11th Jun 2024 14:29
(Alliance News) - BSF Enterprise PLC on Tuesday reported initial revenue after signing proof-of-concept agreements with key partners.
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.
BSF shares were down 13% to 4.35 pence each in London on Tuesday afternoon.
Pretax loss widened 33% to GBP864,775 in the six months ended March 31, from GBP649,059 a year prior.
The company generated GBP54,295 in revenue, almost entirely from proof of concept agreements. No revenue was reported over the same period the year before.
In addition, cash and equivalents held by the company declined 41% to GBP1.4 million at March 31, from GBP2.3 million at September 30.
Chief Executive Officer Che Connon said: "This year started with remarkable advancements for us, marked by pivotal proof-of-concept agreements for lab-grown leather, the expansion of our strategic partnerships, and the receipt of grant funding to bolster our product development. Our collaborations with leading fashion brands, have validated the future market potential for this sustainable material."
Looking ahead, the company's stated aim is to establish itself as a premier sustainable leather material provider, and partner with leading brands in the leather industry to increase market penetration and credibility.
By Elijah Dale, Alliance News reporter
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