The cell-based milk company entered the Tel Aviv Stock Exchange via a merger deal with blank cheque company Fantasy Network

The Tel Aviv Stock Exchange (TASE) has seen 21 companies go public this year, and cell-based milk producer Biomilk is the latest. The Rehovot-based entered TASE on 18 April via a merger deal set out in February with blank cheque company Fantasy Network. The company is now trading under the ticker symbol BMLK.

BioMilk is developing a method to produce cow’s milk and human breast milk from cells. The Rehovot-based start-up is at an early stage of development and plans to release its first proof of concept in the next couple of years.

The company is the third foodtech company in the market producing milk from cells, joining Singapore-based TurtleTree Labs and US start-up BiomilQ. The former has the first-mover advantage and has expanded with a second business unit developing growth media. BiomilQ stands out as it’s only focused on producing infant milk from cells.

Led by Dr Nurit Argov-Argaman, BioMilk was founded in 2018, building on a decade of research into the milk production process, which Argov-Argaman conducted with professor Maggie Levy from the Hebrew University.

BioMilk has patents on laboratory production processes that mimic the milk of multiple farm animals, and is capable of producing milk in laboratory settings.

Tomer Aizen, BioMilk chief executive, said: “This is a significant milestone towards the achievement of the company’s goals of accelerating the professional introduction of BioMilk’s technology and making our cultured milk and breast milk products available to the local and the global market.”

Aizen argued that the investor confidence the company is able to enjoy on TASE will allow Biomilk to enhance its development capabilities and bring forward groundbreaking solutions to the local and the global market.

BioMilk joined other seven foodtech companies currently listed on the TASE. On Earth Day (22 April) edible insect protein producer Flying Spark raised NIS 25 million ($7.68 million) from institutional investors in Israel and its strategic investor from Thailand.

Also on the TASE is 3D-printed meat companies MeaTech and SavorEat.

BioMilk has revealed plans to enter the Nasdaq stock exchange in due course.

Date published: 28 April 2021

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