11:58 AM EDT, 07/15/2024 (MT Newswires) -- Moolec Science ( MLEC ) said Monday it entered into an offtake agreement with a unnamed global consumer packaged goods and pet food company for the use of its patented omega 6 oil product Glaso.

The initial three-year deal covers the delivery of Glaso in the US starting with a 2025 estimated volume of 50 tons of the oil extracted from bioengineered safflower seeds, Luxembourg-based Moolec said.

The company said its oil product, which is rich in gamma linolenic acid concentration, continues to be included in various diets in the form of a dietary supplement, as well as cosmetics and pet food.

Moolec said it also signed binding agreements with safflower farmers to ensure steady supply and an "industrial partner" to secure downstream capacity.

Moolec didn't disclose the terms and the parties involved.

Shares of Moolec tumbled more than 18% in recent trading.

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