Supply Agreement with SeaWith

In brief · summary, not quotable

BSF Enterprise PLC's subsidiary, 3D Bio-Tissues Limited, has secured a five-year commercial Supply Agreement with South Korean biotechnology firm SeaWith for its City-Mix® product, valued at approximately £300,000. This agreement will see 3DBT supply City-Mix®, a cell culture enhancer, to support SeaWith's cultivated beef production, potentially reducing SeaWith's growth media costs by 30% and facilitating a phased scale-up of supply volumes through 2030 as SeaWith moves towards large-scale commercial production.

Full announcement

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BSF Enterprise PLC (LSE: BSFA) (the "Company"), a leading innovator in tissue-engineered materials, is pleased to announce that its subsidiary, 3D Bio-Tissues Limited ("3DBT"), has entered into a five-year commercial Supply Agreement (the "Agreement") with SeaWith, a pioneering South Korean biotechnology company specializing in cultivated meat.

Strategic Partnership and Value Creation

The Agreement establishes a long-term commercial framework for the supply of 3DBT's proprietary City-Mix®, a premium macromolecular crowder designed to enhance cell culture efficiency. This partnership represents a significant milestone in expanding the market reach of City-Mix® into the global cultivated protein sector.

Contract Value: The total value of the Agreement to 3DBT is estimated at approximately £300,000 over the contract term.
Operational Integration: 3DBT will provide a regular supply of City-Mix® to support SeaWith's production pipeline for its flagship Welldone™ cultivated beef product.
Cost Efficiency: City-Mix® is expected to significantly lower production costs for SeaWith by reducing the requirement for expensive growth media by approximately 30%.
Growth Trajectory: The Agreement supports a phased scale-up of supply volumes through 2030, aligning with SeaWith's transition toward large-scale commercial production facilities.

About SeaWith

Founded in 2019 and headquartered in South Korea, SeaWith is a biotechnology innovator that has raised over $8 million in venture funding to date. The company utilizes seaweed-derived technologies to produce sustainable, slaughter-free meat alternatives, focusing on scalability and the reduction of environmental impact. SeaWith is a designated operator under South Korea's Gyeongbuk Cell-Cultured Food Regulatory Free Zone, reflecting the company's leadership in advancing cultivated food innovation within a government-supported regulatory framework.

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