Mar 13, 2024 19:30 JST

Source: Moolec Science SA

Moolec Science Presents Second Quarter Fiscal Year 2024 Business Update

Luxembourg, Mar 13, 2024 - (ACN Newswire) - Moolec Science SA (NASDAQ:MLEC) a science-based food ingredient company focused on producing animal proteins in plants through Molecular Farming technology, announced today its Business Update for the second quarter of Fiscal Year 2024 ended December 31, 2023.

Moolec LogoMoolec Logo
Moolec Science Logo

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 in October 2023 with strategic investors through a convertible note followed by an additional ~$1M raised with farmers in December 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 Gastón Paladini, Chief Executive Officer and Co-Founder of Moolec Science.

"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:

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 Science SA

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 the United States, Europe, and South America.

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 U.S. Securities and Exchange Commission ("SEC"), as well as Moolec's other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of Moolec's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements.

Contact Information
Catalina Jones
Chief of Staff & Sustainability
comms@moolecscience.com

Investor Relations
ir@moolecscience.com

Michael Bowen
ICR, LLC
moolecir@icrinc.com

Related Files
Moolec Science - Business Update Q2FY2024_Final

SOURCE: Moolec Science

.

View the original press release on newswire.com.

Source: Moolec Science SA
Sectors: Agritech, Food & Beverage

Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Related Press Release


Moolec Confirms US Harvest and Promising Yields for Plant-Grown Products GLASO(TM) and Piggy Sooy(TM) in October
September 05 2024 18:00 JST
 
Moolec Signs an Offtake Agreement With Major Global CPG Company to Hit the US Market in 2025
July 15 2024 19:00 JST
 
Moolec Science Presents Third Quarter Fiscal Year 2024 Business Update
May 30 2024 18:00 JST
 
Moolec Announces New Patent Granting in the United States for Molecular Farming Platform
April 30 2024 18:00 JST
 
Molecular Farming Company to Achieve USDA Approval for Plant-Grown Animal Proteins
April 22 2024 20:00 JST
 
Moolec Science Presents First Quarter Fiscal Year 2024 Business Update
December 14 2023 19:00 JST
 
Moolec Science Presents Fourth Quarter FY 2023 Business Update
October 21 2023 11:00 JST
 
Moolec Science Announces US $30 Million Capital Raise With Strategic Investors
October 17 2023 20:00 JST
 
Moolec Science Presents 'Piggy Sooy', a Soybean Platform That Can Produce Significantly High Amounts of Pork Proteins
June 27 2023 08:00 JST
 
Moolec Science Presents Third Quarter FY 2023 Business Update
May 31 2023 06:00 JST
 
More Press release >>

Latest Press Release


More Latest Release >>