LUXEMBOURG - Moolec Science SA (NASDAQ:MLEC), a company specializing in Molecular Farming technology, announced today that its genetically engineered soybean, Piggy Sooy™, has received a favorable Regulatory Status Review (RSR) from the Animal and Plant Health Inspection Service (APHIS) of the U.S. Department of Agriculture (USDA).
The USDA-APHIS concluded that Piggy Sooy™, which is designed to accumulate animal meat protein, does not pose an increased plant pest risk compared to non-engineered soybeans and therefore will not be regulated under APHIS's genetic engineering rules.
The approval marks a significant step for Moolec Science, which aims to offer the food manufacturing sector an innovative ingredient with a positive carbon and water footprint. Piggy Sooy™ adds porcine myoglobin to the standard soybean proteins, potentially providing a more sustainable and functional option for food producers.
In June 2023, Moolec announced that Piggy Sooy™ seeds had achieved high levels of expression of pork protein and had patented their technology. The company is currently engaged in a consultation process with the United States Food and Drug Administration (FDA), which is the next necessary regulatory step before Piggy Sooy™ can be commercially available.
Moolec's CEO & Co-Founder, Gastón Paladini, expressed pride in the team's achievement, which he believes aligns with the company's mission to address climate change and global food security. Chief of Technology & Co-Founder Martin Salinas also conveyed optimism about the future of Molecular Farming technology in the food industry, indicating that this milestone could accelerate its adoption.
Moolec Science is recognized as a leader in engineering plants with animal protein genes and has been developing its technology for over a decade. The company operates in the United States, Europe, and South America, with a growing international patent portfolio for its Molecular Farming technology.
This news article is based on a press release statement from Moolec Science.
InvestingPro Insights
As Moolec Science SA (NASDAQ:MLEC) advances with its groundbreaking Piggy Sooy™ soybeans, the company's financial health and market performance provide additional context for investors. According to InvestingPro data, Moolec Science has a market capitalization of 52.59 million USD, reflecting its position in the market. Despite the innovative strides in Molecular Farming technology, the company's financial metrics indicate challenges, with a negative P/E ratio of -8.17, suggesting that investors are currently valuing the company's earnings at a discount due to its lack of profitability.
InvestingPro Tips reveal that analysts are optimistic about Moolec's sales growth in the current year, which may be fueled by the recent USDA-APHIS approval and the potential for commercialization of Piggy Sooy™. However, concerns are noted with the company's cash burn rate and weak gross profit margins, at only 10.67% for the last twelve months as of Q2 2024. These factors could impact the company's ability to sustain operations without additional funding or revenue streams.
Moreover, the company has experienced a significant return over the last week with a 21.74% price total return, which may attract short-term investors looking for quick gains. Long-term investors, however, might be cautious as the stock has seen a substantial decline of 57.32% over the past year, suggesting volatility and potential risk.
For those interested in a deeper analysis, InvestingPro offers additional insights and metrics that could be crucial for making informed investment decisions. With the special coupon code PRONEWS24, users can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a wealth of InvestingPro Tips. Currently, there are 16 additional tips listed on InvestingPro for Moolec Science, offering a comprehensive view of the company's financial health and market potential.
Investors can keep an eye on Moolec's next earnings date, scheduled for May 29, 2024, which may provide further clarity on the company's trajectory and the impact of its recent regulatory success on its financial performance.
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