Business
Portfolio Company Onego Bio Awarded Grant Funding
Portfolio Company Onego Bio Awarded Grant Funding.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n 7th September 2022\n \n \n \n \n \n Agronomics Limited\n \n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n \n Portfolio Company Onego Bio Awarded EUR 4.5M in Grant Funding\n \n \n \n \n \n \n Agronomics (AIM:ANIC), the leading listed company focused on the field of cellular agriculture, is pleased to announce that portfolio company Onego Bio Ltd (\"Onego Bio\"), a company developing sustainable and animal free egg proteins via precision fermentation, has been awarded\n EUR 4.5 million in grant funding from\n \n \n Business Finland\n \n \n . This additional non-dilutive funding will allow Onego Bio to\n accelerate research and development of their egg protein - Bioalbumen™, as they move towards commercialisation.\n \n \n \n \n \n Agronomics holds 340,237 shares in Onego Bio, representing an equity ownership of 19.94% on a fully diluted basis following its investment in\n \n \n February 2022\n \n \n . Agronomics currently carries this position in its accounts at cost of\n EUR 6.9M. Based on the last reported Net Asset Value (\"NAV\") as at 30 June 2022, the Onego Bio position represents 4.1% of NAV.\n \n \n \n \n \n The full Onego Bio announcement is set out below without any material changes:\n \n \n \n \n \n \n \n \n Onego Bio secures EUR 4.5M additional funding to accelerate research and development\n \n \n \n \n \n \n \n \n \n Onego Bio is a Finnish biotechnology company producing animal-free egg white with precision fermentation. With the new funding granted by Business Finland, the company can accelerate the research and development of Bioalbumen™ production even further. The company's solution rises to the major global challenges of food production and sustainable development.\n \n \n \n \n \n \n \n HELSINKI, Finland (September 7th, 2022)\n \n Onego Bio is a biotech spin-off from VTT Technical Research Centre of Finland. The company uses a commercially proven Trichoderma technology to solve environmental problems associated with eggs, one of the world's most used animal proteins. This safe, sustainable and cost-effective precision fermentation method produces ovalbumin, the most abundant egg white protein, and the team believes this chosen technology is superior because of its efficiency and productivity.\n \n \n \n \n \n Onego raise...