REG - BSF Enterprise PLC - Portfolio Update

BSF EnterpriseAnnouncement

08/11/2024 07:00

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RNS Number : 5111L  BSF Enterprise PLC  08 November 2024

8 November 2024

BSF Enterprise PLC

 

("BSF" or "the Company")

 

Portfolio Update

 

BSF Enterprise PLC (BSF), the parent to a portfolio of innovative subsidiary
companies developing cell-based tissue engineering solutions to deliver
sustainable outcomes across a variety of sectors, is pleased to provide the
following portfolio update.

·     Lab Grown Leather (LGL): LGL is revolutionising the leather
industry as the world's only producer of fully lab-grown, scaffold-free
leather. This unique method creates 100% real leather without synthetic
additives of 'scaffolds', ensuring unparalleled quality. Recently, the company
delivered additional samples for a major global luxury goods company's
development programme and is preparing to supply samples to a luxury
automotive manufacturer. Notably, three of the five most valuable luxury
brands are now engaged in development programmes with us.

 

·     3D Bio Tissues: Following the update in September, 3DBT
successfully commenced the soft launch of its new CytoBoost(TM) media
additive, receiving significant interest from multiple biopharma companies,
research facilities and biotech SMEs. Feedback from initial partners in our
"Research with Us" program has been overwhelmingly positive, having seen
improvements in their cell growth characteristics. In particular, the use of
CytoBoost(TM) in reviving cells following thaw from cryostorage has been well
received. The use of City Mix(TM) continues to expand in terms of repeat
orders and successful cell types tested and being used by third parties. A
Korean cultivated meat company has successfully completed its second round of
testing and is now moving forward with the production of its cells into larger
bioreactors. Meanwhile, City-mix(TM) is now in the latter stages of a tech
transfer assessment by a leading UK-based cultivated meat company to be a key
component in their in-house reduced-cost media formulation.

 

·     Cultivated Meat Technologies (CMT): The Company has made the
decision not to pursue the proposed Joint Venture partnership with
CellulaRevolution Ltd (CellRev) and will seek alternative avenues for
establishing cultivated meat products with major UK and European food
processors, producers and retailers. To accelerate this process, we are in
discussions with established upstream technology providers. This decision has
helped the Group redirect necessary funds to focus more on near-term potential
business revenues, to align technology needs across multiple tissue-engineered
product processes, and to allow us to achieve numerous additional commercial
milestones for LGL and Kerato Limited planned between now and Q2 2025. As a
result of this update, BSF continues to own 100% of CMT.

 

·     Kerato Ltd:  Kerato has been working with veterinary
ophthalmologist Dr Maria Vanore from the Université de Montréal and her team
to achieve regulatory approvals to commence veterinary trials in Q1 2025 for
its LiQD Cornea device. Established to provide novel solutions for the
treatment of corneal tissue damage, the injectable LiQD Cornea forms a
self-sealing gel upon contact with corneal tissue that suppresses inflammation
and facilitates damage repair through the remodelling of healthy tissue. LiQD
Cornea inventor and Kerato advisor, Professor May Griffith, has received
positive feedback on our prototype devices and clinical trials (scheduled to
start in 2026) from numerous internationally leading ophthalmologists at the
recent international Tear Film and Ocular Surface conference, Venice.

●   Corporate: The Company is pleased to announce that it is allotting
312,500 ordinary shares, in lieu of a proportion of professional fees, to
investment podcast firm PR Roast. The ordinary shares have been issued at 4
pence per share, representing a premium to the current share price.

 

Che Connon, Managing Director of BSF Enterprise and CEO of 3DBT, commented:

"We are making strong progress, focusing our activities on several near-term
commercial opportunities across a range of disciplines within our business.
This has led to discussions of increasing quality with a growing number of
potential customers. We are confident these discussions will develop further
into the coming year and look forward to sharing our progress in this respect
in future updates."

 

For further enquiries, please visit 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)
 Bob Huxford                              020 3757 6882

 Elisabeth Cowell                         BSF@secnewgate.co.uk

 George Esmond

 

About BSF Enterprise PLC

BSF Enterprise PLC (BSF) is the parent to a portfolio of innovative subsidiary
companies focused on developing and commercialising cell-based tissue
engineering solutions to deliver sustainable outcomes across a variety of
sectors. Its portfolio of subsidiaries is as follows:

3DBT A pioneering UK-based tissue engineering company that successfully
produced the UK's first high-quality cultivated meat.

Lab-Grown Leather Ltd A company focused on the customer driven development of
cultivated skin technology to produce sustainable leather.

Kerato Ltd A tissue engineering company with patent-protected IP that is
already producing human corneas for testing to help restore vision to millions
of people.

BSF Enterprise (Hong Kong) Limited A company established to actively support
commercialisation of BSF's technology in China and Asia.

Cultured Meat Technologies (CMT) A 100% owned company, focused on providing
the market with the premier platform for manufacturing cultivated meat in a
scalable and cost-competitive manner

BSF's core strategy is to acquire, invest in, or develop joint ventures with,
the most promising companies from across the industry. In doing so BSF intends
to create an environment in which its portfolio of companies can flourish and
collaborate, thereby accelerating their progress, potential and time to
market.

.

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