08:41 AM EDT, 07/16/2024 (MT Newswires) -- CULT Food Science ( CULTF ) , a lab-grown food company, on Tuesday provided an update on recent business developments of its venture arm, Unicorn Biotechnologies.

CULT said Unicorn successfully launched three new cell line products through the Dragon Bio platform and announced its first official commercial partnership with QKine.

CULT said the development of a non-GMO, immortalized, suspension-adapted porcine adipogenic cell line represents a major advancement in the cultivated meat cell line space, and the QKine collaboration enhances their commercial footprint.

Unicorn also executed benchmarking tests in their Emmet system that significantly reduce labor, process variability, and manufacturing costs for researchers and manufacturers working with cell culture, especially pluripotent stem cells.

Additionally, CULT said Unicorn has expanded its operations after renovating a former carriage factory into world-class cell biology and engineering labs at its headquarters in Sheffield, U.K.

Unicorn also filed three new non-provisional patents with the USPTO and completed the setup of an electronic quality management system, aiming for ISO 9001 accreditation and GMP certification within the next year.

"These accomplishments by Unicorn Biotechnologies highlight the strength of our investment strategy and the potential for substantial returns for our shareholders," CULT CEO Mitchell Scott said. "Their advancements not only enhance their market position but also provide CULT with increased value and growth opportunities."

CULT's share price fell 3.8% yesterday to $0.385 on the CSE.