Business
Portfolio Company Update: SuperMeat
Portfolio Company Update: SuperMeat.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n07 September 2023\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nPortfolio Company SuperMeat Meets Kosher Standards for Its Cultivated Chicken\n \nAgronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to announce that its portfolio company, SuperMeat The Essence of Meat Ltd (\"SuperMeat\"), has met Kosher standards for its chicken cell line.\nThis represents a historic milestone for the industry being the first time that cultivated poultry has been recognised as meeting Kosher, under the stringent Mehadrin standards. OU Kosher, the Kosher certification division of the Orthodox Union (\"OU\") determined that SuperMeat's product met the necessary standards. The OU oversees the kosher certification of over 1.3 million products and over 14,000 facilities in 104 countries.\nFollowing this recognition, the parties involved are embarking on a thorough examination of the entire supply chain and the cultivated meat production process, thereby establishing clear guidelines for other enterprises in the cultivated meat sector. This endeavour is expected to initiate a Kosher meat certification process for the entire industry and is a pivotal moment in the overlap of religious dietary standards and advanced food technology in the cultivated meat industry.\nAgronomics has invested a total of US$ 12.5 million to date and has equity ownership of 7.8% in SuperMeat on a fully diluted basis which, subject to audit, represents 9.3% of the last published Net Asset Value of the Company (30.06.23) including post-balance sheet adjustments.\nThe OU's recognition came after a series of in-depth discussions and scientific reviews. These reviews focused on avian embryogenesis and stem cells, including the observation of the excision of embryonic stem cells from a fertilised chicken egg.\n \nRabbi Menachem Genack, CEO of OU Kosher and Rabbi of Congregation Shomrei Emunah, author and teacher at Yeshiva University, stated:\n\"The kosher certification for cultivated meat poses a unique halachic challenge, requiring innovative guidelines that mirror the scientific and technological advancements integral to these novel products. This collaboration aims to bridge the gap between scientific understanding and halachic adjudication, setting unprecedented standards in the cultivated meat ind...