CULT Food Science Corp. announces product development update
CULT's Portfolio Company has developed its inaugural prototype of a premium cell-based seafood offering.
Technology / IIoT
Food & Beverage
VANCOUVER — CULT Food Science Corp., an investment platform with a focus on clean, lab-grown food that is trying to advance the development of novel technologies to provide a sustainable and ethical solution to the global factory farming and aquaculture crises, announces that its portfolio company, CELL AG TECH INC., has achieved meaningful scientific and product development milestones over the last year.
In collaboration with food scientists at the Guelph Food Innovation Centre, CULT’s Portfolio Company has developed its inaugural prototype of a premium cell-based seafood offering. This is reportedly a critical step for CELL AG TECH as the cultured seafood industry is very much in its infancy and the establishment of a scalable prototype is crucial in order to better understand the commercial viability, scope and product-market fit. As previously announced by CELL AG TECH, it has been selected as a semi-finalist for the XPRIZE Feed the Next Billion competition, which is a peer reviewed US$15 million contest that incentivizes teams to produce chicken breast or fish fillet alternatives.
Further, CELL AG TECH reports it has completed a pre-submission meeting with Health Canada pertaining to the safety and science of its cell-based seafood product prototype. The Portfolio Company’s proactive engagement with Health Canada may help accelerate domestic commercialization by better defining the regulatory processes and approvals that will be required for cell-based seafood in Canada.
CULT’s strategic allocation of capital into CELL AG TECH provides it with exposure to the bourgeoning cell-based seafood sector. According to CELL AG TECH’s investor presentation, over US$1 billion has been invested into cellular agriculture to date, with only US$120 million siloed as investments in cell-based seafood.