Business
Moolec Science Presents Second Quarter Fiscal Year 2024 Business Update
LUXEMBOURG / ACCESSWIRE / March 13, 2024 / Moolec Science SA (NASDAQ:MLEC) a science-based food ingredient company focused on producing animal proteins in
About this update from Moolec Science Sa
[{"type":"text","content":"LUXEMBOURG / ACCESSWIRE / March 13, 2024 / Moolec Science SA (NASDAQ:MLEC) a science-based food ingredient company focused on producing animal proteins in plants through Molecular Farming technology, announced today its Business Update for the second quarter of Fiscal Year 2024 ended December 31, 2023. Moolec Logo Moolec Science Logo The main highlights of Moolec's business update are as follows:SOOY1 | Piggy Sooy™ Platform: Third generation (T3) soybean seed propagation has started, and fourth generation (T4) seeds are expected to be harvested in April 2024. A molecular analysis reveals that the current T3 soybean population contains a stable number of porcine myoglobin gene copies consistent with a population that is not segregating.PEEA1: Scientific team confirms the presence of bovine myoglobin gene in pea seeds and the gene's stable inheritance across plant generations.YEEA1: Moolec´s prototyping platform includes a novel yeast strain that is being developed as a dietary supplement and food ingredient, and Moolec has begun the first of several pre-submission consultations with US-FDA.Product Marketing: The next generation of textured plant-protein prototypes produced at Moolec's industrial and commercial R&D center were presented to the public in Gulfood 2024.Financial highlight: Capital Raise of ~$30M with $10M in cash and ~$20M in kind contributions materialized in October 2023 with strategic investors through a convertible note followed by an additional ~$1M raised with farmers in December 2023. Revenues and other income (Ex-IAS 29) of ~$1.7M slightly down QoQ. R&D, Admin and other Expenses in line with historical track record of cost efficiency. Operational cash utilization of ~$4M includes ~$2.7M allocated to lower accounts payable.\"This quarter has been a testament to the dedication and hard work of our team. We have made steady progress in our research and development efforts as well as product development. I am incredibly proud of our team's delivery and execution. Thank you to the Moolers, and to our partners for their continued support,\" stated Gastón Paladini, Chief Executive Officer and Co-Founder of Moolec Science.\"Our financial position reflects our commitment on multiple fronts. The strategic partnerships we have formed, most recently with farmers, will be instrumental not only in our funding health, but a...