellow       Anthony Hughes 
                           Biddle    Alex Aylen                                        Alice Cho 
                                     (Head of 
                                     Equities) 
                        ==========  ============  ===============  ===============  ============================= 
  +44 (0) 1624            +44 (0)   +44 (0)         +44 (0)          +44 (0) 
   639396                  207 628   207 523         207 397          207 469 
   [e-mail]      3396      8000            8900             0936            [e-mail] 
                        ==========  ============  ===============  ===============  ============================= 
 

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November 13, 2023 02:00 ET (07:00 GMT)