17th Nov 2022 16:12
(Alliance News) - Agronomics Ltd on Thursday said that its investee company Upside Foods had won US Food & Drug Administration approval for its cultivated chicken product.
The Isle of Man-based cellular agriculture investment firm said the FDA accepted Upside Foods' conclusion that the product is safe to eat.
Upside Foods is the first cultivated meat company to be given the green light by the FDA, potentially kickstarting a sector transition from research and development towards commercialisation.
Agronomics said it expects the approval to be the first of many for the sale of cultivated meat in the US, coming two years after the Singapore Food Agency gave regulatory approval to Eat Just's cultivated chicken. It is now sold through its subsidiary GOOD Meat.
"The FDA is considered one of the most stringent regulatory bodies globally for food safety. This approval is a landmark event for the field of cellular agriculture and should give investors comfort that the path to commercialisation is now clear," said Agronomics Co-Founder and Executive Director Jim Mellon.
Agronomics added it is reportedly projected cultivated meat could reach 35% of the global meat market by 2040.
Shares in Agronomics grew by 1.4% to 14.20 pence in London on Thursday afternoon.
By Greg Rosenvinge; [email protected]
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