REHOVOT, Israel, March 24,
2022 /PRNewswire/ -- MeaTech 3D Ltd. (Nasdaq: MITC)
("MeaTech") announced today its financial results for 2021. The
company is also providing an update to investors on recent business
developments. MeaTech is an international deep-tech food company at
the forefront of the cultured meat industry. The company is using
science and technology to develop high-quality delicious and
nutritious real meat products that are cell-based, slaughter free
and safer than farm-raised meat.
2021 Financial Results Summary
- R&D expenses totaled $7.6
million, compared to $2.5
million in 2020, reflecting an expansion of investment in
MeaTech's research and development capabilities
- Operating loss reached $17.2
million, compared to $18.5
million in 2020 (including $10.1
million in public listing expenses in connection with
MeaTech's reverse merger into a TASE-listed company)
- Net loss was $17.8
million, or $0.16 per ordinary
share, compared to $18.1 million, or
$0.31 per ordinary share, in
2020
- Cash flow used in operating activities was $14.2 million, compared to $3.8 million used in 2020
- Cash and equivalents at year-end 2021, was $19.2 million, compared to $13.6 million at year-end 2020
- Non-current assets increased to $18.5 million as of year-end 2021, up from
$3.6 million at year-end 2020, driven
mainly by the initial consolidation of the financial results of
Peace of Meat
- Total assets increased to $40.7
million as of year-end 2021, up from $17.5 million at year-end 2020
- Total capital reached $37.6
million as of year-end 2021, up from $15.6 million at year-end 2020
Arik Kaufman, MeaTech's Chief
Executive Officer: "2021 marked a major turning point for
MeaTech as we continue our quest to be positioned as the leaders in
the cultured meat space. With our acquisition of Peace of Meat, our
Belgian subsidiary, and the establishment of MeaTech Europe, we
created a broad base of business with an infrastructure for
offering cultured fat biomass as an ingredient to improve the taste
and texture of alternative meat products. Throughout last year and
into the beginning of this year, we made groundbreaking progress
with our technological capabilities, which culminated in the
world's largest ever 3D-printed cultivated steak and promising
results with our muscle stem cell differentiation. Looking ahead,
we will be expanding the company's operations. A memorandum of
understanding has been signed for the establishment of a pilot
plant in Belgium to accelerate the
production of cultured chicken fat, and we are also, in the process
of expanding to the US to advance our cellular
technology."
Business highlights and developments during 2021 and to
date:
- Acquisition of Peace of Meat: In February 2021, MeaTech finalized its acquisition
of Peace of Meat, a Belgian producer of cultured avian products,
for up to $19.9 million in cash and
equity, depending on milestone achievements. MeaTech intends to
leverage Peace of Meat's cultured avian technologies to diversify
its own bovine-oriented technologies and expedite its entry into
the market for plant-based meat alternatives and cultured
products.
- $28 million Nasdaq listing and
voluntary delisting from the Tel Aviv Stock Exchange: In
March 2021, MeaTech raised
$28 million in an initial public
offering of American Depository Shares (ADSs) on the Nasdaq Capital
Market, making MeaTech the first cultured meat company to be
publicly traded in the US. In August
2021, MeaTech completed the process of voluntarily delisting
its ordinary shares from the Tel Aviv Stock Exchange (TASE) with
its ADSs continuing to trade on the Nasdaq Capital Market. The
decision was made to internationalize MeaTech's investor and public
relations efforts into the United
States and globally.
- Initiation of food technology development activities in
Europe: In April 2021, MeaTech commenced food technology
development activities through its European subsidiary, MeaTech
Europe, with an initial focus on hybrid foods using Peace of Meat's
cultured fat. Hybrid foods are products composed of both plant and
cultured meat ingredients that have the potential to offer a
meatier experience than purely plant-based meat alternatives.
- Manufacturing of 700g (25 oz) of cultivated fat biomass:
In July 2021, MeaTech's
fully-owned Belgian subsidiary, Peace of Meat Peace,
cultivated just over 700 grams of pure chicken fat biomass in a
single production run. The company believes that producing this
quantity of pure cultured material in one run is a breakthrough
toward potentially manufacturing cultivated chicken fat at an
industrial scale.
- Partnering with Ashton
Kutcher and Guy Oseary of BlueSoundWaves: In
October 2021, the BlueSoundWaves
collective, led by Ashton Kutcher,
Guy Oseary and Effie Epstein,
partnered with MeaTech with the goal of accelerating the company's
growth and development toward commercializing MeaTech's proprietary
cultured meat production technologies. BlueSoundWaves works closely
with management to propel its strategy, go-to-market activities and
brand by leveraging the collective's marketing and strategic
expertise and network.
- 3D-printing a 3.67 oz (104 gm) steak, the largest ever
cultured steak to date: In December
2021, MeaTech revealed that it had successfully 3D printed a
3.67 oz cultivated steak primarily composed of cultivated real fat
and muscle tissues, without using soy or pea protein. The cells
used to make the steak were produced with an advanced proprietary
process that starts by isolating bovine stem cells from tissue
samples and multiplying them. Upon reaching sufficient cellular
mass, stem cells were formulated into bio inks compatible with
MeaTech's proprietary 3D bio printer. The bio inks were printed
from a digital design file of a steak structure. The printed
product was placed in an incubator to mature, allowing the stem
cells to differentiate into fat and muscle cells and develop into
fat and muscle tissue to form the MeaTech steak.
- Promising results with muscle stem cell differentiation:
In February 2022, MeaTech announced
the successful development of a novel technology process in which
muscle cells are fused into significant muscle fibers 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 fiber density, thickness and
length. Based on these improvements, MeaTech has filed a
provisional patent application with the USPTO.
- Expansion of cultivated meat operation into the US to
accelerate go-to-market strategy: In March 2022, MeaTech announced that it will be
opening a US office. The new space will include activities in
research and development, investor relations, and business
development. MeaTech US, based in California, will be another indication of the
company's rapid growth and scaling efforts.
- Peace of Meat pilot plant in Belgium: MeaTech's fully-owned
Belgian subsidiary, Peace of Meat, will build a 21,530 sq. ft.
R&D facility and pilot plant in Belgium, with construction expected to
commence in 2022. The new facility will expand and accelerate
MeaTech's cultured avian technology and R&D capabilities and
help propel the company's market entry.
Conference call details
The company will host a conference call today at 8:30 am (EDT). Management will be available to
answer questions after providing a business update and presenting
the results. To participate, please call one of the following
telephone numbers a few minutes before the start of the call:
US:
1-888-281-1167
8:30 am (Eastern Time)
Israel:
03-918-0609
2:30 pm (Israel Time)
International:
+972-3-918-0609
A live webcast of the conference call can be accessed on the
MeaTech website at:
https://meatech3d.com/events-presentations/
About MeaTech 3D
MeaTech is an international deep-tech food company at the
forefront of the cultured meat revolution. The company initiated
activities in 2019 and is listed on the Nasdaq Capital Market under
the ticker "MITC". MeaTech maintains facilities in Rehovot,
Israel and Antwerp, Belgium and is in the process of
expanding activities to California,
USA. The company believes cultivated meat technologies hold
significant potential to improve meat production, simplify the meat
supply chain, and offer consumers a range of new product offerings.
MeaTech aims to provide an alternative to industrialized animal
farming that dramatically reduces carbon footprint, minimizes water
and land usage, and prevents the slaughtering of animals. By
adopting a modular factory design, MeaTech will be able to offer a
sustainable solution for producing a variety of beef, chicken
and pork products, both as raw materials and whole cuts. The
company will also provide meat manufacturers and retail businesses
with production equipment.
For more information, please visit: https://meatech3d.com
Forward-Looking Statements
This press release contains forward-looking statements
concerning MeaTech's business, operations and financial performance
and condition as well as plans, objectives, and expectations for
MeaTech's business operations and financial performance and
condition. Any statements that are not historical facts may be
deemed to be forward-looking statements. Forward-looking statements
reflect MeaTech's current views with respect to future events and
are based on assumptions and subject to known and unknown risks and
uncertainties, which change over time, and other factors that may
cause MeaTech's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements include, without limitation,
any statement that may predict, forecast, indicate or imply future
results, performance or achievements, and are typically identified
with words such as "may," "could," "should," "will," "would,"
"believe," "anticipate," "estimate," "expect," "aim," "intend,"
"plan" or words or phases of similar meaning and include, without
limitation, MeaTech's expectations regarding the success of its
cultured meat manufacturing technologies it is developing, which
will require significant additional work before MeaTech can
potentially launch commercial sales; MeaTech's research and
development activities associated with technologies for cultured
meat manufacturing, including three-dimensional meat production,
which involves a lengthy and complex process; MeaTech's ability to
obtain and enforce its intellectual property rights and to operate
its business without infringing, misappropriating, or otherwise
violating the intellectual property rights and proprietary
technology of third parties; and other risks and uncertainties,
including those identified in MeaTech's Annual Report on Form 20-F
for the fiscal year ended December 31,
2021, filed with the Securities and Exchange Commission on
March 24, 2022. New risks and
uncertainties may emerge from time to time, and it is not possible
for MeaTech to predict their occurrence or how they will affect
MeaTech. If one or more of the factors affecting MeaTech's
forward-looking information and statements proves incorrect, then
MeaTech's actual results, performance or achievements could differ
materially from those expressed in, or implied by, forward-looking
information and statements contained in this press release.
Therefore, MeaTech cautions you not to place undue reliance on its
forward-looking information and statements. MeaTech disclaims any
duty to revise or update the forward-looking statements, whether
written or oral, to reflect actual results or changes in the
factors affecting the forward-looking statements, except as
specifically required by law.
MeaTech Press Contact:
Maissa Dauriac
Rainier Communications
mdauriac@rainierco.com
MeaTech Investor Contacts:
Joseph Green
Edison Group
jgreen@edisongroup.com
Ehud Helft
Edison Israel
ehelft@edisongroup.com
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SOURCE MeaTech 3D Ltd.