5 May 2020
Itaconix plc ("Itaconix" or the “Company”)
Strong Revenue Momentum and Extended Funding
Itaconix (LSE:ITX) (OTCQB:ITXXF) announces that, further to the update provided on 17 March 2020, the Company has made significant progress in its operational efforts to extend the Company’s cash runway, with operating expenses reduced and new payments terms with key customers and suppliers negotiated.
Whilst ensuring that the Company maintains production capabilities, several actions have also been taken to reduce costs and maintain liquidity, including:
In addition to cost savings, the Company has applied for COVID-19 US government relief programs available for its US operations. To date, the Company has received a $10,000 grant from the US government and continues to seek additional funds from this source. Cash on 30 April 2020 was $0.3 million.
The Board believes that, with these actions and without any further funding (including any further funding received from COVID-19 US Government relief programs being applied for), the Company now has sufficient working capital to operate until at least the end of August 2020. The Company is continuing to develop and evaluate additional equity and debt funding proposals.
Trading Update
The Board also announces that revenues for the first four months of 2020 were $0.6m, representing an increase of 42% over the same period in 2019. The strong growth is primarily from the continued commercial progress and success of the Company’s detergent polymers including:
The Board expects continued revenue growth for the Company’s detergent polymers.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.