MITC Stock: The Lab-Grown Steak Breakthrough That Has MeaTech3D Looking Tasty Today
MeaTech3D (NASDAQ:MITC) stock is heating up today following news of a breakthrough in its lab-grown steak efforts.
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MeaTech3D revealed the successful printing of a 3.67 oz cultivated steak that’s made of real muscle and fat tissue. The company points out this was done without the use of soy or pea protein.
According to the company, its goal is to create a real replacement for conventional steak. With its recent success, the company is one step closer to doing that. The bioprinted steak is the largest yet and opens the way for further tests.
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Sharon Fima, CEO and CTO, MeaTech3D, said this about the news sending MITC stock higher.
“Today’s breakthrough is the culmination of over one year’s efforts in our cellular biology and high-throughput tissue engineering processes, as well as our precision bioprinting technology. By bioprinting a 3.67 oz steak comprised of living tissue, we believe we have both validated our core technologies and placed ourselves at the forefront of the race to develop high-end, real cell-based cultivated premium meat products.”
MeaTech3D created the cultured steak with a proprietary process that has is isolating bovine stem cells from tissue samples. It then multiples these cells until they reach the right mass. Afterward, these cells are turned into bio-inks for MITC’s 3D bio-printer. Following that, the printed product was incubated to maturation.
MeaTech3D actually announced this breakthrough a few days ago. The company’s stock has been rising since and today’s movement is an extension of that rally. This has MITC stock up 4% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.