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MeaTech 3D Ltd. (Nasdaq: MITC) has signed a memorandum of understanding with Umami Meats to develop 3D-printed cultured seafood, targeting the rapidly growing Asian market. This collaboration forms part of MeaTech's strategy to expand into the seafood sector, complementing its existing products in bovine, avian, and porcine categories. The global seafood market, valued at $110.2 billion in 2022, is projected to grow at a 3.6% CAGR. By leveraging advanced 3D bioprinting technology, both companies aim to address supply shortages while promoting sustainability.
MeaTech 3D Ltd. (MITC) announced that its subsidiary, Peace of Meat, has developed a stable avian cell line, paving the way for commercialization in the hybrid foods sector. The firm plans to scale up production in 2023 with a new pilot plant in Belgium. In collaboration with ENOUGH, they aim to produce innovative hybrid meat products utilizing non-GMO cultured avian ingredients. Founded in 2019 and acquired by MeaTech in 2021 for $20 million, Peace of Meat has invested $7.5 million in technology development.
MeaTech 3D Ltd. (NASDAQ: MITC) announced a registered direct offering to sell 1,857,143 American Depositary Shares (ADS) and warrants to a U.S. institutional investor at $3.50 per ADS. The offering, expected to close around July 5, 2022, is projected to generate $6.5 million in gross proceeds for general corporate purposes. The accompanying warrants will have a five-year term with an exercise price of $3.50 per ADS. A.G.P./Alliance Global Partners will act as the sole placement agent.
MeaTech 3D Ltd. (Nasdaq: MITC) announced the approval of its first patent in Australia, which involves systems for enhancing muscle fiber formation in cultured meat. This technology aims to produce high-quality meat that mimics the natural development of animal muscles, addressing challenges in texture and taste. The patent is expected to expedite MeaTech's market entry as a leader in cultivated meat. CEO Arik Kaufman expressed optimism about this achievement, which supports the company's expansion and collaboration with third-party food-sector entities.
MeaTech 3D Ltd. (Nasdaq: MITC) announced its participation as a sponsor at Vegan Fest 2022 in Tel Aviv, Israel, from June 7-9, 2022. The event will host over 100 vegan products and feature discussions on the future of food and the environmental impact of cultured meat. Key speakers from MeaTech include the CTO and Business Development Manager. The company emphasizes its commitment to sustainability and reducing animal farming's carbon footprint through cultured meat innovations. For more details, visit meatech3d.com.
MeaTech 3D Ltd. (MITC) reported its Q1 2022 financial results, showing R&D expenses of $2.1 million, a 90% increase from $1.1 million in Q1 2021, primarily due to its Belgian subsidiary's development. Operating loss rose to $5.3 million, a 26% increase year-over-year. Cash and equivalents fell by 20% to $15.3 million. Despite these losses, the company is making strides in cultured meat technology, including a successful muscle cell differentiation process and a new US office. It also unveiled a multi-nozzle 3D bioprinting system aimed at commercialization.
MeaTech 3D Ltd. (Nasdaq: MITC) will present at the 12th LD Micro Invitational Conference on June 8, 2022, highlighting advancements in cultured meat and 3D bioprinting. CEO Arik Kaufman and CFO Guy Hefer will engage with investors in one-on-one meetings. Kaufman emphasized the company's progress, including the world's largest 3D printed cultured steak and a modular bioprinting system aimed at industrial-scale production. MeaTech plans to open a pilot plant in Belgium in 2023 and expand operations to the US.
MeaTech 3D Ltd. (Nasdaq: MITC) announced its participation in the United Nations Global Compact, a leading corporate sustainability initiative. This commitment aligns the company's operations with ten principles concerning human rights, labor, environment, and anti-corruption while supporting the UN Sustainable Development Goals (SDGs). CEO Arik Kaufman stated that this engagement reflects MeaTech's dedication to responsible business practices and aims to drive sustainable solutions in the cultured meat industry. The company will report its progress annually, enhancing transparency and accountability.
MeaTech 3D Ltd. (Nasdaq: MITC) has signed a joint development agreement with ENOUGH to accelerate the commercialization of hybrid alternative meat products. This collaboration will leverage Peace of Meat's cultured avian biomass and ENOUGH's mycoprotein expertise to create innovative, nutritious food products. A pilot plant is planned for 2023 to scale production. Feedback on prototype products, such as cultured chicken nuggets, has been positive, indicating strong market interest in plant-based meat alternatives.
MeaTech 3D Ltd. (Nasdaq: MITC) hosted a tasting event for a Swedish delegation of government, business, and academic leaders on May 17, 2022, at its Rehovot headquarters. The showcased hybrid chicken nuggets, created with cultured chicken from its Belgian subsidiary, Peace of Meat, aimed to demonstrate the potential of cultured meat technology. The event emphasized collaboration between Swedish and Israeli food tech sectors, highlighting MeaTech's innovative approach to sustainable food production. CEO Arik Kaufman expressed optimism about the future of hybrid food products, which could revolutionize alternative proteins.
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