Moolec Science Presents Third Quarter FY 2023 Business Update

LUXEMBOURG / ACCESSWIRE / May 30, 2023 / Moolec Science SA (NASDAQ:MLEC) a science-based food ingredient company focused on producing animal proteins in plants through Molecular Farming, today reported its business update for the third quarter of Fiscal Year 2023 ended March 31, 2023.

Foto: Accesswire

The main highlights of the Company's business update are as follows:

• On January 3, the Company started trading on Nasdaq under tickers "MLEC" for the common shares, and "MLECW" for the Company's warrants.
  
• Progress in the company's R&D and Regulatory front is on track:
  • Meat replacement (YEEA) scaled-up in R&D stages and new meat proteins were successfully expressed.
  • Meat replacement product pipeline made significant scientific progress to produce animal proteins in plant hosts.
  • Regulatory clearance from USDA-APHIS for Molecular GLA safflower plants was achieved.
  • Molecular Safflower seed multiplication progress is on track based on the company's internal schedule. Expression levels in GLA were approximately 60%, 10% above expectations.
• Integration of downstream and upstream capabilities:
  • Moolec acquired plant-based ingredient capabilities to consolidate Molecular Farming Technology.
  • The company has recently signed a Memorandum of Understanding (MOU) with Bioceres Crop Solutions (NASDAQ: BIOX) for up to 20.000 tons of Sustainable HB4® soybean as working capital, payable with common shares or cash in 3 years.

"We are very pleased to update the market for the first time as a public company, as the pioneer Molecular Farming Food-Biotech company in public markets. I want to thank our entire team for their unwavering commitment in building a category creator in the food industry. We look forward to continuing our journey in building a more resilient and sustainable food system for the good of the planet," stated Gaston Paladini, Chief Executive Officer, Chairman, and Co-Founder of Moolec Science. "We have been able to deliver very important scientific, operational, and regulatory milestones, as well as business and financial progress, in a very short period of time. Proud of Moolec´s Team, the Moolers!" also added.