17th Nov 2022 17:19
(Correcting to clarify that Upside Foods is not an Agronomics Ltd investee.)
(Alliance News) - Agronomics Ltd on Thursday noted that a cultivated meat company has secured a regulatory win in the US.
Agronomics said Upside Foods has secured US Food & Drug Administration approval for its cultivated chicken product.
Isle of Man-based cellular agriculture investment firm Agronomics said the FDA accepted an 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.
"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 closed flat at 14.00 pence each in London on Thursday.
By Greg Rosenvinge; [email protected]
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