Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) shares dipped 4.29% on Friday to $0.0670 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.01-$0.10. The company has a market cap of $52.67 million at 772.13 million shares outstanding.
In a press release, Kraig Biocraft Laboratories announced that it has completed the planting of the first 2,000 mulberry trees at its Texas location. These will be used to supply the company’s US recombinant spider silk operations with fresh mulberry leaves which can be harvested by the latter half of 2017. Kraig Biocraft is also assessing its needs for additional mulberry trees and will make a decision regarding additional plantings later this year.
“We’ve invested a tremendous amount of effort over the last thirty days preparing the new Texas facility and planting these first 2,000 trees,” said Kraig Biocraft Laboratories COO Jon Rice. “Those long days and a handful of fire ant bites have rewarded us, with what we expect will be, the capacity to support all of our US silk production without the need of expensive artificial diet. We’re looking forward to our first harvest this fall.”
Recall that the company was able to sign a contract valued at up to $1 million from the US Department of Defense for a batch of ballistic shoot packs made from the company’s proprietary Dragon Silk material to be used for testing in body armor use. In October last year, Kraig Biocraft Laboratories announced that it has successfully launched production at its new Indiana production facility with the hatching of more than 40,000 silkworms.
“Bringing this facility online is a major milestone for Kraig Labs and a significant step forward for spider silk manufacturing”, remarked COO Jon Rice. “These first 40,000 silkworms are just the beginning of our aggressive plans to scale domestic production. With this facility, we now have the capability to rapidly respond to the numerous request we receive for our record setting Dragon Silk™. I would like to congratulate our team, whom have been working tirelessly to meet our production schedule and to see this goal realized.”
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. Monster Silk is a composite fiber, which is spun by its line of transgenic silkworms. Monster Silk is composed of a combination of both spider silk proteins and silk from a silkworm.
The company uses genetic engineering technologies to develop fibers for use in target markets, including the textile, specialty fiber and technical textile industries. Specialty fibers are engineered for specific uses that require strength, flexibility, heat resistance and/or chemical resistance. The technical textile industry involves products for both industrial and consumer products, such as filtration fabrics, medical textiles (such as sutures and artificial ligaments), safety and protective clothing, and fabrics used in military and aerospace applications.