Business
Investment in LegenDairy Foods GmbH
Investment in LegenDairy Foods GmbH.
About this update from Agronomics Limited
[{"type":"text","content":"\n \nRNS Number : 1872X Agronomics Limited 18 December 2019 \n\n \n18 December 2019\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under 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.\n \n(\"Agronomics\" or the \"Company\")\n \nAgronomics Co-lead of €4 Million Seed Fundraising Round of LegenDairy Foods GmbH\n \nThe Board of Agronomics is pleased to announce it has completed a subscription of €1,000,000 for 2,389 Series Seed Preferred Shares (the \"Subscription\") in LegenDairy Foods GmbH (\"LegenDairy\"). This will be paid using cash from the Company's own resources. Agronomics will hold a 6.3% interest and has appointed a director representative.\n \nAgronomics co-led the €4 million Seed fundraising round of LegenDairy alongside M Ventures, the corporate venture capital arm of science and technology company Merck. CPT Capital also participated in the round. CPT Capital are a long-standing investor in alternative protein technologies, and their portfolio includes Beyond Meat, Impossible Foods, Memphis Meats, Perfect Day and Good Catch. \n \nLegenDairy is a German company focused on harvesting real dairy proteins, using the same fermentation process used for producing insulin and rennet for cheese, to produce dairy products once combined with plant-based fats. LegenDairy was co-founded by Raffael Wohlensinger and Dr Britta Winterberg, with the intention to produce genuine dairy products, without cholesterol and without the need of animals, alleviating animal welfare concerns and providing a simplified supply chain to produce dairy products. The team is focusing on cheese products initially, recognising that existing vegan cheese on the market lacks the identical proteins found in dairy cheeses - casein and whey protein. \n \nAs the Subscription is considered a Substantial Transaction under AIM rules, this announcement requires certain disclosures under Schedule Four of the AIM Rules. LegenDairy is an early stage, pre-revenue company with a historic cash burn rate of approximately €16,000 per month and net assets as at 30 September 2...