Novo Holdings Leads US$21M Series A Financing in BIOMILQ

- Funds will be used to support the development of pioneering mammary biotechnology to bring a novel infant feeding option to market that better meets infants' nutritional needs

- Syndicate includes leading clean tech and food tech investors

COPENHAGEN, Denmark, Oct. 20, 2021 /PRNewswire/ -- Novo Holdings, a leading international life science investor, today announces it has led the US$21 million Series A financing in BIOMILQ, Inc. ("BIOMILQ"), a first-of-its-kind mammary biotechnology company.

BIOMILQ is developing a novel infant feeding option, derived from human mammary cells, to better meet infants' nutritional needs and with a lower carbon footprint than traditional bovine-based infant formula. Earlier this year, BIOMILQ announced it had successfully produced a milk product with many of the same macronutrients that are known to be abundantly present in breastmilk in its lab based in Research Triangle Park in North Carolina, US.

In the US, it is estimated that 75%¹ of women are unable to exclusively breastfeed for the six months after birth as recommended by the American Academy of Pediatrics and the World Health Organization. Breastfeeding can be difficult due to latching issues, birth complications, discomfort or pain, exhaustion, inadequate milk supply, amongst other reasons. Alternative supplements, such as bovine-based infant formula, can lack the nutritional and bioactive composition found in breast milk. BIOMILQ's technology and solutions can be transformative in the field of infant nutrition, a market with a significant need for innovation.

Kartik Dharmadhikari, Partner at Novo Growth and BIOMILQ Board Director, said: "Our mission is to make a growing and positive impact on health, science and society. We are delighted to support BIOMILQ through its journey pioneering mammary biotechnology. Its products have the potential to disrupt the infant supplemental feeding industry. We aim to use our scientific knowledge, operational expertise and global network to further strengthen the Company's ability to improve lives."

Michelle Egger, Chief Executive Officer and Co-Founder of BIOMILQ, added: "We are very pleased to have such experienced investors in our Series A financing. Novo Holdings, as a leading international life science investor, lends significant market experience and technical knowhow to BIOMILQ's mission to nourish healthier infants, empower parents through choice, and contribute to a healthier planet."

The investor syndicate was led by Novo Holdings, with participation from Breakthrough Energy Ventures, Blue Horizon, Spero Ventures, Digitalis Ventures, Green Generation Fund and Gaingels.

About Novo Holdings A/S

Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation's assets. Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: www.novoholdings.dk.

About BIOMILQ

BIOMILQ's mission is to close the nutritional gap between infant feeding options. In June 2021, BIOMILQ announced its capability of producing a milk product, derived from human mammary cells, that has macronutrient profiles that closely match the expected types and proportions of proteins, complex carbohydrates, fatty acids and other bioactive lipids that are known to be abundantly present in breastmilk.

¹ "Breastfeeding Among U.S. Children Born 2011–2018, CDC National Immunization Survey." Centers for Disease Control and Prevention, n.d. https://www.cdc.gov/breastfeeding/data/nis_data/results.html.