CULT Food Science Corp said its portfolio company CELL AG TECH has achieved meaningful scientific and product development milestones over the last year in its pursuit to develop premium, cell-based seafood products such as snapper, cod, and halibut.
In collaboration with food scientists at the Guelph Food Innovation Centre, CULT noted that its portfolio company has developed its inaugural prototype of a premium cell-based seafood offering.
CULT added that this is a critical step for CELL AG TECH as the cultured seafood industry is very much in its infancy and the establishment of a scalable prototype is crucial to better understand the commercial viability, scope, and product-market fit.
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As previously announced by CELL AG TECH, it has been selected as a semi-finalist for the XPRIZE Feed the Next Billion competition, which is a peer-reviewed US$15 million contest that incentivizes teams to produce chicken breast or fish fillet alternatives.
Furthermore, CULT said CELL AG TECH has completed a successful pre-submission meeting with Health Canada pertaining to the safety and science of its cell-based seafood product prototype. Also, this proactive engagement with Health Canada may help accelerate domestic commercialization by better defining the regulatory processes and approvals that will be required for cell-based seafood in Canada.
CULT said its strategic allocation of capital into CELL AG TECH provides it with exposure to the bourgeoning, although yet uncrowded, cell-based seafood sector.
According to CELL AG TECH's investor presentation, over US$1 billion has been invested into cellular agriculture to date, with only US$120 million siloed as investments in cell-based seafood.
“Building a stable foundation of proven science while reiterating on product prototypes is mission critical. We believe that cultured seafood has massive potential in the marketplace, and we are excited to see CELL AG TECH execute and achieve important milestones,” said Dr. Paul Burridge, advisor to CULT, in a statement.
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