A sister company to Newcastle biotech pioneers 3D Bio-Tissues has been launched to specialise in lab grown corneas.
Kerato Limited has developed what it says is the world's most advanced, bio-engineered cornea - the outer layer of the eye - for medical and research uses. London-listed BSF Enterprise, which owns cultured meat specialist 3D Bio-Tissues (3DBT), told investors that a separate company was needed to expand its advanced corneal products into clinical trials, and meet growing industrial needs.
The new company, which has experienced biotech and medtech operator Sarah Greenhalgh at the helm as managing director, is already working with one of America's largest consumer goods companies, which is looking at lab-grown corneas for testing of chemical and pharma products. And BSF said negotiations are underway with other companies.
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The move follows BSF's admission to the US-based OTCQB Venture Market, where it is trying to raise its profile with US investors, including via recent meetings in New York. This year it has raised £2.9m in an oversubscribed capital raise and was awarded €612,000 European Institute of Innovation and Technology to further develop its City-Mix product aimed at boosting the performance of cell cultures.
The firm says it sufficient funds for the next 18 months with no further plans to raise capital in the short to medium term.
Che Connon, chief executive of 3DBT and managing director of BSF said: "We continue to make significant progress in executing our business strategy, building the BSF Portfolio to progress our technical and commercial milestones. We have a clear plan to continue this momentum by increasing sales and driving the development of our flagship products across both the cellular agriculture and bio-pharmaceutical sectors.
"Our work to establish and grow a collaborative ecosystem of tissue engineering companies - creating and investing in new companies - continues to accelerate our commercial presence across the industry and provide exciting new opportunities."
