All G secures FDA "no questions" letter

DOUGLAS, ISLE OF MAN / 1 April 2026 - Agronomics (LSE: ANIC), a London-listed company focused on investment opportunities in the clean food sector, announces that its portfolio company, All G Co Holdings Pty Limited ("All G"), has completed the U.S. Food and Drug Administration's ("FDA") Generally Recognized as Safe ("GRAS") notification process for its precision fermented bovine lactoferrin.

All G has received a "no questions" letter from the FDA, confirming that the agency has no questions at this time regarding All G's conclusion that its recombinant lactoferrin is safe for use in food. This outcome enables the ingredient's commercialisation in the United States, a significant market for functional ingredients and dietary supplements.

All G is an Australian biotechnology company developing next-generation milk proteins using precision fermentation. Its lactoferrin product, marketed as LFX™, is intended for use in functional food and beverage applications, dietary supplements and early life nutrition. The company states that the ingredient is produced through a controlled fermentation process and purified to defined specifications, with analytical testing indicating purity levels in excess of 99.5%.

Agronomics considers this regulatory clearance an important step for All G, supporting near-term commercial activity in the United States and providing a broad reference point for precision fermented functional proteins. The development is consistent with Agronomics' strategy of investing in scalable, high-value ingredients with defined commercial pathways.

Jim Mellon, Executive Chair of Agronomics, said: "FDA clearance for All G's precision fermented lactoferrin is an important milestone for the company and for the broader precision fermentation sector. Regulatory validation of this kind reduces uncertainty around commercial deployment and supports the transition from technical development to revenue generation. All G operates in a category characterised by strong demand, constrained traditional supply and attractive pricing dynamics. We believe this outcome positions the company to establish itself as a supplier of high-value functional proteins to global nutrition markets."

Lactoferrin has an established history of use in the United States, including in infant formula, dietary supplements and functional foods. All G has indicated that the GRAS determination is expected to support its broader regulatory strategy, including future applications in early life nutrition and expansion into additional jurisdictions.

Agronomics first invested in All G in August 2022 and has subscribed a total of £8.9 million to date, which, subject to audit, is currently carried at approximately £7.4 million. This position represents around 5% of Agronomics' most recently reported Net Asset Value of £139.9 million as at 31 December 2025. Agronomics invested an additional AU$ 3 million in All G in January 2026 through a convertible loan. The Company will provide further updates as All G progresses toward commercial launch.

About All G

All G is an Australian biotechnology company developing next-generation human and bovine milk proteins using precision fermentation technology. The company is advancing a portfolio of recombinant proteins, including lactoferrin, to enable nutrition formulations with improved functionality, consistency and scalability.

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