Moolec Science (NASDAQ: MLEC) stock surged over 76% in the intraday trading Friday after the company secured regulatory approval for its plant-derived animal proteins.
Moolec Science (MLEC) announced a significant breakthrough on Monday as its genetically engineered soybean, Piggy Sooy™, received a favorable Regulatory Status Review (RSR) from the Animal and Plant Health Inspection Service (APHIS) of the U.S. Department of Agriculture (USDA).
Following a thorough evaluation, the USDA-APHIS determined that Piggy Sooy™ poses no increased risk compared to non-engineered soybeans and will not be regulated under APHIS’s genetic engineering rules. The approval marks a significant milestone for Moolec Science, positioning the company to introduce an innovative ingredient to the food manufacturing sector.
Piggy Sooy™ is designed to accumulate animal meat protein and incorporates porcine myoglobin into standard soybean proteins. This innovation promises a positive carbon and water footprint, offering a potential solution for food producers seeking sustainable and functional alternatives.
In June 2023, the biotech firm Moolec revealed that their Piggy Sooy™ seeds had successfully expressed high levels of pork protein and, that they had secured a patent for this innovative technology.
Meanwhile, the company is undergoing a consultation process with the United States Food and Drug Administration (FDA), the next crucial regulatory step before Piggy Sooy™ can hit the market.
Management Commentary
The CEO and Co-Founder of Moolec, Gastón Paladini, has proudly acknowledged the team’s accomplishment, a stride he sees as in line with the firm’s commitment to address climate change and global food security.
The Co-founder and Chief of Technology of Moolec Scie, Martin Salinas, has also expressed a positive outlook on the future of Molecular Farming technology within the food industry. He suggests that this significant milestone could potentially speed up its widespread adoption.
He added:
“Also, this compelling advancement signifies a stride in enhancing our operational efficiency, transforming our methods of raw material sourcing, and optimizing our downstream crushing and processing operations.”
Moolec Science (NASDAQ: MLEC) Stock Movement
At the time of this report, MLEC stock stands at $2.47, showing a 76.43% increase from the previous trading session. This week, it surged in value by 114.78%. Trading activity saw 78,333,746 (78.33 million) shares changing hands, surpassing the average daily volume of 70.51K.
Salman Akhtar is a finance, stocks, and technology journalist with years of experience across various news organizations. He has contributed his expertise to outlets such as 24NewsHD, TrimFeed, The Voice Pakistan, and TheTechBasic. Salman is passionate about making complex topics accessible to a broad audience. His dedication to delivering accurate and timely information has established him as a trusted voice in the industry. Read Full Bio
