REG - BSF Enterprise PLC - Successful Cultivated Leather PoC Agreements

BSF EnterpriseAnnouncement

11/04/2024 07:00

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RNS Number : 0936K  BSF Enterprise PLC  11 April 2024

 

11 April 2024

 

BSF Enterprise PLC

("BSF" or the "Company")

 

Successful Cultivated Leather Proof Of Concept Agreements

 

BSF (LSE: BSFA), (OTCQB: BSFAF), the Main Market listed biotech company and
owner of pioneering UK-based tissue engineering company 3D Bio-Tissues Ltd
(3DBT) and corneal tissue replacement company Kerato Ltd, has received over
£90,000 to date in payments and funding for several proof-of-concept (PoC)
agreements for the development of cultivated leather samples.

In 2023, 3DBT agreed to provide a major multinational leather fashion company
with three bio-engineered samples of animal skin tissue, measuring up to 10 by
10 cm in size and between 0.5 mm to 1 mm in thickness. The partnership was
carried out to look at the validity and suitability of 3DBT's cultivated skin
as a sustainable, ethical alternative for leather tanning and the production
of traditional leather goods.

Following the conclusion of a 60-week study, in which 3DBT's PoC study
successfully achieved and fulfilled the technical and operational requirements
of the agreement, a more formal strategic and financial partnership has since
continued with 3DBT now developing bio-engineered samples measuring up to 10
by 10 cm in size and 2 mm in thickness. To date, BSF has received over
£50,000 in initial payments from the partnership.

The production of tissues with such thickness and their successful application
with a prominent global leather production company represents an important
milestone for 3DBT and the wider cultivated tissue industry. 3DBT is currently
engaged in several Proof of Concept (PoC) projects with other leather
companies to establish the suitability of its skin product as a sustainable,
ethical alternative to traditional leather. We hope to make a further update
on formal commercial agreements in the coming months.

Additionally, BSF Enterprise has now won £38,000 in grant funding from the
Government agency Innovate UK to begin its project with the University of
Northampton. The project will use 3DBT's bio-equivalent dermal tissue,
combined with the University of Northampton's leather manufacturing knowledge,
for the development of ethical and sustainable leather. The project will look
to use 3DBT dermal tissue as a replacement for animal skin and hide,
developing processes to transform this innovative raw material into a premium
material, suitable for leather-based footwear, apparel, handbags, furniture,
fashion, automotive and accessories.

3DBT cultivates skin tissue using its patented City-Mix ™ supplement, a
booster for the media in which cells are grown, that provides numerous
advantages over traditional cellular agriculture media. These include higher
production yields; the need for fewer expensive supplements; and the
elimination of animal-derived serum, such that no animals suffer in the
production process. Therefore, the leather skin samples are 100% animal
tissue.

BSF Enterprise continues to progress and achieve its strategic objectives laid
out at the beginning of the year. The Company is sufficiently funded for all
near-term activity and has no current plans for a fundraise. Any additional
funding may be achieved at a subsidiary level to prevent the dilution of
shareholders.

Che Connon, Managing Director of BSF Enterprise, commented: "Today's
announcements represent another milestone in the development and application
of 3DBT's City-mix ™ technology in delivering successful high-quality
cultivated tissue to clients within the leather industry. We look forward to
seeing these commercial and research partnerships continue to grow as we
increase our production capacity to enable further development of cultivated
skin on a larger scale to meet the growing demand."

 

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

 

About BSF Enterprise PLC:

 

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 leather from its laboratory in
Newcastle, transforming the leather 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 develop 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.

 

 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

 

 

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