REG - BSF Enterprise PLC - FOODTECH Joint Venture with CellRev

BSF EnterpriseAnnouncement

08/12/2023 07:00

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RNS Number : 0881W  BSF Enterprise PLC  08 December 2023

8 December 2023

BSF Enterprise PLC

("BSF" or the "Company")

 

FOODTECH Joint Venture with CellRev

 

BSF (LSE: BSFA), (OTCQB: BSFAF), the Main Market listed biotech company and
owner of pioneering UK-based tissue engineering company 3D Bio-Tissues (3DBT)
and corneal tissue replacement company Kerato, has entered into a Terms Sheet
for an exclusive Joint Venture with CellulaRevolution Ltd (CellRev), a leader
in continuous cell manufacturing , to help develop a new Foodtech company
focused on developing, and offering to the market, an end to end solution for
manufacturing cultivated meat at scale

 

The Joint Venture, Cultivated Meat Technologies Limited (CMT), will combine
CellRev's continuous bioprocessing expertise, that can facilitate faster,
cheaper and more sustainable production of muscle cells, with 3DBT's leading
knowhow in forming meat tissue and its City-Mix™ animal-free cell culture
supplement. City-Mix™ is  already used in the growth of  skin, muscle and
fat cells for use in cultivated meat. The aim of CMT is to provide the market
with the premier platform for manufacturing cultivated meat in a scalable and
cost-competitive manner.

 

The Joint Venture will develop a harmonised technology offering with a focus
on both upstream and downstream processes, to provide scale-up capabilities
for cultivated meat production, addressing what is a significant challenge for
the growth of the industry. CMT will seek to deliver this through licencing
agreements with established meat-producers that can provide production
know-how, capital allocation and supply chain relationships. It will also work
to establish strategic partnerships with local distributors and retailers to
ensure efficient distribution and market penetration.

 

Initial activities of CMT will include the development of the processes and
technology necessary to showcase meat fillets manufactured in a scalable
manner that can translate into a mass production facility. Alongside
technology development, CMT will be focused on establishing key partnerships
to assist with the production of the cultured meat feedstock and supply of
product into the existing supply chain for portioning, packaging and
distributing to traditional markets across Europe, the US and Asia.

 

BSF will seek to finalise the legal terms of the Joint Venture with CellRev
and form CMT in the coming months. The Company will provide a further update
on the development of CMT in Q1 2024, setting out its strategy for the
financial year.

 

Chris Green, CEO of CellRev, said: "Cultivated Meat is at the cutting edge of
alternative protein production, but as with anything this nascent, the
scale-up and cost challenges are existential and only through true
collaboration and open innovation will we find the solutions. We have observed
the early success of 3D Bio tissues with great interest and believe that by
combining our knowhow and technology offering, we can offer the market one of
the most scalable production platforms currently available."

 

Che Connon, Managing Director of BSF, said: "The biggest challenge we face in
addressing climate change, securing food security and ensuring animal welfare
is scaling the production of cultivated meat products for a growing global
mass market. This Joint Venture with our key partner, CellRev, will combine
technological expertise, manufacturing capability and capital allocation to
begin producing environmentally sustainable and high-quality meat products for
the wholesale market."

 

 

For further enquiries, please visit www.bsfenterprise.com
(http://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)  020 3757 6882

 Bob Huxford                             BSF@secnewgate.co.uk

 Elisabeth Cowell

 George Esmond

 

ISIN of the Ordinary Shares is GB00BHNBDQ51

SEDOL Code is BHNBDQ5.

 

 

Notes to Editors

 

About BSF

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 and successfully produced the UK's first
high-quality lab-grown meat from its laboratory in Newcastle in 2023.

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.

About CellRev

CellRev is a pioneer in the field of continuous biomanufacturing having
developed a truly scalable adherent cell processing platform for research and
manufacturing of cultivated meat. The company's patented platform is an
industry-first, facilitating faster, cheaper and more sustainable production
of cellular products.

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