MeaTech shows promising developments in Q1
Despite financial losses, the company has mades strides in R&D
1 June 2022
3 minute read
By: MeaTech 3D, a cultured meat company, reported its Q1 financial and research and development results in a press release yesterday. The deep-tech good company uses science and technology to develop what it calls "high-quality real meat products made from cells rather than farm-raised animals.
The company's total capital decreased 13% to $32.6 million as of 31 March, down fro $37.6 million at the end of 2021. The decrease was mainly the result of ongoing operations, according to the release.
"In just the first quarter of 2022, we have shown our rapid pace of progress toward commercialisation," said Arik Kaufman, MeaTech's Chief Executive Officer. "Our recent technological and scientific advancements and business activities have put us firmly on a path toward scaling our unique solution for the sustainable production of a wide variety of cultured meat products."
Despite the financial losses, the company did report favourable advancements in terms of research and development. MeaTech said it reported promising results in terms of muscle stem cell differentiation. In February, MeaTech announced the successful development of a novel technology process in which muscle cells are fused into significant muscle fibres that better resemble those in whole cuts of meat. Bovine stem cells were isolated, proliferated in the lab, and differentiated into matured muscle cells with improved muscle fibre density, thickness and length. Based on these improvements, MeaTech has filed a provisional patent application with the USPTO.
In March, the company moved to new, more spacious headquarters with state-of-the-art laboratories in Rehovot, Israel, the epicenter of the country's food-tech sector. The new space allows the company to enhance its cultured meat R&D and 3D bioprinting technology and continue growing the biology and engineering teams with a more expansive lab facility. The new headquarters also feature a tasting kitchen.
MeaTech also announced that it will be opening a US office in March. The new space will include activities in research and development, investor relations, and business development. MeaTech US will be another indication of the company's rapid growth and scaling efforts.
In March, MeaTech announced that its wholly owned Belgian subsidiary, Peace of Meat, will build an R&D facility and pilot plant in Belgium, with construction expected to commence in 2022. The new facility will expand and accelerate the MeaTech Group's cultured avian technology and R&D capabilities and help propel the company's market entry.
Also in March, MeaTech hosted a tasting event at the company's headquarters with its Israeli anchor investors, including prominent food industry investors. Guests toured the labs and R&D facilities, observed the company's 3D printing capabilities, and tasted hybrid chicken nuggets made with plant protein combined with cultured chicken developed by Peace of Meat.
In May, MeaTech announced the development of a unique, multi-nozzle 3D bioprinting system for industrial scale production of complex cultured meat products without impacting cell viability. The company plans to offer the technology to third parties via a wholly-owned, private MeaTech subsidiary as an additional revenue stream and to accelerate commercialisation.
In May, Peace of Meat signed a strategic agreement with ENOUGH, a leader in the field of mycoprotein, a fungi-based fermented food ingredient, to accelerate commercialization. This innovative initiative is expected to create game-changing hybrid alternative meat products that better resemble the flavour, aroma, texture, and even nutritional value of conventional meat.
Finally, MeaTeach joined the UN Global Compact initiative, committing to ten universally accepted principles in the areas of human rights, labour, environment, and anti-corruption and to act in support of UN goals and issues embodied in the UN's Sustainable Development Goals (SDGs).
