BSF Enterprise PLC on Wednesday said that it has raised £2.9 million by way of an oversubscribed placing of 16.3 million shares at 17 pence per share.

The stock was trading 13% lower at 17.60p each in London on Wednesday afternoon, giving the company a market capitalisation of £15.1 million.

BSF Enterprise is a London-based investor in biotechnology.

As part of the same fundraise, it completed the subscription of 882,352 new shares by investors found directly by the company at the same price.

BSF Enterprise said it will use the fresh cash to fund subsidiary 3D Bio Tissues, which is working to develop cultivated meat fillets using its City-Mix technology.

‘The support we have achieved for our strategy is very pleasing. After engaging in a significant number of new business opportunities in 2022, our portfolio company 3DBT continues to build momentum and deliver on its strategy of developing City-Mix for a variety of high growth markets. With a strong 2023 pipeline in place, these funds will support further organic growth as we seek to grow the business both through our go-to-market strategy and expansion into new market,’ said Managing Director Che Connon.

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