TIDMBSFA
RNS Number : 9342L
BSF Enterprise PLC
11 September 2023
11 September 2023
BSF Enterprise PLC
("BSF" or the "Company")
Strategic Update
BSF (LSE: BSFA), (OTCQB: BSFAF), the Main Market listed biotech
company and owner of pioneering UK-based clinical and cellular
agriculture company 3D Bio-Tissues (3DBT), is pleased to provide an
update on its strategic priorities for the next six to nine
months.
BSF Strategy
BSF's core strategy is to drive the development of lab-grown
tissues, through acquiring, investing in, or developing joint
ventures with the most promising companies from across the
industry. In doing so BSF intends to create an environment in which
its portfolio of companies can flourish and collaborate, thereby
accelerating their progress, potential and time to market.
BSF has acquired expertise in lab-grown tissue and 3DBT has
solved some of the most difficult challenges in the industry,
including developing the UK's first lab-grown pork fillet. BSF's
management team will continue to further leverage this expertise by
identifying, investing in and supporting new target companies and
taking an active role in their development; a hands-on approach
that sets BSF apart from many of the companies investing in the
industry.
Further, BSF plans to open a subsidiary that will focus on
developing the processes necessary to manufacture lab grown tissue
in a mass production facility. The Company will look to develop
systems to expedite the production of the cultured meat feedstock
and supply the product material to target manufacturers. This will
help improve the supply chain for portioning, packaging, and
distributing cultivated meat to the traditional market.
As BSF's plans progress, it will announce further strategic
updates establishing milestones toward reaching the desired goal of
manufacturing, at scale, meat ready for supermarket shelves.
In addition, BSF recently established a presence in Hong Kong to
provide ease of access to the Greater China market, which is
responsible for more than a quarter of global meat consumption.
Furthermore, its Ministry of Agriculture and Rural Affairs has
included cultivated meat in its blueprint for food security in its
official five-year agricultural plan. BSF is currently in the
process of hiring Research & Development and sales and
marketing specialists in Hong Kong to help develop distribution
networks and manufacturing partners in China. The Company is fully
financed to deliver on its expansion plans to help progress its
commercial objectives and has the ability to secure grant funding
to cover staff and premises cost in some of these areas, as it has
previously.
3D Bio-Tissues ("3DBT")
3DBT's management team is focused on progressing a number of
strategic workstreams to add to its revenue.
The company, which is 100% owned by BSF Enterprise, aims to
build on the positive commercial progress it has made in H1 2023,
in which it signed up new distributors and suppliers of its
flagship cell boosting media supplement, City-Mix (TM), while
continuing the scientific development of this groundbreaking
technology.
3DBT's commercial priorities are to:
-- Continue to build its presence internationally. The BSF new
offices and planned hires in Hong Kong will enable 3DBT to progress
its go-to-market strategy, developing a distribution network in
China sell its City-Mix(TM) product across the cultivated meat
market. 3DBT will also target the booming Chinese biotech industry,
working with companies in gene therapy, stem cells and regenerative
medicine, as well as Life Sciences companies and academia.
-- Sign further collaboration agreements with cultivated meat
producers to license City-Mix (TM) and to foster new relationships.
This follows on from the three companies announced in H1 2023 that
have begun purchasing the product to be used in media production.
3DBT is currently in collaboration discussions with a range of meat
companies in respect to incorporating City-Mix (TM) in their media
formulation to lower recombinant protein costs and facilitate
structured product development. This is the next stage of
development for many cultured meat companies.
-- Increase its distribution channel partners, targeting the
Bio-Pharmaceutical market to build its international coverage. The
company's first distribution partner Benzol - a world leader in the
science distribution sector - was confirmed earlier this year to
access the German market.
-- Deliver on the terms of its first PoC contracts for
cultivated leather and corneas. 3DBT is also engaging with several
new commercial prospects across the cultivated leather
industry.
To support its commercial objectives across its defined
verticals (cultivated meat, cultivated leather and corneas), 3DBT
will continue its product development programme for City-Mix (TM)
with a particular focus on improving the thickness and density of
each end product. This is in order to address key objectives for
its respective markets, including enhancing the taste and texture
of cultivated meat products and developing the thickness and size
of its cultivated leather products.
Operational Expansion
To support its commercial and research objectives, 3DBT plans to
make several new technical and sales hires in the UK to help
accelerate progress across both research and development and
commercial prospects for its different products.
Che Connon, Chief Executive of 3DBT and Managing Director of
BSF, said : "BSF has made huge progress in its first year as a
listed company, with 3D Bio-Tissues achieving significant technical
and commercial milestones. We have a clear plan and are well funded
to continue this momentum in the coming year by increasing sales
and driving the development of our flagship City-Mix (TM) product .
We intend to add additional growth through the creation of a
collaborative ecosystem of tissue engineering companies, through
M&A and partnerships, and we are extremely excited about the
opportunities this will afford us as we continue to grow our
commercial presence across the industry."
For further enquiries, please visit www.bsfenterprise.com or contact:
BSF Enterprise PLC Via SEC Newgate
below
Geoff Baker - Executive Director
Che Connon - CEO & Director
Shard Capital (Broker)
Damon Heath 0207 186 9000
Isabella Pierre 0207 186 9927
SEC Newgate (Financial Communications)
Bob Huxford 020 3757 6882
Elisabeth Cowell BSF@secnewgate.co.uk
George Esmond
ISIN of the Ordinary Shares is GB00BHNBDQ51
SEDOL Code is BHNBDQ5.
Notes to Editors
BSF Enterprise PLC (BSF) is focused on unlocking the next
generation of biotechnological solutions - using cell-based tissue
engineering to help generate cultured meat, lab-grown leather, as
well as human corneas, collagen growth and skin substitutes, as
part of a radical transformation to deliver sustainable solutions
across a variety of sectors.
It owns 100% of 3D Bio-Tissues (3DBT), a tissue engineering with
patent-protected IP that is already producing human corneas for
testing to help restore vision to millions of people. Building on
this success, it aims to produce the UK's first high quality
lab-grown meat from its laboratory in Newcastle, transforming the
meat-production industry towards an ethical and sustainable
practice.
BSF aims to deliver growth to shareholders through the continued
commercialisation of 3DBT's IP, which has multiple applications, as
well as through M&A. It aims to acquire a suite of technologies
that underpins the development of tissue templating for corneas,
meat and leather, and license out the IP to manufacturers,
wholesalers and distributors to help manufacture the products at
scale.
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