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BSF Enterprise PLC on Monday announced a capital raise of up to £15 million to accelerate the commercialisation of its lab-grown leather, cultivated meat and corneal repair technologies. Shares in BSF Enterprise slumped 52% to 1.26 pence in London on Monday afternoon. The London-based biotech company is the owner of companies including 3D Bio-Tissues, a pioneer of lab-grown tissues, as well as the corneal replacement company Kerato. The firm said it will raise up to £5 million through a combination of convertible loan notes and prepaid warrants, followed by up to £10 million via cash-exercise warrants, subject to shareholder approval and the publication of a prospectus. An initial £300,000 interest-free convertible loan note will provide immediate working capital while the larger fundraise is completed. BSF said it will also seek approval at a December 17 general meeting for a 12-to-1 share consolidation to create the necessary headroom for new securities. Chair Geoff Baker said the financing is ‘transformative’ and will give BSF the resources to accelerate commercial rollouts, boost marketing, pursue potential acquisitions and support subsidiary-level funding plans through 2026. Completion of the equity raise is targeted for January 30, pending approval from the Financial Conduct Authority. BSF said around £500,000 of the funds will be deployed by the corneal repair subsidiary firm Kerato, alongside a grant from the Canadian government, to conduct a liquid cornea trial. It expects to begin collecting animal data in early 2026. BSF said it is ‘actively engaged’ in discussions with target companies ‘whose technologies and capabilities are highly complementary to its existing portfolio’. ‘Proceeds from the fundraise may be allocated to support these transactions together with scrip-for-scrip acquisitions as the value of the company’s shares grow, enabling BSF to integrate promising platforms that align with its mission to lead in the development and commercialisation of next-generation bioengineered materials,’ it said. Chief Executive Officer Che Connon said: ‘We are hugely excited by the potential Blackstone Mercantile Group’s investment provides to BSF’s subsidiary companies. The funds will accelerate the commercial and technological roadmaps of [lab-grown leather], Kerato and [3D Bio-Tissues] and will support their further independent fundraising activities during 2026. ‘In addition, they provide the resources to allow BSF to deliver against its strategic goals to acquire, invest in, or enter joint ventures with promising complementary companies to expedite their development and time-to-market.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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