Agronomics backs All G with fresh AU$3 million injection as precision-fermented lactoferrin nears market

Agronomics has announced an additional AU$3 million investment in its portfolio company All G on 15 January 2026, reinforcing its backing of the Australian biotechnology company as it prepared for commercial launches of animal-free lactoferrin in key global markets.

The investment was made through a note purchase agreement as part of a minimum AU$10 million funding round and was accompanied by the issue of new Agronomics equity. All G specialized in precision fermentation of human and bovine milk proteins, with a particular focus on lactoferrin, a high-value ingredient widely used in infant formula, clinical nutrition, functional foods, skincare, and animal nutrition.

Agronomics invested AU$3 million in All G via a convertible note as part of a minimum AU$10 million funding round.

The funding supported commercial-scale production, regulatory submissions, patent development, and geographic expansion.

Following the transaction, Agronomics’ total investment in All G reached approximately £8.9 million.

Agronomics disclosed that the AU$3 million investment, equivalent to around US$2.0 million, was structured through a convertible note instrument with a 24-month maturity and a 6% annual coupon. The notes were convertible into new shares of All G if the company completed a qualifying financing or exit within the term of the instrument. A 20% conversion discount applied if such an event occurred within 18 months, increasing to 30% if it occurred after 18 months. If no qualifying event took place within 24 months, the note would be redeemable unless a majority of noteholders elected to convert.

The consideration due from Agronomics under the agreement was satisfied through the issue of 10,026,375 new ordinary shares in Agronomics, each priced at 14.65 pence, reflecting the company’s net asset value per share as of 30 September 2025. Agronomics applied for the new shares to be admitted to trading on AIM, with admission expected on 21 January 2026.

Following the transaction, Agronomics’ total investment in All G stood at approximately £8.9 million, representing around 4.99% of its reported net asset value of £147.8 million. Upon admission of the new shares, Agronomics’ issued share capital increased to more than 1.05 billion ordinary shares, all carrying voting rights.

All G said the new funding would be used to support commercial-scale production, regulatory submissions, patent development, and business expansion across Asia and Europe. The investment came as the company prepared to bring its precision-fermented lactoferrin to market in both the US and China during the first quarter of 2026.

The Sydney-based biotech had already reached several regulatory milestones. In November 2024, All G became the first company globally to receive regulatory clearance in China for the sale of recombinant bovine lactoferrin. In January 2025, the company achieved self-affirmed Generally Recognized as Safe status in the USA for its animal-free bovine lactoferrin.

Lactoferrin is a naturally occurring milk protein known for its antimicrobial and immune-supporting properties, but traditional production relies on animal-derived sources and is constrained by cost and supply. All G’s precision fermentation approach allowed the protein to be produced without animals, a development the company said improved both environmental sustainability and supply consistency while reducing costs.

According to Agronomics, All G’s technology supported applications across multiple sectors, including infant and clinical nutrition, functional foods, skincare, and animal nutrition. The company described lactoferrin as a critical ingredient with growing demand, particularly in Asian markets.

The investment aligned with Agronomics’ broader strategy of backing companies developing technologies to produce food and materials traditionally derived from animals. The London-listed firm focused on cellular agriculture and precision fermentation investments, with a portfolio spanning more than 20 companies.

Agronomics said its investment strategy centered on supporting technologies that addressed sustainability, human health, and food security challenges by decoupling food production from animal agriculture. Precision fermentation had emerged as a key pillar of that strategy, particularly for high-value proteins where conventional supply chains faced economic or environmental constraints.

All G described itself as being at the forefront of precision fermentation for milk proteins, with a pipeline that included both bovine and human variants for use in medical, functional, and infant nutrition. The company said its focus on regulatory progress and early commercial launches differentiated it from many early-stage fermentation startups.

With regulatory clearances in place and commercial launches planned, the AU$3 million investment represented a step toward scaling production and expanding geographically rather than pure research and development. Agronomics said the funding would help All G accelerate its transition from regulatory validation to market execution.

The announcement underscored the continued investor interest in precision fermentation platforms capable of producing high-value ingredients at scale, particularly where regulatory pathways were becoming clearer in major markets such as the USA and China.