27 September 2018

Itaconix plc
Unaudited interim results for the 6-month period to 30 June 2018

Progress in achieving commercial milestones and building relationships with key industry players

Itaconix plc (AIM: ITX) a leading innovator in sustainable specialty polymers ("Itaconix" or the "Company"), today announces its unaudited interim results for the six-month period to 30 June 2018.

Highlights

• Revenues for the six-month period were 18% higher than the prior six months in the second half of 2017. 
  
  • This growth was based mainly on our second generation Itaconix® CHT™ 122 detergent polymer gaining new accounts and usage in non-phosphate detergents. 
  • Through our collaboration with Croda, demand for our ZINADOR™ odor removal polymer 
    expanded into new regions worldwide and reached a major milestone with use in a leading North American consumer household cleaning brand. 
  • Revenues for our personal care polymers progressed with both new customers and reorders from existing customers.
• As announced in May, AkzoNobel’s Chelates’ business notified the Company of its desire to enter into a supply and joint marketing arrangement for Itaconix’s bio-based polymers in non-phosphate detergents and cleaners. 
• As announced in June, significant costs are being taken out of the business, with the aim for the Company to reach profitability sooner as its customer pipeline advances. 
• The Company completed an equity raise in August 2018, with net proceeds of £3.2 million, to fund commercial development and meet working capital needs from revenue growth. 

Outlook
The Company has new polymers gaining commercial usage and additional active customer projects that are expected to generate revenue growth through both direct engagement and with collaboration partners. With funding in place and a cost base aligned with the needs of our customer projects and collaboration partnering, the Company’s strategy for building the value of our bio-based itaconate chemistry platform is starting to be reflected in financial performance and commercial momentum is building. Our focus is on rapidly converting our pipeline of customer projects into revenue growth and expanding our revenue potential with collaborations in new product areas. 

For further information please contact:

Itaconix                                                                                             +1 603 775-4400

John R. Shaw / Michael Norris

N+1 Singer                                                                                        +44 (0) 207 496 3000

Richard Lindley / James Moat (Corporate Finance)

Rachel Hayes (Corporate Broking)

The half-yearly report and this announcement will be available shortly on the Company’s website: 
www.itaconix.com

Cautionary Statement
Information in this announcement is based upon unaudited management accounts and, in addition, some of the statements made are forward looking. Such statements are based on current expectations at the date of this announcement and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward-looking statements. The Company and its directors undertake no obligation to update or revise forward looking statements to reflect any change in expectations or any change in events, conditions or circumstances.