Newcastle biotech group BSF Enterprise Plc has raised £500,000 in an oversubscribed share placing to ramp up work across its pioneering businesses.
London Stock Exchange listed BSF Enterprise plc owns Newcastle University spin-outs 3D Bio-Tissues, Kerato, Lab-Grown Leather Ltd and a Hong Kong subsidiary, all of which are making headway in a range of markets as they seek to revolutionise food, fashion, health and the pharmaceutical sectors. Now the company has announced that it has conditionally placed 20,000,000 new ordinary shares of 1p each in the company, raising £500,000 at 2.5p per share in a placing which was oversubscribed.
As part of the placing the company will also issue one warrant for every ordinary share purchased in the placing at 5p per share. The company’s management has subscribed for placing shares representing 15% of the funds raised.
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The firm said that the new capital, together with the company’s existing cash reserves, grants, and tax rebates, gives it an operational cash runway exceeding 12 months, and that the funds will support the execution of its strategic business and growth plans.
Lab-Grown Leather Ltd will focus on advancing its joint development programmes with major luxury goods houses, and on expanding commercial engagements. The firm is seeking to scale its innovative lab-grown materials, and is focusing on the potential to develop a pilot plant with financial support from future strategic partners.
3D Bio Tissues Ltd, which specialises in cruelty-free lab grown meat, will continue supporting its customers of City-Mix, its supplement which takes away the need for the use of animal serum.
It is also set to complete the launch of CytoBoost, a new additive targeting the biopharma industry.
Meanwhile Kerato Ltd – which is pioneering lab-grown corneas – will continue towards clinical trials for its LiQD Cornea device during 2025, a solution addressing global corneal shortages, and BSF Enterprise (Hong Kong) will strengthen partnerships to expand access to Greater China’s vast cultivated meat markets.
Che Connon, managing director of BSF Enterprise PLC, said: “We are pleased to complete this raise under difficult market conditions and with the support of current shareholders, which reflects strong investor confidence in BSF’s vision and execution capabilities. This capital will advance our ability to achieve critical milestones, including progressing Lab-Grown Leather’s technology road map to support scaling its manufacturing process, advancing Kerato’s innovative corneal technology, and launching CytoBoost to address new markets. We believe these initiatives position BSF for a transformational 2025, paving the way for sustained growth and value creation.”