Two UK firms, BSF Enterprise, owner of the UK clinical and cell ag company 3D Bio-Tissues (3DBT), and bioprocessing company CellRev, will combine their resources and expertise to launch a new company focused on the mass production of cultivated meat.
BSF Enterprise (LSE: BSFA), (OTCQB: BSFAF), announced the exclusive joint venture, revealing they had already entered a Terms Sheet and expect to form the biotech in the coming months. The news follows the UK’s government recently announced a £2 billion plan to seize the potential of biotechnology.
The new company, Cultivated Meat Technologies Limited (CMT), will create technology solutions to successfully scale the production of cell-based meat at lower costs to bring products to the market.
“We have observed the early success of 3D Bio tissues with great interest and believe that by combining our knowhow and technology offering, we can offer the market one of the most scalable production platforms currently available,” shared Chris Green, CEO of CellRev.
Sustainable meat for the market
CMT will leverage each company’s technological expertise and manufacturing capability to produce meat fillets on a large scale.
CellRev, founded by Dr. Martina Miotto and Che Connon, chief executive of 3DBT and managing director of BSF, has developed a scalable adherent cell processing platform for manufacturing cultivated meat at lower costs.
The company’s patented platform is said to be an industry-first. The biotech is also invested in the development of a cell media rejuvenation process with Saint-Gobain Life Sciences (SGLS), a global leader in fluid management solutions.
3DBT is a Newcastle University spin-off and partner at the UK’s Cellular Agriculture Manufacturing Hub CARMA. The company has developed an animal-free cell-boosting cell media, City-Mix, that helps cells grow into meat tissue. Using it, the company has developed cultivated meat prototypes, demonstrating the capabilities of the medium.
3DBT recently opened an office in Hong Kong to introduce its flagship cell-boosting supplement to the Chinese cultivated meat market.
“The biggest challenge we face in addressing climate change, securing food security and ensuring animal welfare is scaling the production of cultivated meat products for a growing global mass market,” said Connon.
“This Joint Venture with our key partner, CellRev, will combine technological expertise, manufacturing capability and capital allocation to begin producing environmentally sustainable and high-quality meat products for the wholesale market,” he added.
BSF Enterprise will provide a further update on the development of CMT in Q1 2024, setting out its strategy for the financial year.