(Alliance News) - Agronomics Ltd on Tuesday said it has completed a subscription of USD500,000 in shares of US-based biomaterials technology company GALY CO.
GALY produces lab-grown cotton, using cell culture to grow cotton cells faster than conventional crops, while using less water and land.
Agronomics, which invests in cellular agriculture and synthetic biology, said the subscription - in the form of an agreement for future equity - brings its stake in GALY to 4.4%.
"GALY represents the next generation of cell culture technology being tailored towards improving the sustainability of industries beyond its existing applications for cultivated meat. We are impressed by GALY's novel application of the technology and identify its capabilities to rectify current issues surrounding cotton production," said Agronomics Chair Richard Reed.
Agronimics shares were trading 6.4% higher at 5.99 pence each on Tuesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Agronomics (ANIC)