Business
Moolec Science Presents Fiscal Year 2024 Annual Business Update
LUXEMBOURG / ACCESSWIRE / October 2, 2024 / Moolec Science SA (NASDAQ:MLEC) ("The Company"; "Moolec"), a science-based food ingredient company focused on
About this update from Moolec Science Sa
[{"type":"text","content":"LUXEMBOURG / ACCESSWIRE / October 2, 2024 / Moolec Science SA (NASDAQ:MLEC) (\"The Company\"; \"Moolec\"), a science-based food ingredient company focused on producing animal proteins and nutritional oils in plants, today reported its Business Update for the fourth quarter of Fiscal Year 2024 ended June 30, 2024. Moolec Science Logo The main highlights of Moolec's fourth quarter are as follows:GLASO™: The Company announced an offtake agreement with a major global CPG food and pet food company and an R&D collaboration agreement with Bunge. Also, Moolec made significant advancements in both upstream and downstream processes.Piggy Sooy™: Field trials in three different US locations continue on schedule to move forward with product development (sampling), seed increase and gathering of environmental and regulatory data to continue with the US-FDA approval pathway.TSP Valorasoy™: Trials for new enhanced products Valorasoy 2.0 were carried out in Moolec's facilities with encouraging results.Financial landscape: Revenue & other income of ~$6M for FY 2024 driven by soy protein ingredient business; Prudent cash burn during FY 2024 in line with Company growth and lower accounts payable.\"I am proud of our team of 'Moolers' for their relentless dedication and repeated achievement of significant milestones. This fiscal year has been truly transformative for Moolec Science. The groundbreaking USDA-APHIS approval for PiggySooy™ marks a pivotal moment in the Molecular Farming and biotech landscape. Coupled with the imminent commercialization of GLASO™, for which we've already secured commercial agreements, and our robust pipeline progressing on schedule, we've demonstrated remarkable progress across all fronts. Our team's unwavering commitment and innovative spirit have been the driving force behind these accomplishments. As we look to the future, I am filled with optimism about the impending commercialization of our groundbreaking products. We stand at the cusp of revolutionizing the food industry through molecular farming, offering sustainable and cost-effective solutions to global nutritional challenges. The coming years hold immense promise as we continue to push the boundaries of science and redefine the future of food production,\" stated Gastón Paladini, Chief Executive Officer and Co-Founder of Moolec.\"As we reflect on the full fiscal...