BSF Enterprise (LON:BSFA) shares fell around 12% to account for a new equity funding, with a £2.9mln share placing described as “oversubscribed”.
The company, in a statement, said it would use the proceeds to support its ‘lab-meat’ subsidiary 3D Bio Tissues, which is growing rapidly.
It plans to use the funds to continue the development of its ‘cultivated meat fillet’ technology, City-Mix, which aims to surpass the current method favoured in the production of cultivated meat.
Also, it will also help fund progress on the firm’s lab-grown leather products and lab-created corneas.
"The support we have achieved for our strategy is very pleasing,” said managing director Che Connon.
“After engaging in a significant number of new business opportunities in 2022, our portfolio company 3DBT continues to build momentum and deliver on its strategy of developing City-Mix for a variety of high growth markets.
“With a strong 2023 pipeline in place, these funds will support further organic growth as we seek to grow the business both through our Go To Market strategy and expansion into new markets."