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BSF Enterprise acquire 3D Bio-Tissues

Deal for the Newcastle University spin-out paves the way for reverse takeover and raising funds for next phase of development

24 December 2021

BSF Enterprise agrees reverse takeover of 3D Bio-Tissues in Newcastle

BSF Enterprise PLC has agreed to buy 3D Bio-Tissues Ltd (3DBT) in what would constitute a reverse takeover.

3DBT is a biotechnology spin out from Newcastle University. Founded by Professor Che Connon (pictured) and Dr Ricardo Gouveia the company is focused on producing biological tissue material, such as meat and skin, for clinical and consumer use. Specialised technology enables 3DBT to apply bio-focused manufacturing processes to generate complex structures such as corneas for the human eye.

As part of the acquisition, BSF Enterprise plans to raise GBP1.8 million from a share placing to fund the next phase of 3DBT's development and to provide working capital.

Key Highlights of the Acquisition

  • Acquisition of 3DBT for a consideration of £2.5 million, to be satisfied by the issue of ‎33,900,003 Consideration Shares‎ at 7.37 pence each per share
  • 3DBT ‎ has developed a proprietary platform technology termed "tissue templating" that facilitates the production of a variety of ‎animal tissue types for multiple uses, commonly referred to as "tissue engineering"
  • ‎3DBT has developed, amongst other intellectual property, the following:
    • Serum-free media: 3DBT's City-mix™ supplements, which are a serum-free media for culturing muscle and fat cells (by way of an animal-free ‎process) that can ‎be used for lab -grown meat and leather ‎production
    • Skin Care Products:  Lipopeptide Etsyl™ a product that actively increases collagen production in human skin cells. It can ‎be used as an active ingredient in cosmetic skin cream and other topical dermatological products
  • 3DBT's business model is to develop intellectual property around each of its applications, and to then licence out the patent-‎protected intellectual property to manufacturers, wholesalers and distributers of the end products. 3DBT currently manufactures ‎product for serum-free media and an active ingredient for skin care products. ‎

The acquisition is conditional on the success of the share placing among other things. Further announcements will be made in due course, as appropriate.

About BSF Enterprise

BSF Enterprise plc (LSE: BSFA), the investment company established to acquire businesses focused on early-stage opportunities in the biotechnology, innovative marketing and e-commerce ‎sectors

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  • Information reproduced from London Stock Exchange news
  • Photo: Professor Che Connon, CEO 3D Bio-Tissues. Photo by Mark Slater