(Alliance News) - Agronomics Ltd on Wednesday said its portfolio company Onego Bio Ltd has been awarded EUR4.5 million in grant funding to "accelerate" research and development.
Onego Bio is a Finnish biotechnology company producing animal-free egg white with precision fermentation. Agronomics, an Isle of Man-based cellular agriculture company, has a 20% stake in Onego.
Agronomics explained that the funding was awarded by Business Finland, a public organisation under the Finnish Ministry of Employment & the Economy.
It added that this additional non-dilutive funding will allow Onego Bio to accelerate research & development of its egg protein, Bioalbumen, as they move towards commercialisation.
Onego Chief Executive & Co-Founder Maija Itkonen said: "With the help of this amazing additional funding, we can focus on even more complex and ambitious research & development areas and keep our risk appetite and performance requirements high."
Shares in Agronomics were down 2.2% to 15.65 pence each in London on Wednesday morning.
By Sophie Rose; sophierose@alliancenews.com
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Agronomics (ANIC)