MeaTech stock gains 3% after announcing expansion into cultivated pork
- Meatech to dedicate its R&D resources for the mass production of cultivated pork.
- Its 3D bioprinting technology has so far been limited to the chicken and beef cell lines.
- Shares of the company were higher by around 3% up in premarket trading on Tuesday.
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:
Our goal is to lead the upcoming agricultural revolution by making tomorrow’s meat safe, plentiful and sustainable. MeaTech is developing a broad range of cultured meat technologies, developing potential alternatives to conventional factory farming of beef, chicken and now, pork. We believe that offering additional cultivated meat product lines can widen our addressable markets, generating additional revenue potential. Our goal is to be similar in all respects to livestock-farmed pork, while offering a significantly more sustainable and slaughter-free production method.
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.
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