Feasibility Report Confirms Regulatory Path in UAE for Steakholder Foods® 3D-Printed, Plant-Based Products
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The feasibility report on Steakholder Foods Ltd.'s plant-based, 3D-printed whitefish and steak products marks a significant step in the company's efforts to penetrate the alternative protein market. The recognition of their raw materials as Generally Recognized as Safe (GRAS) and the anticipation of a conventional approval process in the United Arab Emirates (UAE) could streamline the path to market entry. This is particularly noteworthy given the UAE's position as a leader in food security initiatives.
From a food technology perspective, the fact that the 3D-printing process does not alter the structure or composition of the materials is crucial. It implies that the technology can be leveraged to create complex textures and shapes without compromising safety, potentially leading to greater consumer acceptance. Moreover, establishing a large-scale production facility in the Persian Gulf region could serve as a strategic hub, providing access to a broad market and reducing logistical challenges in distributing the products across the globe.
The alternative meat industry is rapidly growing, with increasing consumer demand for sustainable and ethical food options. The entry of Steakholder Foods into this market, particularly with a product that is expected to bypass the novel food classification, could offer a competitive advantage. The report suggests that the company's products may face fewer regulatory hurdles and a faster time-to-market compared to fully-cultivated meat products, which are typically subject to more stringent scrutiny.
Steakholder Foods' strategy to engage with regulatory authorities in the UAE in tandem with the construction of their production facility indicates a proactive approach to commercialization. This move, coupled with the pursuit of revenue-generating commercialization agreements in additional regions, suggests an aggressive expansion strategy that could potentially disrupt the market and attract investor interest.
The financial implications of the feasibility report for Steakholder Foods are multifaceted. On one hand, the GRAS status and the potential for a conventional regulatory approval process could lead to cost savings in the approval phase and a quicker revenue stream from the plant-based products. On the other hand, investors should consider the capital expenditures associated with constructing a large-scale production facility and the risks inherent in entering new markets.
It is also important to note that while the initial focus on plant-based products may provide short-term benefits, the long-term success of Steakholder Foods may depend on the commercial viability of their hybrid and fully-cultivated products. These products are likely to be categorized as novel foods, which could entail longer and more costly approval processes. Investors should weigh the immediate potential against the long-term investment required for the company's full portfolio.
Plant-based whitefish and steak expected to be among the Company's first offerings, ahead of hybrid and fully-cultivated products
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In addition to the status of the Company's ingredients, the report found that as the 3D-printing process does not change the structure or composition of the materials used, the resulting product is unlikely to be classed as a novel food (a food not historically consumed by humans, such as food developed by innovative technologies) but should rather be subject to a conventional approval process.
Arik Kaufman, Steakholder Foods' CEO, stated, "While our cultivated and hybrid offerings are expected to be classified as novel foods, we expect that our initial plant-based, 3D-printed products will obtain regulatory approval on a more conventional and expedited basis. We plan to engage with
In parallel to commencing work on the Gulf production facility, Steakholder Foods is working on executing revenue-general commercialization agreements in additional regions in 2024.
About Steakholder Foods
Steakholder Foods Ltd. is a pioneer in three-dimensional meat and fish printing technology and cultivated cell innovation. The company-initiated activities in 2019 and is listed on the Nasdaq Capital Market under the ticker "STKH", with headquarters in Rehovot,
The company is developing a slaughter-free solution for producing cellular agriculture meat products, such as beef and seafood, by offering manufacturers the ability to produce a cultivated meat product that aims to closely mimic the taste, texture, and appearance of traditional meat— as an alternative to industrialized farming and fishing. With its membership in the UN Global Compact, Steakholder Foods is committed to act in support of issues embodied in the United Nations Sustainable Development Goals (SDGs) which include strengthening food security, decreasing carbon footprint, and conserving water and land resources.
For more information, please visit: https://steakholderfoods.com
Forward-Looking Statements
This press release contains forward-looking statements concerning Steakholder Foods' business, operations and financial performance and condition as well as plans, objectives, and expectations for Steakholder Foods' business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect Steakholder Foods' current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause Steakholder Foods' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan" or words or phases of similar meaning and include, without limitation, Steakholder Foods' expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before Steakholder Foods can potentially launch commercial sales; Steakholder Foods' research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; Steakholder Foods' ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in Steakholder Foods' Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission on April 4, 2023. New risks and uncertainties may emerge from time to time, and it is not possible for Steakholder Foods to predict their occurrence or how they will affect Steakholder Foods. If one or more of the factors affecting Steakholder Foods' forward-looking information and statements proves incorrect, then Steakholder Foods' actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, Steakholder Foods cautions you not to place undue reliance on its forward-looking information and statements. Steakholder Foods disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.
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SOURCE Steakholder Foods Ltd.
FAQ
What did the feasibility report from Mérieux NutriSciences group conclude about Steakholder Foods' plant-based, 3D-printed whitefish and steak?
What is the CEO's statement regarding the regulatory approval of the initial plant-based, 3D-printed products?
What is Steakholder Foods' plan for commercialization of the products?
