LONDON, July 18, 2023 (GLOBE NEWSWIRE) -- BSF Enterprise PLC ("BSF" or the "Company") (LSE: BSFA), (OTCQB: BSFAF), a company focused on unlocking the next generation of biotechnological solutions using cell-based tissue engineering, today provides a commercial update on the progress of City-MixTM, the flagship commercial product of its wholly owned subsidiary 3D Bio Tissues (3DBT).
3DBT's City-MixTM is a patented non-toxic culture media supplement that acts as an effective 'cell booster'. It is composed of a specific formulation that facilitates a process called macromolecular crowding which has a number of advantages over traditional media used in the production of cultivated meat. These include higher production yields; the need for fewer expensive supplements to significantly reduce operating costs; the elimination of animal-derived serum, such that no animals suffer in the production process; and removal of the requirement for any plant-based scaffold, blend or filler alternatives.
Go-to-Market Bio-Pharmaceutical Update
3DBT has made significant progress following the implementation of the second phase of the Company’s go-to-market strategy which, in addition to the Cultured Meat and Cellular Agricultural markets, is now addressing the Bio-Pharmaceutical industry by partnering with those working in gene therapy, stem cells and regenerative medicine; life science companies; and academia.
The Company has partnered with Benzol – a world leader in the science distribution sector - to help commercialise and act as a distributor of City-MixTM across Germany. Biozol is the leading distributor for some of the leading global pharmaceutical companies, engaging with 14,000 companies across the industry. This partnership forms part of the Company’s strategy to use an indirect sales model for the biotech and life sciences markets and partner with appropriate distributors across Europe and the US.
3DBT has also engaged directly with one of the leading global suppliers to pharmaceutical companies. The Fortune 500 company is a world leader in providing solutions for cellular analysis and synthetic biology. The company has currently purchased several vials of City-MixTM for evaluation to be used in its media formulation and help reduce costs.
Meanwhile, one of the world’s leading stem cell companies, which specialises in converting stem cells into fat tissue, is also evaluating the use of City-MixTM in its production process to help increase efficacy and reduce costs. If successful, the partnership will provide a significant opportunity for scalable volume production of City-MixTM.
The Company will continue to deliver its go to market strategy and increase the licensing of City Mix™ through engagements with distributors across target global markets.
Dr. Che Connon, Chief Executive of 3DBT and Managing Director of BSF, said: “We have made significant progress in the short time since we implemented our go to market strategy for City-MixTM, with an increasing number of commercial partnerships and sales opportunities successfully progressing across our direct and in-direct global sales channels. City-MixTM is a truly differentiated product, with key advantages over traditional media supplements and this is now being realised and evidenced across the cultivated meat industry and by global leaders in the pharmaceutical sector.”
Cultivated Meat Update
Since March, 3DBT has continued developing commercial partnerships with cellular agriculture companies. Two companies began purchasing the product in April 2023, and, after a detailed trial evaluation which has now completed, a further company will be purchasing City MixTM to be used in its production media.
3DBT will continue to develop its partnerships programme with established food manufacturers throughout 2023, including across Europe, China and the US following the approval from the joint United States Department of Agriculture ("USDA") and Food and Drug Administration ("FDA") framework to sell their cell-cultivated chicken to US consumers.
Update on US Listing
As announced on 25 May 2023, BSF Enterprise listed on the OTCQB Venture Market to help improve liquidity in the stock and attract further investment interest. Following the listing the Company held a successful investor roadshow in the US with both current and prospective investors, alongside potential commercial partners. The initial response from US investors has been positive. The Company will continue to engage with investors in the US and will provide a further update on progress in due course.
An Investor brief fact sheet can be viewed on the BSF website at the following bit.ly/bsf202306
For further enquiries, please visit www.bsfenterprise.com or contact:
| BSF Enterprise PLC | Via SEC Newgate below |
| Geoff Baker - Executive Director Che Connon - CEO & Director | |
| Shard Capital (U.K. Broker) | |
| Damon Heath Isabella Pierre | 0207 186 9000 0207 186 9927 |
| SEC Newgate (U.K. Financial Communications) | |
| Bob Huxford Elisabeth Cowell George Esmond Skyline Corporate Communications Group, LLC (U.S. Financial Communications) | 020 3757 6882 BSF@secnewgate.co.uk |
Scott Powell +1 646 893 5835 x2
Lisa Gray info@skylineccg.com
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 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 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 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.
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
