Food technology

Algenex Announces Entry into the Food Technology Market

PRESS RELEASE

Algenex Announcement ENTry in the FWell Jechnology MMarlet

Madrid, 21 March 2022Algenex, a leader in the production of alternative proteins, backed by Cleon Capital and Columbus Ventures, announces its expansion into the food tech market. The Company’s patented CrisBio® production platform can provide the essential biologics that are part of “growth media”, needed to produce cultured meat at lower cost and with greater scalability than any other technology.

Growth medium is the nutrient-rich liquid containing the essential ingredients cells need to grow. To realize its vision, Algenex intends to significantly increase its production capacity over the next 24 months by building an additional production plant.

It is currently estimated that growth media represent up to 95% of the cost of cultured meat. Algenex’s objective is to bring cultured meat prices closer to parity with conventional meat by significantly reducing the cost of inputs. Cultured meat is expected to capture 20-40 million tonnes of global animal protein consumption by 2035, implying a total market value of €350 billion.

This breakthrough will allow Algenex to continue to realize its vision of sustainable development. Protein production must change rapidly, in order to meet the United Nations’ sustainability goals, which recognize the need to tackle climate change and world hunger.

José Escribano, CSO, said: “We are solving a simple problem. Growth media are currently too expensive for cultured meat. Our technology platform harnesses the power of nature to provide the essential ingredients the industry needs, at affordable prices. We will be the industry disruptor that makes alternatives to conventionally produced protein a reality for consumers.

Algenex’s technology platform was originally developed for the production of proteins for the healthcare industry, a highly regulated market. The European Medicines Agency (“EMA”) and the UK Veterinary Directorate granted marketing authorization for a vaccine that incorporates CrisBio® technology in 2021, and the company currently operates a pharmaceutical grade facility in Madrid (Spain).

For more information, please contact:

Contact Algenex
Virginia Gonzalez
CFO
[email protected]

About Algenex

Algenex is a biotech company backed by Cleon Capital and Columbus Venture Partners that develops disruptive baculovirus-based technologies for the production of recombinant biologics. Algenex’s first two platforms, TopBac® and CrisBio®, are based on baculovirus-based expression systems and have demonstrated the ability to transform recombinant protein production through a process that offers near-limitless linear scalability and immediate manufacturing, production flexibility, simplicity and versatility while being extremely cost effective. The company’s technology is highly applicable to a wide range of commercial product classes in human and animal health.

Algenex has successfully produced more than 200 molecules in collaboration with public and private partners, including several international pharmaceutical companies, including VLPs, monomeric vaccines, single domain antibodies, hormones, enzymes, growth factors and diagnostic reagents.

For more information, visit http://www.algenex.com