TIDMANIC
Agronomics Limited
07 February 2023
7th February 2023
Agronomics Limited
("Agronomics" or the "Company")
CellX and Tofflon to Build China's First Pilot Production
Facility for Cultivated Meat
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that Chinese
cultivated meat company CellX Limited ("CellX") has signed a
strategic partnership agreement with food manufacturing specialists
Shanghai Tofflon Science and Technology Co., Ltd. ("Tofflon")
aiming to accelerate the scale-up of cultivated meat in the Asian
market with a new purpose-built facility.
-- CellX and Tofflon will build China's first pilot facility for
cultivated meat
-- The facility will allow CellX to scale up its suspension cell
lines in serum-free media at thousand-litre scale
-- The facility will be China's first "transparent food space"
for cultivated meat R&D, pilot production, and public
tasting
Agronomics has invested a total of US$ 2,050,000 since CellX
inception, first investing US$ 50,000 in December 2020 before
investing a further US$ 2,000,000 in May 2022 . The position is
carried at US$ 2,538,117 million, including an unrealised gain on
cost of US$ 488,117 on the initial investment made in 2020, and
accounts for approximately 1.4% of the last published Net Asset
Value of Agronomics (31.12.22). Agronomics has an equity ownership
of 5.14% on a fully diluted basis in CellX.
The full announcement is set out below without any material
changes.
Shanghai, February 5, 2023 - On February 1st, CellX (Shanghai
Shiwei Biotechnology Co., Ltd.) and Tofflon (Shanghai Tofflon
Science and Technology Co., Ltd.) signed a strategic partnership
agreement with Xiaodong Zheng (Chairman of Tofflon) and Ziliang
Yang (Co-founder and CEO of CellX) representing both companies.
They will work together in the field of cultivated meat, developing
innovative equipment and building a pilot production plant, as well
as local and global facilities for commercial production.
The two companies hope to leverage CellX's technical expertise
in cultivated meat and Tofflon's extensive biological equipment
& production capability to accelerate the scaling up of CellX's
cultivated meat products.
During the signing event, CellX and Tofflon shared the rendering
of China's first pilot facility for cultivated meat. The plant will
allow CellX to scale up its suspension cell lines in serum-free
media at thousand-litre scale. It will also be equipped with
Tofflons' digital and intelligent equipment management systems.
The facility will host multiple thousand-litre bioreactors and
will provide an interactive space for consumers to taste CellX's
demo products. It will be China's first "transparent food space"
for cultivated meat R&D, pilot production, and public tasting,
and will be completed within a year.
Mr. Zheng delivered a speech at the event, expressing his firm
beliefs in the cultivated meat industry and CellX's R&D
progress.
"CellX is the leading cultivated meat company in China. It has
built R&D platforms across the four major technological pillars
of cultivated meat - cell line development, media optimization,
novel bioprocess design, and end product innovation. Cultivated
meat is a promising application of biotechnology in the field of
food tech. With the experience and expertise accumulated in the
field of biopharma and food production, Tofflon will help CellX to
speed the scaling up of its cultivated meat products and it hopes
to contribute to a sustainable future for humankind", he said.
Mr Yang also shared CellX's latest R&D progress and
strategic plans for the future. "Besides being the world's largest
meat market, China is also an emerging leader in the field of
bio-manufacturing. Thanks to its booming biotech industry, China is
quickly building a strong infrastructure and supply chain. Tofflon
is one of the world's leading providers of comprehensive solutions
for drug and food manufacturing, and their equipment and
technologies can be quickly applied to the field of cultivated
meat.
"As part of our strategic partnership, the construction of a
pilot facility is the cornerstone of CellX's journey to scale up
cultivated meat production in China. I look forward to working with
Tofflon to bring cultivated meat to consumers in China and around
the world", Yang said.
As a branch of cellular agriculture, cultivated meat produces
animal meat directly from animal cells in large-scale bioreactors.
This new production method is more efficient and sustainable than
traditional factory farming methods.
In the future, CellX and Tofflon will work together to bring
cultivated meat to consumers in China and around the world.
About Tofflon
Tofflon (Stock Code: SZ 300171) was founded in 1993 and listed
on the China Shenzhen Stock Exchange in 2011. Based in Shanghai,
Tofflon provides process support, core equipment, consumables, and
system engineering solutions for global drug and food
manufacturing. Focusing on the study of drug manufacturing science
and integrating knowledge of drug processes and pharma equipment,
Tofflon can meet the needs of scientific research, pilot test, and
commercial production at various stages. Since its foundation,
Tofflon has supplied more than 3000 companies across the world.
Tofflon has established collaborations with pharmaceutical and
biopharma companies around the world and accumulated a wealth of
pharmaceutical and biopharma engineering technology, core equipment
manufacturing technology, and engineering design cases. By focusing
on cutting-edge technologies in the pharmaceutical industry,
exploring innovative drug manufacturing models, and building an
advanced drug manufacturing platform, Tofflon has grown from a
"System Solution Supplier" to a "Smart Pharma Factory Builder".
About CellX
CellX is a cellular agriculture company based in Shanghai,
working to bring cultivated meat products to consumers in China and
around the world. Its goal is to provide a sustainable source of
animal protein, better health for all human beings, and improved
animal welfare. Founded in 2020, CellX has built a top R&D team
of 40 and raised $15M+. The team focuses on building platform
technologies with a multi-species approach.
CellX is collaborating with top universities and leading
companies around the world to advance the commercialization of
cultivated meat. The company is also accelerating market launch and
cultivated meat approval in the APAC region.
More information at www.cellx.cn
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 over 20 companies 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 and be 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 $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however, still, less than US$ 5 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Cenkos Peterhouse TB Cardew
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Public Relations
Broker
========== ============ =============== =============== ========================
Richard Reed Roland Andrew Giles Balleny Lucy Williams Ed Orlebar
Denham Eke Cornish Potts Michael Charles Alistair Walker
James Harry Rees Johnson Goodfellow
Biddle Alex Aylen
(Head of
Equities)
========== ============ =============== =============== ========================
+44 (0) 20
7930 0777
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0) +44 (0) 7738
639396 207 628 207 523 207 397 207 469 724 630
info@agronomics.im 3396 8000 8900 0936 agronomics@tbcardew.com
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