BSF Enterprise PLC (LSE:BSFA)’s shares were knocked 19% lower following publication of the London-listed biotechnology company’s full-year financial results.
The group, which is developing lab-grown meat alternatives, posted net losses of £1.5 million due to increased corporate, legal and advisory costs following the acquisition of tissue engineering company 3D Bio-Tissues (3DBT).
Managing director Che Connon commented: "The year has seen significant milestones achieved, with the continued growth of commercial opportunities and new sales channels for 3DBT, alongside the raising of new capital to support the group's growth strategy such as the formation of a new lab-grown cornea company, Kerato.”
Cash at the end of the period totalled £2.3 million, compared with £1 million at the same point in 2022.
As of today, BSF has £1.7 million in cash at the bank.
The company’s shares were changing hands for 9.48p at the time of writing.