Image source: © 2025 Krish Capital Pty. Ltd.

Highlights:

  • BSFA subsidiary Kerato secures global rights to novel LiQD Cornea treatment from Université de Montréal
  • BSFA advances regulatory plans with human trials expected to begin in 2027
  • BSFA shares rise 25.60% on 10 July 2025, following strategic IP announcement

BSF Enterprise PLC (LSE:BSFA), a UK-based biotechnology company focused on tissue-engineered materials, announced on 10 July 2025 that its wholly owned subsidiary, Kerato Limited, has entered into an exclusive worldwide option agreement with Université de Montréal. The agreement grants Kerato the global rights to intellectual property supporting LiQD Cornea, a dropwise treatment designed for corneal damage. This technology aims to offer an alternative to donor-based corneal transplants by addressing critical gaps in the availability and scalability of current treatments.

Kerato, which specialises in corneal tissue engineering, is developing LiQD Cornea as a non-invasive solution intended to replace or reduce the need for traditional corneal transplantation. The signing of the agreement with Université de Montréal enhances Kerato’s intellectual property portfolio and supports its pathway toward regulatory and commercial milestones.

The company’s strategic roadmap includes initiating its first-in-human clinical study by early 2027. Preparations are already underway to meet regulatory requirements, and activities aimed at supporting clinical trial approvals and future market access are proceeding in parallel with ongoing product development.

According to recent estimates, more than 13 million individuals worldwide await corneal transplants, while donor cornea availability remains limited. The global corneal transplant market is projected to reach USD 1.86 billion by 2033, creating a need for accessible, engineered alternatives. Kerato’s LiQD Cornea technology is being positioned to address this gap by offering a scalable, application-based treatment that does not rely on donor tissue.

Commenting on the agreement, Sarah Greenhalgh, Co-founder and Managing Director of Kerato, noted that the deal supports the company's plans for clinical validation and product development. She highlighted the team’s interdisciplinary expertise across tissue engineering, ophthalmology, and medical device development, all of which underpin ongoing progress.

BSF Enterprise clarified that any future investment into Kerato would be non-dilutive to current BSFA shareholders. This structure aims to preserve shareholder value while allowing Kerato to operate with financial autonomy in advancing the LiQD Cornea programme.

Shares of BSF Enterprise were trading 25.60% higher at GBX 2.20 per share on 10 July 2025.