Pioneering Precision Fermentation: Onego Bio's Transformative Egg Protein Solution

In a groundbreaking move, Onego Bio, a US and Finnish-based precision fermentation company, has secured a remarkable €14 million (.2 million) in funding from the European Innovation Council Accelerator Program, along with additional Series A investors. This latest funding round, which brings the company's total funding to an impressive €65 million (.8 million), underscores the immense potential of Onego Bio's innovative animal-free egg protein replacer, Bioalbumen.

Revolutionizing the Future of Sustainable Protein Production

Pioneering Precision Fermentation Technology

Onego Bio's journey began in 2022 when it was founded by Maija Itkonen and Christopher Landowski as a spinoff from VTT, the Technical Research Center of Finland. The company's mission is to revolutionize the way we produce protein by harnessing the power of precision fermentation. Through this innovative technology, Onego Bio has developed Bioalbumen, an animal-free egg protein that closely mimics the properties of the protein found in chicken egg white, known as ovalbumin.Bioalbumen is a game-changer in the world of sustainable protein production. Boasting a protein digestibility score (PDCAAS) of 1.0 and an impressive 90 grams of protein per 100 grams, this revolutionary product offers a viable alternative to traditional egg-based proteins. The company's patented fungal fermentation technology allows for the production of this bioidentical protein, paving the way for a more sustainable and environmentally-friendly future.

Accelerating Global Expansion and Regulatory Approval

With the recent funding, Onego Bio is poised to accelerate its go-to-market strategy in both the United States and the European Union. The company is focused on scaling up its industrial-level production capabilities and expanding its commercial team in the US market. Additionally, Onego Bio is working diligently to secure regulatory approval from the European Food Safety Authority, ensuring that its innovative product meets the highest standards of safety and quality.Recognizing the importance of regulatory approval, Onego Bio is also aiming to submit a Generally Recognized as Safe (GRAS) notice to the Food and Drug Administration this year, with the goal of receiving a "no questions" letter from the FDA in 2025. This strategic move will further solidify the company's position in the global market and pave the way for widespread adoption of its revolutionary egg protein solution.

Addressing Sustainability and Food Security Challenges

Onego Bio's success in securing the European Innovation Council Accelerator Program funding is a testament to the company's vision and the potential of its innovations. Maija Itkonen, the co-founder of Onego Bio, emphasizes the significance of this achievement, stating, "The new funding and immense support from our investors demonstrates their confidence in our vision and the potential of innovations like Bioalbumen to build a more sustainable system."The company's commitment to addressing sustainability issues and enhancing food security in Europe and worldwide is at the heart of its mission. Bioalbumen's ability to provide a high-quality, animal-free alternative to traditional egg proteins aligns with the growing demand for more sustainable and environmentally-friendly food solutions.

Navigating the Regulatory Landscape

While Onego Bio's progress is undoubtedly impressive, the company acknowledges the challenges posed by the regulatory environment. Itkonen highlights the need for accelerated regulatory approval processes, stating, "To remain competitive and fully capture the potential of exceptional European research and innovation, the regulatory approval process must be accelerated, as the EU currently lags behind other regions in this area."This call for streamlined regulatory approval underscores the importance of creating a supportive ecosystem that fosters innovation and enables companies like Onego Bio to bring their transformative solutions to market more efficiently. As the company continues to navigate the regulatory landscape, it remains committed to driving positive change and contributing to a more sustainable and food-secure future.