Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) shares were up 10.71% on Monday to $0.0495 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.01 to $0.10. The company has a market cap of $40.42 million at 763.51 million shares outstanding.
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, which is spun by its line of transgenic silkworms and composed of a combination of both spider silk proteins and silk from a silkworm. The company makes use of genetic engineering technologies to develop fibers for use in target markets, including the textile, specialty fiber and technical textile industries.
In a press release, 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”, said Kraig Biocraft Laboratories 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.”
From this, the company can be able to produce all of the recombinant spider silk necessary to fulfill its contract with the US government on time. Recall that Kraig Biocraft Laboratories 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.
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