REG - BSF Enterprise PLC - 3D Bio-Tissues receives EUR612,000 grant

BSF EnterpriseAnnouncement

18/09/2023 07:00

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RNS Number : 6803M  BSF Enterprise PLC  18 September 2023

18 September 2023

 

BSF Enterprise PLC

("BSF" or the "Company")

 

3D Bio-Tissues receives EUR612,000 grant

 

BSF Enterprise, an investment company focused on unlocking the next generation
of biotech solutions and the development of lab-grown tissues, is pleased to
announce that its 100% owned subsidiary, 3D Bio-Tissues ("3DBT"), has been
awarded a EUR612,000 grant from the European Institute of Innovation and
Technology ("EIT Food") to upscale the production and sales of its proprietary
serum-free media, City-Mix™.

 

EIT Food, co-founded in partnership with the European Union, aims to drive the
production of cultivated meat, reduce the cost of cultivated meat production,
and accelerate its commercialisation. This is the second grant awarded by the
leading food innovation organisation and follows 3DBT's participation in the
Cultivated Meat Innovation Challenge, which is aimed at solving the biggest
barriers to cultivating meat at scale and is backed by the international
nonprofit the Good Food Institute. Awarded following a rigorous and highly
competitive application process which saw only three companies selected from
many applicants, this grant award is a strong endorsement of City-Mix™ and
the 3DBT team's work. The evaluating panel was comprised of some of the most
renowned experts in the cultivated food industry. It brings the total amount
of grant funding from EIT Food to EUR712,000.

 

As outlined in the Company's Strategic Update on 11 September 2023, 3DBT plans
to expand its sales team following the positive reception that City-Mix™ has
received in the market to date. The grant will be used to fund this, enabling
3DBT to implement its business strategy in diverse markets and establish
additional procurement, manufacturing, and/or distribution partnerships for
sustained revenue growth. It will also be used to increase the manufacturing
capacity for City-Mix™ and for development of the product range.

 

City-Mix™ is an animal-free cell growth agent for culturing skin, muscle and
fat cells for use in cultivated meat and leather production. It aims to
maximise the effectiveness of using animal-free culture media, reduce the
reliance on animal protein components in meat products, and lower the cost of
production for manufacturers. The supplementation of chemically defined,
serum-free culture media with these ingredients helps reduce the need for
expensive growth factors, and leads to increased cell proliferation, higher
biomass production yields, and reduced media costs.

 

Che Connon, Chief Executive of 3D-Bio Tissues, said: "To have received this
grant on the back of a competitive process is a very positive endorsement of
our flagship product and business strategy. This funding will fuel our growth
without diluting our shareholders. As outlined in our strategic update, we
have a clear strategy to achieve international growth and with these funds in
hand we are well positioned to implement."

 

For further enquiries, please visit www.bsfenterprise.com or contact:

 

 

-Ends-

 

For further enquiries, please visit www.bsfenterprise.com
(http://www.bsfenterprise.com/)  or contact:

 BSF Enterprise PLC                         Via SEC Newgate below
 Che Connon - CEO & Executive Director

 Geoff Baker - Executive Director

 Shard Capital (Broker)
 Damon Heath                                0203 971 7000

 Isabella Pierre                            0207 1869 927

 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 to help restore
vision to millions of people. Building on this success, it has produced the
UK's first high quality lab-grown meat from its laboratory using its
technology.

 

BSF aims to deliver growth to shareholders through the continued
commercialisation of 3DBT's IP, which has multiple applications, as well as
acquiring complementary businesses. 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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