6th Feb 2024 14:20
(Alliance News) - Agronomics Ltd on Tuesday said its portfolio company Bond Pet Foods has delivered two metric tonnes of animal protein to Hill's Pet Nutrition Inc, a division of the Colgate-Palmolive Co.
Isle of Man-based venture capital firm Agronomics, which invests in the cellular agriculture field and a has 1.9% equity stake in Bond Pet Foods, said this represented a "major milestone" for Bond Pet Foods towards commercialising its fermentation technology for pet food applications.
Agronomics said the scale of the delivery will allow Hill's to formulate a variety of test products at its pet nutrition centre in Topeka, Kansas for regulatory review and evaluation. This data will be used for the ingredient's eventual review by the US Food & Drug Administration's Center for Veterinary Medicine, alongside preparing prototypes for market evaluation.
Bond Pet Foods and Hill's first announced a joint venture in 2021 to develop a source of more sustainable animal protein to fulfil the dietary needs of dogs and cats, Agronomics noted, with the least deal "reinforc[ing] a strong partnership".
Agronomics Co-Founder & Executive Chair Jim Mellon comments: "The growing commercial partnership with Hill's, one of America's most popular pet food providers, shows the rapid progress being made toward taking these products to market. Prototype and market evaluation is one of the final steps toward regulatory approval, and we await the results with anticipation."
Shares in Agronomics were down 0.7% to 10.00 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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