Symphony Environmental Technologies (SYM) shares jumped on Wednesday after it received approval from the U.S. Food & Drugs Administration (FDA) for its d2p® antimicrobial technology, for use in polyethylene (LLDPE) film for wrapping bread.
Approval is exclusive to Symphony Environmental, and not any similar or identical substance manufactured prepared by other companies according to the Federal Food Drug and Cosmetic Act.
The approval will allow the AIM-listed firm to sell its d2p® technology, intended to inhibit the growth of bacteria on the surface of the packaging film, to the western world's largest market.
Shares in Symphony Environmental Technologies jumped 78% higher trading at 14.75p on Wednesday
Michael Laurier, CEO of Symphony, said "After nearly 10 years of investment and development we are pleased to have finally obtained food-contact approval for this d2p product in the USA.”
He said: “We are now in a position to move forward commercially and to bring this unique product to our global markets.”
Mr. Laurier also told investors that he believes product sales will make a “significant contribution” to revenues in the medium term.
Symphony Environmental said it already derives significant d2w revenues from the baking industry, and expects to see “considerable interest” in the FDA approved d2p® antimicrobial technology for use in bread packaging.
The company said d2p® is synergistic with d2w® biodegradable technology and is expected to be sold to many of its current customers as well as new customers.
Follow News & Updates from Symphony Environmental here: