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.
