London-listed Itaconix (AIM:ITX) unveiled to investors on Monday a new line of functional additives derived from itaconic acid.
The bio-based polymers specialist said it had developed the new line, BIO*Asterix™, over the past three years for a wide range of potential uses ranging from biodegradable plastics to decorative paints.
Specifically, the company will initially focus on the biodegradable plastics market where the BIO*Asterix™ additives have had positive results in early field trials with potential customers.
BIO*Asterix has the ability to add valuable properties or overcome performance deficiencies that currently limit the use of biodegradable plastics, this morning’s statement outlined.
"The new BIO*Asterix product line leverages our success at meeting customer needs with our understanding of itaconic acid chemistries,” said Dr. Yvon Durant, CTO of Itaconix.
Shares in Itaconix were trading 3.7% higher at 1.4p during Monday trading.
He added: “I believe industry and academic researchers will find value both in the unique functionality of the chemistries and in our expertise in realising the unique value of these products."
John R. Shaw, Chief Exeuctive of Itaconix said the BIO*Asterix™ line represented “a broad new frontier” for Itaconix and the value of itaconic acid chemistries -- expressing confidence in the product which demonstrated success in its previous customer trials.
Revenue came in at £1.1 million for the New Hampshire-based company -- up 60% from last year, with LBITDA in line with management’s expectations for the year ended December 31 2019.
In the full-year update, Shaw attributed the company’s growth acceleration to “growing commercial validation” as well as “consistent progress” within customer projects across all product and application areas.
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