Moolec Science Presents Second Quarter Fiscal Year 2024 Business Update
LUXEMBOURG / ACCESSWIRE /
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The main highlights of Moolec's business update are as follows:
- SOOY1 | Piggy Sooy™ Platform: Third generation (T3) soybean seed propagation has started, and fourth generation (T4) seeds are expected to be harvested in
April 2024 . A molecular analysis reveals that the current T3 soybean population contains a stable number of porcine myoglobin gene copies consistent with a population that is not segregating. - PEEA1: Scientific team confirms the presence of bovine myoglobin gene in pea seeds and the gene's stable inheritance across plant generations.
- YEEA1: Moolec´s prototyping platform includes a novel yeast strain that is being developed as a dietary supplement and food ingredient, and Moolec has begun the first of several pre-submission consultations with
US-FDA . - Product Marketing: The next generation of textured plant-protein prototypes produced at Moolec's industrial and commercial R&D center were presented to the public in Gulfood 2024.
- Financial highlight: Capital Raise of
~$30M with$10M in cash and~$20M in kind contributions materialized inOctober 2023 with strategic investors through a convertible note followed by an additional~$1M raised with farmers inDecember 2023 . Revenues and other income (Ex-IAS 29) of~$1.7M slightly down QoQ. R&D, Admin and other Expenses in line with historical track record of cost efficiency. Operational cash utilization of~$4M includes~$2.7M allocated to lower accounts payable.
"This quarter has been a testament to the dedication and hard work of our team. We have made steady progress in our research and development efforts as well as product development. I am incredibly proud of our team's delivery and execution. Thank you to the Moolers, and to our partners for their continued support," stated
"Our financial position reflects our commitment on multiple fronts. The strategic partnerships we have formed, most recently with farmers, will be instrumental not only in our funding health, but also contribute to support Moolec's product growth and commercialization in the near future," declared José López Lecube, Chief Financial Officer for the company. He then continued by saying: "As we move forward, we remain focused on maintaining a healthy financial position and are confident in our ability to navigate the next stages of our growth."
Conference Call
Management will host a Conference Call and question-and-answer session, which will be accompanied by a presentation available during the webinar.
To access the call, please use the following information:
- Date:
Wednesday, March 13, 2024 -
Time:
08:30 AM Eastern Time (US andCanada ) - Link to join the webinar: https://icrinc.zoom.us/j/92375922161?pwd=Qmt6NzdVUGNWaEhTT1NDOHU3Tjlydz09
- One tap mobile: +13017158592,,92375922161#,,,,*888246# US
- Dial In: +1 301 715 8592 US | Webinar ID: 923 7592 2161, Passcode: 888246
- International numbers available: https://icrinc.zoom.us/u/acVKYeTJwM
Please connect 5 minutes prior to the start time to register and join.
A recording of the call and the pdf version of the presentation will be available after the conclusion of the live event via Moolec's Investor Relations website.
About
Moolec is a science-based ingredient company leader in the use of Molecular Farming technology for food. The Company's mission is to create unique food ingredients by engineering plants with animal protein genes. Its purpose is to redefine the way the world produces animal-based food, for good and for all. Moolec's technological approach aims to have the cost structure of plant-based solutions with the organoleptic properties and functionality of animal-based ones. Moolec's technology has been under development for more than a decade and is known for pioneering the production of a bovine protein in a crop for the food industry. The Company's product portfolio and pipeline leverages the agronomic efficiency of broadly used target crops, like soybean and safflower. Recently, it acquired plant-based ingredient capabilities to consolidate Molecular Farming Technology. Moolec has a growing international patent portfolio (26, both granted and pending) for its Molecular Farming technology. The Company is run by a diverse team of Ph.Ds and Food Insiders, and operates in
Forward-Looking Statements
This press release contains "forward-looking statements." Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements with respect to performance, prospects, revenues, and other aspects of the business of Moolec are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors, about which we cannot be certain. We cannot assure you that the forward-looking statements in this press release will prove accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, changes in applicable laws or regulations, the possibility that Moolec may be adversely affected by economic, business and/or other competitive factors, costs related to the scaling up of Moolec's business and other risks and uncertainties, including those included under the header "Risk Factors" in the Moolec's Annual Report on Form 20-F filed with the
Contact Information
Chief of Staff & Sustainability
comms@moolecscience.com
Investor Relations
ir@moolecscience.com
moolecir@icrinc.com
Related Files
Moolec Science - Business Update Q2FY2024_Final
SOURCE: Moolec Science
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