Agronomics Limited, a leading company in cellular agriculture, has announced that its portfolio company, Good Dog Food Limited (trading as "Meatly"), has become the first company globally to receive regulatory clearance for the sale of cultivated meat as pet food. This approval, granted by UK regulators including the Food Standards Authority and the Department for Environment, Food and Rural Affairs, allows Meatly to sell its cultivated chicken for pet consumption in the UK.

Meatly has undergone rigorous testing and prepared a comprehensive safety dossier to demonstrate the safety and health benefits of its cultivated chicken for pets. The company's product has been shown to be nutritious, free from various impurities, and safe for consumption by pets. This achievement comes after only two years of operation and the attainment of significant technical and commercial milestones.

In addition to the regulatory clearance, Meatly has made strides in cost reduction, developing a protein-free culture medium at a significantly reduced cost, creating the world's first cans of cultivated pet food, and securing investments from key players in the pet industry. The company plans to further reduce costs and scale up production to industrial volumes within 3-5 years, aiming to provide an ethical and environmentally sustainable food source for dogs and cats, which account for approximately 20% of global meat consumption.

Agronomics has invested £1.2 million into Meatly since its inception, with the current carrying value at £5.0 million. This position represents around 3.0% of Agronomics' last published Net Asset Value, with an equity ownership of 38.7% on a fully diluted basis.

Owen Ensor, CEO of Meatly, expressed pride in the company's achievement, highlighting the significance of the regulatory approval for the European cultivated meat industry. Jim Mellon, Agronomics' Executive Chair and investor in Meatly, emphasized the landmark nature of Meatly's regulatory approval and its potential to reduce emissions, resource consumption, and animal suffering caused by traditional meat production.

Agronomics focuses on investment opportunities within cellular agriculture and has built a portfolio of over 20 companies in this sector. The company seeks to invest in technologies that offer new ways of producing food and materials historically derived from animals, driving disruption in agriculture to improve sustainability, human health, animal welfare, and environmental impact.

For further information, please visit the company's website or contact the provided representatives.