REACH

 Agronomics Limited

("Agronomics" or the "Company")

Meatly reduces bioreactor costs by 95% and medium costs to 1.5p/l at scale

Agronomics (LSE: ANIC), a leading listed company in the field of clean food, is delighted to announce that its portfolio company, Good Dog Food Limited (t/a "Meatly") has developed an in-house bioreactor to accelerate the scalable production of its cultivated petfood.

Meatly says the new bioreactor has the biocompatibility, longevity, scalability and overall performance to meet the requirements for cell culture for an industrial cultivated meat facility comprising multiple 20,000 litre scale bioreactors, which Meatly intends to develop as part of its next funding stage.

The newly designed 320 litre equipment costs just £12,500 compared to traditional biopharma reactors, which can cost £250,000, representing a 95% cost reduction. To date, Meatly has concluded the commissioning phase and the first cell growth run in its pilot scale 320 litre novel, low-cost bioreactor. This patented bioreactor, designed in-house by Meatly's R&D team, will replace the reliance on and use of expensive biopharma bioreactors, which has been a significant barrier for many cultivated meat companies.

Jim Mellon, Executive Chair and Co Founder of Agronomics and investor in Meatly, commented:

"What sets Meatly apart is the work being delivered to achieve full ownership of the intellectual property across the entire production line-from cell cultivation to supplying sustainably sourced chicken to pet food providers. This vertical integration not only enhances supply chain security and sustainability but also enables cost control to help deliver the scalability of its products to a growing mainstream market. In a food industry increasingly focused on resilience and environmental responsibility, Meatly Chicken offers partners the best of both worlds, reducing reliance on destructive farming methods while delivering consistent quality at an affordable price. We are proud to support Owen and Helder as they continue to lead the way in this transformative sector."

The full announcement is set out below without any material changes:

28 May 2025: London, UK: Leading cultivated meat company Meatly has today announced a series of landmark achievements in its scientific production process, marking a watershed moment for cultivated meat. This marks another giant step for Meatly in scaling cultivated meat and reaching price parity with traditionally reared chicken.

As part of this mission to slash production costs, Meatly has announced it has concluded the commissioning phase and the first cell growth run in its pilot scale 320 L novel, low-cost bioreactor. This patented bioreactor, designed in-house by Meatly's R&D team, will replace the reliance on and use of expensive biopharma bioreactors, which has been a significant barrier for many cultivated meat companies.

The new bioreactor has the biocompatibility, longevity, scalability and overall performance to meet the requirements for cell culture for an industrial cultivated meat facility comprising multiple 20,000L scale bioreactors, which Meatly intends to develop as part of its next funding stage. The newly designed 320 L equipment costs just £12.5K compared to traditional biopharma reactors, which can cost £250k, representing a 95% cost reduction.

Additionally, Meatly is today announcing it has further slashed the costs of its protein-free medium to an industry-leading £0.22/L. Meatly is now in a position where, at an industrial scale, the company's medium costs will be priced out at around £0.015/L. This medium has also proven that it is capable of supporting cell growth for over 175 doublings, a substantial improvement on historical medium doubling performance. This will mean that Meatly Chicken, once scaled, will be priced competitively with average EU chicken breast prices.

This breakthrough underlines Meatly's leadership in the industry's technical development as well as its pace to market. Following on from its regulatory approval back in July of 2024, Meatly and brand partner The Pack launched and sold 'Chick Bites' the world's first cultivated pet food, in Pets at Home in London in February. To date, Meatly has raised £7m, significantly less capital than other cultivated meat companies, proving there is a fast and cost-effective way to scale cultivated meat.

Meatly is now in the midst of its Series A funding round, which seeks to raise finance a brand new, state-of-the-art industrial facility to scale production of its chicken.

Commenting on the news, Helder Cruz, Chief Scientific Officer at Meatly, said:

"At Meatly, we have worked tirelessly with the team to bring to reality both our new low-cost bioreactor, as well as a record cheap medium to be used within it.

 Many have cast doubt that the industry would ever reach this point - but we're pleased to prove these critics wrong. We are showing the world that we can produce meat in a kinder, better way, and we can make it at a price which makes it easy for brands to incorporate Meatly Chicken as an affordable ingredient in their existing product range. By reaching price parity, it then becomes a simple and easy choice for consumers to buy better meat for their pets. "

ENDS

 Notes to Editors

About Meatly

Meatly (previously known as Good Dog Food) was founded in 2022 by CEO Owen Ensor and CSO Dr Helder Cruz with backing from investor Agronomics. The company produces ethical and sustainable cultivated meat products without compromising on essential nutritional benefits. Their current focus is on the pet food market.

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