Auction Operational Update & Strategic Progress

16 June 2026

BSF Enterprise PLC

Paris Auction Operational Update & Platform Strategic Progress

BSF Enterprise PLC (LSE: BSFA; OTCQB: BSFAF), a biotech platform company driving an industrial bio-sustainable future through its advanced tissue engineering subsidiaries, provides an operational update and commercial clarification following the public auction of the world's first T-Rex Leather™ handbag at the Hôtel Drouot auction house in Paris.

Key Highlights:

●    Proof of Structural Capability: The fabrication and craftsmanship of the Enfin Levé T-Rex Leather™ handbag successfully validated the structural integrity and physical performance of the Company's proprietary Advanced Tissue Engineering Platform (ATEP™).

●    Transition to Private Sale: Public bidding reached €150,000, falling short of the historical reserve price. The piece has been withdrawn from public auction and is transitioning to a private sale process targeting parties that expressed interest at the auction, institutional collectors, museums, and high-net-worth individuals.

●    Acceleration of Tier-1 Commercial Dialogues: The high global visibility of the Paris exhibition has generated an acceleration of inbound interest from multi-billion-dollar enterprise partners, specifically across global automotive interiors and premium performance sportswear brands evaluating material integration.

●    Diversified Revenue Streams Unaffected: The core value of BSF remains heavily insulated by parallel commercial trajectories across cell culture media additives (City-Mix™ and CytoBoost™ sales pipelines) and imminent advanced medtech clinical corneal repair milestones (Kerato Ltd).

A System Validation, Not an End-Consumer Asset

The Board notes that recent market sentiment surrounding the public auction has conflated a specialised, museum-grade technical demonstration with the Company's broader commercial output. The primary objective of the T-Rex Leather™ project was never to establish BSF as a consumer fashion retailer, but rather to subject our scaffold-free, computational biology platform to the most extreme manufacturing stress-test possible.

To successfully construct a high-performance luxury asset requiring deep structural density, complex stitching, and industrial tanning from synthesized, extinct DNA sequences represents total proof-of-concept validation for our engineering biology systems.

Commercial Inbound & Platform Scale

While public auction bidding closed at €150,000, the visibility generated has significantly de-risked our material science vertical. BSF is currently advancing technical evaluations with major international corporations, including:

1.   A Global Sportswear Leader: Steps towards evaluating the performance and branding characteristics of our ATEP™ sheets for next-generation performance footwear applications.

2.   A Tier-1 Automotive Manufacturer: Discussing technical feasibility studies on the scalability of our bio-synthetic hide for bespoke, sustainable vehicle upholstery.

Crucially, our underlying business model for LGL relies on eventual high-volume industrial supply, licensing agreements, and the sale of automated bioreactor infrastructure to these mass-market verticals, rather than the sale of one artisan luxury accessory.

Strong Balance Sheet and Multi-Asset Insulation

Supported by our recently announced £1 Million interest-free Convertible Loan Note with Indigo Capital, BSF remains thoroughly funded to scale operations across our three distinct, high-growth subsidiaries without placing reliance on single-product events:

●    Lab-Grown Leather (LGL): Capitalising on our newly achieved A4-sized tannable skin milestones and active B2B corporate assessment pipelines.

●    3D Bio-Tissues (3DBT): Scaling commercial supply agreements for our cellular nutrition enhancers (City-Mix™ and CytoBoost™ Revive) with international partners like SeaWith, driving near-term commercial revenue.

●    Kerato Limited: Progressing toward veterinary and clinical safety targets for our tissue-engineered corneal repair solutions, capturing a vital footprint in the advanced MedTech space.

The Board is confident that our multi-pillar structure limits risk while multiplying value-inflection milestones, ensuring parent PLC shareholders remain exposed to an expansive industrial IP engine rather than a single consumer luxury asset.

Dr. Che Connon, CEO of BSF Enterprise, commented:

"The Paris auction was a public display of an incredible engineering feat: turning abstract, ancient genetic information into a dense, beautifully structured, physical material via our scaffold-free platform. While the public auction bidding didn't meet our historic reserve, the commercial validation we required has been emphatically achieved. The multi-billion-dollar automotive and footwear giants currently considering our materials aren't interested in buying a handbag at auction; they are interested in licensing the platform architecture that created it. BSF is treating biology as software, and our industrial trajectory remains firmly on track."

- ENDS -

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About BSF Enterprise PLC

BSF Enterprise PLC (LSE:BSFA) develops and commercialises cutting-edge tissue-engineered solutions, including lab-grown leather (via LGL), cultivated meat, and corneal repair technologies. By leveraging its proprietary scaffold-free ATEP™ platform, BSF delivers sustainable, high-performance alternatives to conventional materials, targeting global markets where provenance, ethics, and performance are increasingly prized by consumers and brands alike.