Yesterday 28th March, a press release was circulated and reported upon by vegconomist and other platforms regarding CULT Food Science’s Letter of Intent (LOI) to acquire the consumer brands and formulations of Because, Animals Inc. A statement has been received today to correct and update the situation as follows.
“Following a recent decision by pet food startup Because Animals Inc. to dedicate all resources to accelerate commercialization of its cultured meat technology, the company discontinued the sale of its nutritional yeast-based products in late 2022. Recently, the company agreed to sell these formulations and two provisional patents related to the discontinued products to its former co-founder, Joshua Errett,” reads the statement.
Dr. Shannon Falconer, CEO of Because Animals, comments: “Cultured meat is what our customers and future manufacturing partners have been asking us for, and this is what we’re prioritizing. The company’s strength is our scientific prowess, and since scientific innovation is key to bringing cultured meat to market, we made the decision to apply laser focus to achieving that feat and to divest ourselves of any and all non-core assets that were not required to realize that objective.
“We were surprised to see the announcement by CULT Food Science ‘CULT Food Science Announces Binding Letter of Intent to Acquire Because Animals Consumer Brands and Formulations’ as CULT was at no point involved in our divestiture, nor was Because Animals contacted by CULT prior to their publication. Although it’s not clear from their press release, the consumer brand ‘Because Animals’ was not acquired.
“Because Animals retains all of its intellectual property relating to cultured meat—which is our core business—and we are committed to revolutionizing the pet food industry with this technology.”