(Alliance News) - BSF Enterprise PLC on Friday said it has agreed to buy 3D Bio-Tissues Ltd in what would constitute a reverse takeover.
BSF Enterprise's shares have been suspended from trading since mid-August, when it first announced discussions to buy 3D Bio-Tissues.
London-based BSF Enterprise, which had been seeking acquisitions within the marketing and technology sector, will buy the Newcastle, England-based biotechnology company for GBP2.5 million in shares, issuing 33.9 million new BSF Enterprise shares at 7.37 pence each.
At the same time, BSF Enterprise plans to raise GBP1.8 million from a share placing to fund the next phase of 3D Bio-Tissues' development and to provide working capital.
The acquisition is conditional on the success of the share placing among other things.
3D Bio-Tissues is a biotechnology spin out from Newcastle University. Its research and product development is focused on producing biological tissue material, such as meat and skin, for clinical and consumer use, BSF said.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Bsf Enterprise. (BSFA)