MeaTech stock gains 3% after announcing expansion into cultivated pork

Meatech 3D Ltd (NASDAQ: MITC) shares jumped 3% on Tuesday after the Israel-based company said it will dedicate its research and development resources for the mass production of cultivated pork. What's notable about the stock's gain on Tuesday is it marks a move in the opposite direction of the Dow Jones that was down 400 points while other indices were also in the red.

Meatech manufactures technologies to produce cultured meat products. The company's 3D bioprinting technology has so far been limited to the chicken and beef cell lines but the company is making moves to expand its total addressable market through the alternative pork market. In fact, the worldwide consumption of pork as a source of protein far surpasses that of chicken and beef.

In a press release on Tuesday, the company announced the initiation of cultivated pork research and development activities. MeaTech will focus on cell lines and technologies with the goal of mass production of cultivated pork.

According to Meatech, its initial goal is to develop stable porcine cell lines. Upon success, it will then be able to scale up production. Commenting on the news, chief executive Sharon Fima said on Tuesday:

Cultivated meat technologies can increase the variety of products for the consumers. At the same time, these contribute to simplifying the supply chain and maximising meat production as well.

The news came shortly after Meatech established its pilot plant in Belgium to deploy Peace of Meat’s (subsidiary) stem-cell technology to produce cultured chicken fat.