REG - BSF Enterprise PLC - City-Mix Commercial Progress Update

BSF EnterpriseAnnouncement

06/03/2023 07:00

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RNS Number : 8968R  BSF Enterprise PLC  06 March 2023

6 March 2023

BSF Enterprise PLC

("BSF" or the "Company")

 

City-Mix(TM) Commercial Progress Update

Significant Interest from Target Market and First Customer Secured

 

BSF Enterprise plc (LSE: BSFA), an investment company focused on unlocking the
next generation of biotech solutions, provides an update on the progress of
City-Mix(TM), the flagship commercial product of its wholly owned subsidiary
3D Bio Tissues (3DBT).

3DBT's City-Mix(TM) is a patented non-toxic culture media supplement that acts
as an effective "cell booster." It is composed of a specific formulation that
facilitates a process called macromolecular crowding which has a number of
advantages over traditional media used in the production of cultivated meat.

These include higher yields; the need for fewer expensive supplements; the
removal of the need for plant-based structures resulting in a product that is
pure meat; and the elimination of animal- derived serum, such that no animals
suffer in the production of the cultivated meat.

A number of commercial opportunities have arisen for 3DBT since designing and
implementing its Go To Market plan for City-Mix(TM) in the last quarter of
2022, and notably, 3DBT has secured its first agreement after completing a
successful evaluation of City-Mix(TM).

 

3DBT has engaged with over 60 Cellular Agriculture companies of which 26 have
progressed to new business opportunities, representing a 43% conversion rate.
From these 26 business opportunities, 22 product evaluations are already
underway with a view to incorporating City-Mix(TM) into cultured media
formulations. A further two companies have also completed successful
evaluations and are expected to begin purchasing the product in April 2023.

 

As well as Cellular Agriculture companies, which are involved in the
production of cultured meat, leather and media, 3DBT has identified two other
key target markets. These are Biotech Companies, such as those working in gene
therapy, stem cells and regenerative medicine; and Life Sciences companies and
academia, which research the above disciplines.

 

3DBT has identified appropriate sales channels for each market, with a direct
sales model being adopted for Cellular Agriculture companies. An indirect
sales model is the preferred approach for the Biotech and Life Sciences
markets and 3DBT is currently engaging with appropriate distributors in the
UK, France, Canada, Australia, Switzerland, Italy and the Netherlands.

 

In order to be ready to serve these opportunities the Company has now more
than doubled its lab production space to 2,400 sq ft and validated its
City-Mix™ production and quality control processes. Current production
capacity is 2,500 litres per year and 3DBT will continue to scale production
alongside publicly announced planned commercial increases in bioreactor size
in the Cellular Agriculture industry.

 

Che Connon, Chief Executive of 3DBT, said: "Our flagship City-Mix(TM) product
has achieved significant commercial progress in the short time since we
implemented our Go To Market strategy. City-Mix(TM) is a truly differentiated
product, with key advantages over traditional media supplements. These include
the ability to produce pure meat without a plant-based scaffold to provide
structure. Moreover, it is a serum-free media, meaning no animal suffers in
the production of the cultivated meat. We are therefore confident in its
continued rapid uptake by industry participants, which will only accelerate as
we open up indirect sales channels across key global markets."

 

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

 BSF Enterprise PLC                       Via SEC Newgate below
 Geoff Baker - Non-Executive Director

 Che Connon - Executive Director

 Shard Capital (Broker)
 Damon Heath                              0203 971 7000

 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 aims to
produce the UK's first high quality lab-grown meat from its laboratory in
Newcastle the next 12 months, 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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