BSF Enterprise PLC (LSE:BSFA, OTC:BSFAF) said its T-Rex Leather handbag project had successfully validated the structural performance of its advanced tissue engineering platform, despite the Paris auction falling short of its reserve price.
The company said public bidding for the world’s first T-Rex Leather handbag reached €150,000 at Hôtel Drouot in Paris, missing the reserve of €500,000, and the piece has now been moved into a private sale process aimed at interested auction parties, institutional collectors, museums and high-net-worth individuals.
BSF described the project as a technical demonstration rather than a consumer fashion launch, saying the handbag proved its ability to produce a dense, stitchable and tannable bio-synthetic material using its scaffold-free ATEP platform.
The company added that the visibility from the Paris exhibition had accelerated commercial discussions with major potential partners, including a global sportswear business assessing performance footwear applications and a tier-one automotive manufacturer exploring sustainable vehicle upholstery.
Chief executive Dr Che Connon said the auction had demonstrated “an incredible engineering feat”, adding that automotive and footwear groups were not interested in buying a handbag but in licensing the platform that created it.
BSF also pointed to its broader portfolio, including lab-grown leather, 3D Bio-Tissues’ City-Mix and CytoBoost products, and Kerato’s corneal repair technology, saying its value remained supported by multiple commercial and clinical development routes.
