LONDON (Alliance News) - Port Erin Biopharma Investments Ltd said Thursday that it has invested USD250,000 in US-based BlueNalu Inc, a company focussed on manufacturing seafood by growing cells of certain species of seafood in bioreactors.
The company has subscribed 43,357 Blue Nalu shares, which is expected to give Port Erin Biopharma an interest of around 2.0% in BlueNalu.
"I am extremely pleased that PEBI has been able to secure a holding in BlueNalu. The nascent technology is exciting as it intends to provide an alternative food source that is both sustainable and ecologically friendly, helping address global public health and animal welfare concerns. I am impressed by the calibre of the management and the range of potential partnerships for the product," said Port Erin Biopharma Chairman Jim Mellon.
Shares in Port Erin Biopharma were untrading at 4.40 pence each on Thursday.