Agronomics investment in CellX converts to equity

Alternative proteins and cultivated meat company Agronomics announced on Friday that its portfolio company CellX had completed its seed financing round.

The AIM-traded firm invested $50,000 in CellX in December 2020, in the form of a ‘simple agreement for future equity’ (SAFE).

Under that agreement, the SAFE had now been converted at the valuation cap, divided by the company capitalisation.

Subject to audit, Agronomics would now carry the position forward at a book value of $0.3m, representing a 500% uplift and an internal rate of return of 4,481%.

Following conversion, Agronomics now held 230,681 preferred shares.

“CellX is a China-based cellular agriculture company working to revolutionise agriculture by creating clean meat products using cell culturing and 3D bioprinting technologies,” Agronomics explained in its statement.

“Its goal is to provide a sustainable source of animal protein, while advancing human health and improving animal welfare.”

At 1310 BST, shares in Agronomics were down 2.74% at 24.8p.