REG - BSF Enterprise PLC - Strategic Update

BSF EnterpriseAnnouncement

11/09/2023 07:00

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RNS Number : 9342L  BSF Enterprise PLC  11 September 2023

11 September 2023

BSF Enterprise PLC

("BSF" or the "Company")

 

Strategic Update

 

BSF (LSE: BSFA), (OTCQB: BSFAF), the Main Market listed biotech company and
owner of pioneering UK-based clinical and cellular agriculture company 3D
Bio-Tissues (3DBT), is pleased to provide an update on its strategic
priorities for the next six to nine months.

BSF Strategy

BSF's core strategy is to drive the development of lab-grown tissues, through
acquiring, investing in, or developing 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.

BSF has acquired expertise in lab-grown tissue and 3DBT has solved some of the
most difficult challenges in the industry, including developing the UK's first
lab-grown pork fillet. BSF's management team will continue to further leverage
this expertise by identifying, investing in and supporting new target
companies and taking an active role in their development; a hands-on approach
that sets BSF apart from many of the companies investing in the industry.

Further, BSF plans to open a subsidiary that will focus on developing the
processes necessary to manufacture lab grown tissue in a mass production
facility. The Company will look to develop systems to expedite the production
of the cultured meat feedstock and supply the product material to target
manufacturers. This will help improve the supply chain for portioning,
packaging, and distributing cultivated meat to the traditional market.

As BSF's plans progress, it will announce further strategic updates
establishing milestones toward reaching the desired goal of manufacturing, at
scale, meat ready for supermarket shelves.

In addition, BSF recently established a presence in Hong Kong to provide ease
of access to the Greater China market, which is responsible for more than a
quarter of global meat consumption. Furthermore, its Ministry of Agriculture
and Rural Affairs has included cultivated meat in its blueprint for food
security in its official five-year agricultural plan. BSF is currently in the
process of hiring Research & Development and sales and marketing
specialists in Hong Kong to help develop distribution networks and
manufacturing partners in China.  The Company is fully financed to deliver on
its expansion plans to help progress its commercial objectives and has the
ability to secure grant funding to cover staff and premises cost in some of
these areas, as it has previously.

 

3D Bio-Tissues ("3DBT")

3DBT's management team is focused on progressing a number of strategic
workstreams to add to its revenue.

The company, which is 100% owned by BSF Enterprise, aims to build on the
positive commercial progress it has made in H1 2023, in which it signed up new
distributors and suppliers of its flagship cell boosting media supplement,
City-Mix™, while continuing the scientific development of this
groundbreaking technology.

3DBT's commercial priorities are to:

·    Continue to build its presence internationally. The BSF new offices
and planned hires in Hong Kong will enable 3DBT to progress its go-to-market
strategy, developing a distribution network in China sell its City-Mix™
product across the cultivated meat market. 3DBT will also target the booming
Chinese biotech industry, working with companies in gene therapy, stem cells
and regenerative medicine, as well as Life Sciences companies and academia.

·    Sign further collaboration agreements with cultivated meat producers
to license City-Mix™ and to foster new relationships. This follows on from
the three companies announced in H1 2023 that have begun purchasing the
product to be used in media production. 3DBT is currently in collaboration
discussions with a range of meat companies in respect to incorporating
City-Mix™ in their media formulation to lower recombinant protein costs and
facilitate structured product development. This is the next stage of
development for many cultured meat companies.

·    Increase its distribution channel partners, targeting the
Bio-Pharmaceutical market to build its international coverage. The company's
first distribution partner Benzol - a world leader in the science distribution
sector - was confirmed earlier this year to access the German market.

·    Deliver on the terms of its first PoC contracts for cultivated
leather and corneas. 3DBT is also engaging with several new commercial
prospects across the cultivated leather industry.

To support its commercial objectives across its defined verticals (cultivated
meat, cultivated leather and corneas), 3DBT will continue its product
development programme for City-Mix™ with a particular focus on improving the
thickness and density of each end product. This is in order to address key
objectives for its respective markets, including enhancing the taste and
texture of cultivated meat products and developing the thickness and size of
its cultivated leather products.

Operational Expansion

To support its commercial and research objectives, 3DBT plans to make several
new technical and sales hires in the UK to help accelerate progress across
both research and development and commercial prospects for its different
products.

Che Connon, Chief Executive of 3DBT and Managing Director of BSF, said: "BSF
has made huge progress in its first year as a listed company, with 3D
Bio-Tissues achieving significant technical and commercial milestones. We have
a clear plan and are well funded to continue this momentum in the coming year
by increasing sales and driving the development of our flagship City-Mix™
product. We intend to add additional growth through the creation of a
collaborative ecosystem of tissue engineering companies, through M&A and
partnerships, and we are extremely excited about the opportunities this will
afford us as we continue to grow our commercial presence across the industry."

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)
 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 for testing 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, 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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