4 March 2020
Itaconix plc ("Itaconix" or the “Company”)
New Collaboration in Biodegradable Packaging
Itaconix is pleased to announce that it has signed a joint development agreement with a leading innovator in biodegradable packaging (the “Partner”).
Under the agreement, the companies will collaborate to evaluate the use of Itaconix’s BIO*Asterix™ line of functional additives as key ingredients in the Partner’s range of biodegradable packaging solutions.
The agreement establishes parameters for the desired properties for BIO*Asterix™ additives and an operating framework for the parties to collaborate during the evaluation process. If the development efforts are successful, Itaconix will produce and supply one or more BIO*Asterix™ additives for the Partner to use in its product range.
John R. Shaw, CEO of Itaconix, stated: “This collaboration is an important step for us to assess the commercial potential of our initial BIO*Asterix™ additives. Although it is too early to consider the potential impact on revenues, I am optimistic that our bio-based ingredients will find valuable commercial use in biodegradable packaging in the coming years.”
Ends
For further information please contact:
Itaconix +1 (603) 775 4400
John R. Shaw / Laura Denner
N+1 Singer +44 (0) 207 496 3000
Peter Steel / James Moat (Corporate Finance)
Tom Salvesen (Corporate Broking)
About Itaconix
Itaconix develops and produces bio-based specialty ingredients that improve the safety, performance and sustainability of consumer and industrial products, with technology and market leadership positions in non-phosphate detergents, odor control, and hair styling.