REG - BSF Enterprise PLC - KERATO LIMITED SIGNS WITH QUEBEC PSO GRANT

BSF EnterpriseAnnouncement

19/01/2026 07:00

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RNS Number : 3325P  BSF Enterprise PLC  19 January 2026

19 January 2026

BSF Enterprise PLC

 

KERATO LIMITED SIGNS WITH QUEBEC PSO GRANT TO SUPPORT VETERINARY TRIALS AND
ACCELERATE NORTH AMERICAN MARKET ENTRY

 

[Newcastle upon Tyne, United Kingdom] - January 2026 - Kerato Limited
("Kerato"), a UK-based biotechnology company and wholly owned subsidiary of
BSF Enterprise PLC (LSE:BSFA), is pleased to announce that it has executed a
PSO Grant - Support for Research and Innovation Organizations - Support for
Research-Innovation Projects (V2D), an agreement awarded by the Québec
Ministry of Economy, Innovation and Energy to the University of Montreal, with
Kerato participating as an industrial partner. Axelys, mandated by the
Government of Québec to administer PSO V2D, supports the project throughout
the entire innovation valorization process, from research to responsible
commercialization, ensuring that intellectual property is appropriately
structured and transferred in alignment with Québec's innovation objectives.

 

The grant has a total value of CAD 663,000, with costs shared between Kerato
and the Québec Ministry of Economy, Innovation and Energy. Kerato will
co-fund approximately 55% of the programme costs over the 18-month project
duration.

 

Use of Grant Funding and Programme Scope

The PSO programme will support a defined programme of work aimed at advancing
the veterinary commercialization of LiQD Cornea while reducing risks
associated with future human clinical development. Funded activities will
include safety and biocompatibility testing, veterinary clinical trials
conducted at the University of Montreal under the leadership of Dr Maria
Vanore, as well as regulatory and intellectual property support. The program
will also provide dedicated research resources focused on manufacturing
development, quality readiness, and regulatory documentation, supporting
technology transfer, manufacturing scale-up, and commercial readiness.

 

Programme Outcomes and Timelines

The programme will support:

●    Commencement of veterinary clinical trials in Q1 2026, generating
safety and performance data required for market entry of LiQD Cornea Animal
Health;

●    Manufacturing scale-up and Quality readiness, including technical
documentation and controlled production processes;

●    Regulatory preparedness for North American markets, including early
engagement with regulators; and

●    De-risking of Kerato's human clinical development programme through
completion of safety and biocompatibility datasets and early regulatory
pathway definition.

 

Subject to successful completion of veterinary clinical trials and regulatory
requirements, Kerato is targeting initial commercial launch of LiQD Cornea
Animal Health in Canada in Q1 2027, with first revenues anticipated
thereafter.

 

The project team has already commenced preparatory activities for engagement
with Health Canada, supported by regulatory consultants, to define regulatory
pathways for both veterinary and human clinical development.

 

Strategic Impact

This ongoing collaboration with the University of Montreal strengthens
Kerato's North American presence and provides access to leading veterinary and
translational research expertise, supporting Kerato's strategy to access
high-value veterinary and clinical markets in North America. Early revenues
from the Animal Health product launch in 2027 are expected to support ongoing
clinical development and regulatory preparation for human applications.

 

Sarah Greenhalgh, Co-Founder and CEO commented: "This PSO award is a major
step forward for Kerato. It allows us to move confidently into veterinary
clinical trials, prepare for market launch of LiQD Cornea Animal, and,
critically, begin de-risking our human clinical programme.

 

Working with the University of Montreal and engaging early with Health Canada
positions us strongly for North American market access and supports our
long-term ambition to deliver scalable, regenerative solutions for corneal
repair across both animal and human health."

 

Professor May Griffith, Inventor and Lead Scientist, Maisonneuve-Rosemont
Hospital Research Centre and Université de Montréal commented: "This PSO
programme provides an important opportunity to translate our corneal tissue
engineering research into real-world clinical and commercial applications.
Working in close partnership with Kerato allows us to combine deep scientific
expertise with a clear pathway to market. Together, we aim to generate robust
veterinary data while advancing the safety, manufacturing, and regulatory
foundations needed to support future human clinical development."

 

"This collaboration reflects the strength of Québec's innovation ecosystem
and the role it can play to deepen ties with like-minded markets. With the
support of the Government of Québec, leading institutions such as the
University of Montreal are working closely with industry partners to deploy
high-potential research. Axelys supports this project throughout the full
innovation valorization process, from research, properly structuring the IP to
transferring it for commercialization, showcasing Québec's scientific
excellence and know-how on the international stage". - Jesse
Vincent-Herscovici, President and CEO, Axelys

 

 

Engage with the BSF Enterprise management team directly by asking questions,
watching video
summaries and seeing what other shareholders have to say. Navigate to our
Interactive Investor
website here:

 

https://bsfenterprise.com/link/ega6NP (https://bsfenterprise.com/link/ega6NP)

 

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

 

 BSF Enterprise PLC                                                           https://bsfenterprise.com/s/a1f22b (https://bsfenterprise.com/s/a1f22b)

 Geoff Baker - Executive Director

 Che Connon - CEO & Director

 We encourage all investors to share questions on this announcement via our
 investor website.
 Shard Capital (Broker)

 Damon Heath                                                                  0207 186 9000

 Isabella Pierre                                                              0207 186 9927
 ISIN of the Ordinary Shares

 is GB00BHNBDQ51.

 SEDOL Code is BHNBDQ5.

 

 

About BSF Enterprise PLC

BSF Enterprise PLC (BSF) develops and commercialises cutting-edge
tissue-engineered solutions, including lab-grown leather, cultivated meat, and
corneal repair technologies. By leveraging its proprietary scaffold-free
platform, BSF aims to deliver sustainable alternatives to traditional
materials and meet global demand for environmentally responsible innovations.

 

Subscribe to our news alert service: https://bsfenterprise.com/s/bb9f43
(https://bsfenterprise.com/s/bb9f43)

 

About Kerato Limited

Kerato Limited is a UK-based biotechnology company developing
tissue-engineered corneal solutions for veterinary and human health. Its
technology platform supports the regeneration and replacement of damaged
corneal tissue, addressing unmet clinical need and donor shortages.

Kerato's first product, LiQD Cornea, is a drop-applied regenerative device
designed to repair corneal damage by supporting natural tissue regeneration,
with further tissue-engineered corneal products in development.

 

About Axelys

Axelys is Québec's public research innovation and technology transfer
organization. It contributes to the province's economic and social prosperity
by accelerating the maturation and deployment of high-potential inventions,
expertise, and processes to transform them into innovations capable of
improving the world we live in. Axelys also supports the creation of
science-based startups emerging from Québec's public research system.
www.axelys.ca (http://www.axelys.ca)

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