Luxembourg, Mar 13, 2024 – Moolec Science SA (NASDAQ:MLEC), a company specializing in science-based food ingredients that concentrates on creating animal proteins in plants using Molecular Farming technology, divulged its Business Update for the second quarter of Fiscal Year 2024 that concluded on December 31, 2023.
Key Points of Moolec’s Business Update:
### SOOY1 | Piggy Sooy™ Platform
The third generation (T3) soybean seed propagation has commenced, with the expectation of harvesting fourth generation (T4) seeds in April 2024. A molecular analysis demonstrated that the current T3 soybean population possesses a consistent number of porcine myoglobin gene copies, displaying stability without segregation.
### PEEA1
Moolec’s scientific team has validated the presence of the bovine myoglobin gene in pea seeds, illustrating its stable inheritance throughout plant generations.
### YEEA1
Moolec’s prototyping platform integrates a new yeast strain under development as a dietary supplement and food ingredient. Initial consultations with the US-FDA have commenced.
### Product Marketing
Moolec showcased the latest textured plant-protein prototypes from its industrial and commercial R&D center at Gulfood 2024.
### Financial Highlights
A Capital Raise of approximately $30M, comprising $10M in cash and around $20M in kind contributions, was achieved in October 2023 through strategic investors via a convertible note. An additional $1M was raised with farmers in December 2023. Revenues and other income (Ex-IAS 29) slightly decreased quarter-over-quarter to approximately $1.7M. R&D, administrative, and other expenses aligned with historical cost efficiency records. Operational cash utilization of approximately $4M included allocating about $2.7M to decrease accounts payable.
Gastón Paladini, Moolec Science’s CEO and Co-Founder, expressed his pride in the team’s progress in research, development, and product advancement this quarter, thanking the team and partners for their relentless support.
José López Lecube, Moolec Science’s CFO, emphasized the company’s financial stability, acknowledging the significance of strategic partnerships with farmers to secure funding and bolster product growth and commercialization prospects going forward.
### Conference Call
An upcoming Conference Call and Q&A session will feature a presentation accessible during the webinar.
To participate in the call, refer to the details below:
– **Date:** Wednesday, March 13, 2024
– **Time:** 08:30 AM Eastern Time (US and Canada)
– [**Link to join the webinar**](https://icrinc.zoom.us/j/92375922161?pwd=Qmt6NzdVUGNWaEhTT1NDOHU3Tjlydz09)
– **One tap mobile:** +13017158592,,92375922161#,,,,*888246# US
– **Dial In:** +1 301 715 8592 US | Webinar ID: 923 7592 2161
(Source: [ACN Newswire](https://en.acnnewswire.com/press-release/english/89532/))