Announces the Sale of InSilico Medicine Inc Shares
24 June 2021
("Agronomics" or the "Company")
Announces the Sale of InSilico Medicine Inc Shares
Agronomics, the leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat, is pleased to announce the disposal of its total holding of 23,147 shares in Insilico Medicine Inc ("InSilico Medicine") for US $669,775 (£475,540), representing an IRR of 54%. Insilico Medicine was a legacy portfolio holding, acquired for £92,755 between June 2017 and July 2018. The proceeds will provide Agronomics with further funding for new and existing opportunities within the field of cellular agriculture.
The remaining legacy positions in the portfolio continue to be monitored and will be sold down as opportunities arise.
Agronomics is a leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat. The Company has established a portfolio of 16 companies at the Seed to Series B stage in this rapidly advancing sector. It seeks to secure a 5-10% initial ownership in technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. This disruption will decouple supply chains from the environment and animals, as well as being fundamental to feeding the world's expanding population. A full list of Agronomics' portfolio companies is available at https://agronomics.im/portfolio/ .
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with approximately US$ 170 million invested worldwide between 2016-2019 and over US$ 270 million 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 80 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 Limited |
Beaumont Cornish Limited |
Cenkos Securities Plc |
Peterhouse Capital Limited |
TB Cardew |
|
The Company |
Nomad |
Joint Broker |
Joint Broker |
Public Relations |
|
Richard Reed Denham Eke |
Roland Cornish James Biddle |
Giles Balleny Nick Searle |
Lucy Williams Charles Goodfellow |
Ed Orlebar Joe McGregor |
|
+44 (0) 1624 639396 info@agronomics.im |
+44 (0) 207 628 3396 |
+44 (0) 207 397 8900 |
+44 (0) 207 469 0936 |
+44 (0) 20 7930 0777 +44 (0) 7738 724 630 agronomics@tbcardew.com |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 5 hours ago Johnson Matthey
- 6 hours ago Galliford Try
- 7 hours ago Galliford Try
- 7 hours ago Centrica
- 7 hours ago Smith & Nephew