Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) shares were down 2.23% on Wednesday but recovered 0.17% to $0.0703 in after-hours trading. The company has a market cap of $55.81 million at 763.51 million shares outstanding. Share prices have been trading in a 52-week range of $0.01 to $0.10.
Kraig Biocraft Laboratories is a biotechnology company focused on the development and commercialization of spider silks. Its lead product is a genetically engineered spider silk known as Monster Silk, which is a composite fiber spun by its line of transgenic silkworms. The company uses genetic engineering technologies to develop fibers for use in target markets, including the textile, specialty fiber and technical textile industries. These specialty fibers are engineered for specific uses that require strength, flexibility, heat resistance and/or chemical resistance.
In a press release earlier this week, the company shared that it was able to a contract for the delivery of 2,000 mulberry trees. With this, Kraig Biocraft Laboratories can be able to significantly expand its US production of spider silk fibers including both Dragon Silk and Monster Silk. The company is getting ready to have these trees planted and is currently actively assessing the requirements for additional trees.
The purchase of these trees is an important part of our plans to diversify our production both in the US and overseas. These trees will provide a sustainable, low cost, domestic input source for our US based silk production,” said Kraig Biocraft Laboratories COO Jon Rice. “In addition to decreasing our costs and ensuring a stable food supply for our transgenic silkworms, testing in the laboratory has demonstrated that our silkworms produce better silk when fed fresh mulberry.”
Mulberry trees are an important dietary requirement for the silkworms that produce the company’s fibers. In particular, these transgenic silkworms spin recombinant spider silk and are crucial in the company’s next step in expanding US production.
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