BSF Enterprise PLC (LSE:BSFA) shares fluttered 8% higher to 8.2% after the bio-tissues company formed a division to focus on lab-grown corneas.
Kerato Limited, which is a 100%-owned standalone subsidiary, aims to accelerate the corneal products being developed by the group’s 3D Bio-Tissues (3DBT) arm into clinical trials and is already working with a US consumer goods giant that could use the products to help test its eye treatments.
“BSF believes the intellectual property and know-how relating to the cornea is best served in a separate company to solely focus efforts to further commercialise the cornea products,” it said.
The American consumer goods company is evaluating Kerato’s lab-grown corneas as alternatives to test the safety and efficacy of their range of chemical and pharma products, BSF said, with negotiations also currently taking place with other companies concerning other medical and industrial applications.
Chief executive Che Connon said the group also has sufficient funds in the bank to support planned activities for the next 18 months, with “no present plans to raise further capital in the short-medium term”.