Agronomics Share News (ANIC)

(Sharecast News) - Cellular agriculture and cultivated meat company Agronomics has completed a subscription of $50,000 in CellX, it announced on Wednesday, in the form of a 'simple agreement for future equity'.

The AIM-traded firm said the subscription would be paid using cash from its own resources.

It said the agreement would convert at the valuation cap divided by the company capitalisation at the next equity financing, which should give Agronomics an equity ownership of around 1.43%.

The company described CellX as a China-based cellular agriculture company, focussing on cell-based pork and seafood products initially.

It was founded this year, with the intention of showcasing its first prototypes in 2021.

CellX had already brought on a pool of early-stage global alternative protein investors, including Lever VC China Fund, Humboldt Fund, Purple Orange Ventures and Brinc.

"We were delighted to witness what we believe to be the first approval of a cultivated meat product in Singapore, and we believe CellX will be at the forefront of the very same innovative developments in China," said chairman Richard Reed.

"CellX is an early stage but exciting opportunity for us and this investment further demonstrates Agronomics' ability to source and access new entrants, as well as the more established players, in this rapidly advancing field.

"CellX provides geographic and regulatory diversification for Agronomics to one of the largest animal protein markets in China."

At 1113 GMT, shares in Agronomics were flat at 8.2p.