REG - BSF Enterprise PLC - Commercial Progress Update

BSF EnterpriseAnnouncement

22/05/2023 07:00

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RNS Number : 1137A  BSF Enterprise PLC  22 May 2023

 

22 May 2023

BSF Enterprise PLC

("BSF" or the "Company")

 

City-Mix(TM) Commercial Progress Update

 

BSF (LSE: BSFA), a 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 Ltd ("3DBT"), has secured its
first distribution agreement and three new customers for its patented
City-Mix(TM) supplement. City-Mix(TM) is 3DBT's proprietary culture media
booster that provides numerous advantages over traditional media used in
cellular agriculture.

 

3DBT has entered into direct sales agreements with two lab-grown meat
companies and one biotech company. These are intial sales and revenues are
expected to be relatively small at this early stage but should grow over time.
However, this is an important milestone for the Company providing an excellent
reference while highlighting the quality of our product.

 

Evaluation of City-Mix(TM) is ongoing with numerous Cellular Agriculture
companies across 12 countries, and 3DBT is progressing plans to roll-out a
web-based sales channel for City-Mix™ in the coming months to facilitate its
direct sales model. This is the Company's preferred approach to penetrating
the Cultivated Meat market. This will include links to suppliers, FAQs and
companion documentation, datasheets.

 

In addition, 3DBT has made positive progress in building its indirect sales
network, which is preferable for the Biotech and Life Sciences markets, with
the Company securing its first distribution partner, Abacus dx. Abacus dx is
owned by Diploma PLC and covers Australia, New Zealand and Fiji.  The sales
agreement with a biotech business announced today is located outside of these
territories and was therefore secured directly. 3DBT has additional European
distribution partners in its near-term pipeline, which will further expand its
geographic reach.

 

Lab-grown Leather Update

 

Further to our announcement on 15 May 2023 outlining our Lab Grown Leather
Update we wish to state that we have entered a contract with a leather company
to test and develop lab-grown animal skin for leather production, although the
terms of the contract are highly confidential at present. We will update the
market as and when further projects are defined.

 

Che Connon, Chief Executive of 3DBT, said: "We are delighted with the
considerable commercial progress we have achieved with our flagship
City-Mix(TM) product in such a short space of time. This is testament to the
true differentiation of our product, which delivers higher yields over
traditional media and requires fewer expensive supplements, resulting, in
combination with our tissue templating knowhow, in a product that is pure
meat. In addition, City-Mix(TM) eliminates the need for animal-derived serum,
meaning that cultivated meat is produced without any animals suffering in its
production."

 

 

 

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

 Geoff Baker - 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

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

 

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 cultivated 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 Ltd (3DBT), a tissue engineering company with
patent-protected IP that is already producing human corneas that will 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
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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