An Israeli foodtech company seeking to develop lab-produced milk, BioMilk, announced its IPO on Sunday, allowing investors to buy stock in the newly publicly trading company.
BioMilk joins the eight foodtech companies in the Technology Sector of the Tel Aviv Stock Exchange (TASE).A three-year-old company, BioMilk is in the race to do what many companies are working towards: lab-produced milk that could rival the animal-based dairy products. They have developed a specific technology for cow-milk, produced in their lab from mammary cells, which come from the mammary gland found in mammals. Beyond the lab-produced milk being developed by BioMilk, the company is seeking to develop an alternative type of breast milk via the replication of complex carbohydrates that will lead to similar results in immune system development associated with breast milk.
Unlike existing animal-based dairy products, BioMilk also aims to have lower hormone and antibiotic additives than those commonly found in milk.
TASE's technology sector includes 110 companies, with BioMilk currently operating under a market cap of NIS 270 million value.
Regarding the company's recent success of entering the public market, Tomer Aizen, CEO of BioMilk , said that “We are proud and thrilled to be joining TASE as a leading research and development company and a pioneer in both the financial and the scientific aspects of our field. 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."
"Our novel technology facilitates the production of lab-cultured milk using the animal’s mammary cells only, making milking redundant. These cultured components can then be used to produce any existing dairy product, while maintaining nutritional values and reducing the carbon footprint. The aim of our technology is real milk that approximates the composition of commercial cow milk, free of synthetic or plant additives, and with a lower hormones and antibiotics content than that of the traditionally milked product. The investor confidence that we are able to enjoy on TASE will allow us to enhance out development capabilities and bring forward groundbreaking solutions to the local and the global market,” Aizen added.