Last checked at 22 May 2023 07:00
22 May 2023
BSF Enterprise PLC
("BSF" or the "Company")
City-MixTM Commercial Progress Update
BSF (LSE: BSFA), a company focused on unlocking the next generation of biotech solutions and the development of lab-grown tissues, is pleased to announce that its 100% owned subsidiary, 3D Bio-Tissues Ltd ("3DBT"), has secured its first distribution agreement and three new customers for its patented City-MixTM supplement. City-MixTM is 3DBT's proprietary culture media booster that provides numerous advantages over traditional media used in cellular agriculture.
3DBT has entered into direct sales agreements with two lab-grown meat companies and one biotech company. These are intial sales and revenues are expected to be relatively small at this early stage but should grow over time. However, this is an important milestone for the Company providing an excellent reference while highlighting the quality of our product.
Evaluation of City-MixTM is ongoing with numerous Cellular Agriculture companies across 12 countries, and 3DBT is progressing plans to roll-out a web-based sales channel for City-Mix™ in the coming months to facilitate its direct sales model. This is the Company's preferred approach to penetrating the Cultivated Meat market. This will include links to suppliers, FAQs and companion documentation, datasheets.
In addition, 3DBT has made positive progress in building its indirect sales network, which is preferable for the Biotech and Life Sciences markets, with the Company securing its first distribution partner, Abacus dx. Abacus dx is owned by Diploma PLC and covers Australia, New Zealand and Fiji. The sales agreement with a biotech business announced today is located outside of these territories and was therefore secured directly. 3DBT has additional European distribution partners in its near-term pipeline, which will further expand its geographic reach.
Lab-grown Leather Update
Further to our announcement on 15 May 2023 outlining our Lab Grown Leather Update we wish to state that we have entered a contract with a leather company to test and develop lab-grown animal skin for leather production, although the terms of the contract are highly confidential at present. We will update the market as and when further projects are defined.
Che Connon, Chief Executive of 3DBT, said: "We are delighted with the considerable commercial progress we have achieved with our flagship City-MixTM product in such a short space of time. This is testament to the true differentiation of our product, which delivers higher yields over traditional media and requires fewer expensive supplements, resulting, in combination with our tissue templating knowhow, in a product that is pure meat. In addition, City-MixTM eliminates the need for animal-derived serum, meaning that cultivated meat is produced without any animals suffering in its production."
BSF Enterprise PLC | Via SEC Newgate below |
Che Connon - CEO -Executive Director Geoff Baker - Executive Director
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Shard Capital (Broker) | |
Damon Heath | 0203 971 7000 |
SEC Newgate (Financial Communications) | |
Bob Huxford Elisabeth Cowell George Esmond | 020 3757 6882 BSF@secnewgate.co.uk |
For further enquiries, please visit www.bsfenterprise.com or contact:
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 cultivated 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 Ltd (3DBT), a tissue engineering company with patent-protected IP that is already producing human corneas that will 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 the next 12 months, 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 acquiring complementary businesses. 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.