August 16, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Boston-based GreenLight Biosciences develops sustainable solutions for some of the world’s most challenging issues through RNA-driven products for agriculture and life sciences applications.

RNA is the oldest molecule on the planet that controls the biological processes of all living things. And while RNA-based products in relation to plant and life sciences have been in existence for a while, it has not been until now that they are commercially viable, thanks to GreenLight’s breakthrough of being able to rapidly and affordably produce RNA at scale through its novel, cell-free bioproduction platform.

This platform is capable of producing RNA sequences of exceptional fidelity in a fully-scalable fashion, and at a lower cost than other platforms, all done in an environmentally-friendly, sustainable manner.

Andrey Zarur, co-founder and CEO of GreenLight Biosciences, explained to GAI News in a interview in June 2020 that the products developed by the company do not involve genetic modification, but rather target unwanted pests to a competitive level of control and cost competitiveness and do it in a much safer and sustainable way. 

“Cell-free bioproduction was a critical breakthrough in making RNA-based pest controls commercially viable. Most pesticides sprayed on crops today kill not only the target pest, but also many non-target pollinators and beneficial insects,” Zarur told GAI News. 

“Consider that in just one acre of farmland there are approximately 10 million individual insects, but just a tiny percentage of these bugs will eat your crop. Yet so many of them are impacted with today’s conventional methods.”

Not only is GreenLight making RNA solutions more available, they are doing it more affordably too. The company explained that typically the cost of RNA for the development of agricultural biocontrols has ranged from $100 – $10,000 per gram. However, GreenLight’s patented, cell-free bioprocessing platform can produce targeted RNA products at a significantly lower price point, making commercialization a reality.

The vast potential represented here gained the company $122 million in funding over the span of only two months in 2020 before the company went public in August 2021, when it merged with special purpose acquisition company (SPAC) Environmental Impact Acquisition Corp. to list on the Nasdaq at a valuation of $1.2 billion. 

Now, GreenLight announced a private placement of approximately $109 million that the company stated will enable it to deliver the first-ever externally applied RNA for crop protection. 

Participating investors included S2G Ventures, BNP Paribas Ecosystem Restoration Fund, Continental Grain Company, Cormorant Asset Management, the Cummings Foundation, Fall Line Capital, the FTX Foundation, Insud Pharma, Morningside Venture Investments, Rivas Capital, Sigmas Group, SymBiosis, and select directors and executive officers of GreenLight.

“We are grateful for the support, conviction, and trust of our returning investors,” said Zarur. “We are also delighted to welcome new investors who have decided to join GreenLight in our mission to feed the world and keep it healthy.”

“This funding enables our delivery of the first-ever externally applied RNA for crop protection,” Zarur continued. “ In the coming months, we anticipate EPA approval and launch of Calantha™, our solution for control of the Colorado potato beetle. Later this year, we plan to make a regulatory submission of our solution targeting varroa mites, which are decimating honeybee colonies around the globe.”

Recently, Zarur noted, the company has also manufactured mRNA at scale with Samsung Biologics and has forged partnerships to develop vaccines with the Vaccine Research Center at the National Institute of Health and with The Serum Institute of India. And in the near future will be developing vaccines for COVID-19 and shingles. 

With the capital from this private placement, GreenLight stated it intends to finance the advancement of its R&D and commercial programs, and as working capital for general corporate purposes. Combined with current cash reserves and cash equivalents, this funding is expected to be sufficient to support operations through the first half of 2023. 

Meanwhile, the company stated that it continues to explore a range of opportunities for extending its cash runway, including management of program spending, platform licensing collaborations, and potential financial activity. 

~ Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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