Agronomics portfolio company Bond Pet Foods receives FDA no-objection letter for Lamb Protein Yeast

("Agronomics" or the "Company")

Agronomics Limited (LSE: ANIC), a leading listed company in the field of clean food, announces that portfolio company Bond Pet Foods Inc ("Bond") has received a Letter of No Objection from the US Food and Drug Administration's Center for Veterinary Medicine ("FDA") in respect of its Lamb Protein Yeast ingredient for use in pet food.

Developed in collaboration with Hill's Pet Nutrition, Inc ("Hill's"), Lamb Protein Yeast is, to the company's knowledge, the first animal protein produced via precision fermentation to complete the FDA's Generally Recognised as Safe review process for use in pet food for healthy adult dogs.

The no-objection determination follows a six-month longitudinal feeding study in dogs and represents an important regulatory step towards commercialisation. The ingredient has a complete amino acid profile with nutritional characteristics comparable to conventional lamb protein and has been cleared for inclusion in adult dog food at levels of up to 15% of the finished product.

Bond and Hill's have also completed feeding studies in cats using Lamb Protein Yeast and are preparing further submissions to the FDA in support of feline applications.

The Company believes this development represents a further validation of precision fermentation as a scalable route to producing alternative proteins for companion animal nutrition.

Jim Mellon, Executive Chair of Agronomics, commented: "This is a significant regulatory milestone for Bond and an important step towards commercialisation. The outcome supports the potential application of precision fermentation in pet food and reflects the progress being made by Bond with a major industry partner."

The full announcement is set out below, with no material changes:

Hill's Pet Nutrition and Bond Pet Foods Receive FDA No-Objection Letter for First Animal Protein Produced via Precision Fermentation for Pet Food

OVERLAND PARK, Kan. and BOULDER, Colo., May 12, 2026: -- Bond Pet Foods Inc, an innovative biotechnology company reimagining animal proteins through precision fermentation, and Hill's Pet Nutrition, Inc, a global leader in science-led pet nutrition, today announced that Bond has received a US Food and Drug Administration ("FDA") Center for Veterinary Medicine Letter of No Objection for its Lamb Protein Yeast ingredient.

Developed in collaboration with Hill's after completing a six-month longitudinal feeding study in dogs, FDA's review and no objection to the Generally Recognized as Safe (GRAS) Notice marks a major milestone toward commercialization of a new source of high-quality animal protein for pet food.

Lamb Protein Yeast is the first ingredient to emerge from the Hill's-Bond collaboration to successfully complete FDA's GRAS Notice review process for healthy adult dogs, supporting use at inclusion levels of up to 15% of the finished food. This achievement follows several years of joint development applying precision fermentation-a proven technology long used to produce human food ingredients for cheesemaking, as well as enzymes and vitamins-to develop a carefully-selected animal protein ingredient with a complete amino acid profile that includes nutritional characteristics comparable to a traditional lamb protein.

"We are thrilled to achieve this important regulatory milestone with Hill's," said Rich Kelleman, Founder and CEO of Bond Pet Foods. "The results of our six-month feeding study, together with the FDA's Letter of No Objection, demonstrate the safety and nutritional performance of our brewed proteins and bring us a significant step closer to delivering a reliable source of high-quality protein for pets."

Bond and Hill's have also completed the feeding study in cats using Lamb Protein Yeast and are preparing to submit additional information to FDA's Center for Veterinary Medicine in support of feline use. This work reflects the companies' shared commitment to advancing science-based nutrition solutions for both dogs and cats.

"This achievement underscores our long-standing commitment to science-led innovation in pet nutrition," said Dave Baloga, Executive Vice President, Science and Technology at Hill's. "Lamb Protein Yeast expands the range of science-backed nutritional options we can deliver, supporting our sustainability objectives while maintaining the rigorous nutritional standards for which Hill's is known."

The Hill's-Bond collaboration was first announced in 2021 with the goal of developing an alternative approach that meets the dietary needs of pets through established, science-based processes versus utilizing traditional animal protein ingredients. Key milestones along the way have included the successful commercial-scale production of Lamb Protein Yeast and the delivery of more than 25 metric tons to Hill's facilities for formulation, testing and regulatory evaluation.

Bond's precision fermentation platform uses optimized yeast cultures to produce proteins that are nutritionally comparable to those derived from conventional animal sources, providing a consistent, scalable and environmentally responsible protein source for pet food manufacturers.

With regulatory status for use in dog food, and work underway to support feline use, Hill's and Bond are moving into commercialization in the US market, translating years of joint development into real-world application.

About Bond Pet Foods

Bond Pet Foods is a biotechnology company developing animal proteins for pet nutrition using precision fermentation, enabling the production of high-quality, sustainable protein ingredients without the use of conventional animal agriculture.

About Agronomics

Agronomics is a leading London-listed company focused on investment opportunities within the field of clean food. The Company has established a portfolio of over 20 companies developing technologies that produce food and materials historically derived from animals, offering solutions for improved sustainability, human health, and food security.

A full list of Agronomics' portfolio companies is available at www.agronomics.im.

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