Itaconix PLC New Patent Filed for Plant-Based Ingredient
03 Février 2022 - 7:59AM
RNS Non-Regulatory
TIDMITX
Itaconix PLC
03 February 2022
Itaconix plc
("Itaconix" or the "Company")
New Patent Filed for Plant-Based Ingredient
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in
plant-based specialty polymers used as essential ingredients in
everyday consumer products, is pleased to announce that the Company
is extending the Itaconix technology platform into potential uses
in composite materials and has filed a new patent to protect
innovative intellectual property for expected applications in this
new area.
The extension of the Itaconix technology platform is part of the
Company's efforts to engage with potential customers to identify
sizable unmet needs that Itaconix can address with plant-based
solutions.
Market and materials research led by Dr Yvon Durant, Itaconix's
CTO, has created a path to making certain composite materials that
may allow a safer process to produce products that also have higher
plant-based content. If granted, the patent will protect a new
family of intellectual property for Itaconix. The review process
for the filing is expected to take at least two years, and there is
no guarantee that the patent will be granted.
Product research based on this patent filing will now enter the
next stage of commercial development. Key milestones for 2022 are
to complete initial environmental and safety studies and to engage
in commercial discussions with market collaborators. Potential
revenues are not expected until at least 2024, which is a normal
timeframe for new product development.
The Company estimates that a $600 million per annum addressable
market exists for potential Itaconix products based on this new
technology.
John R. Shaw, CEO of Itaconix, said:
"Although the usual steps remain to advance a new product to
market, we are very excited that our plant-based solutions have the
potential to address major unmet customer needs. This patent filing
marks a significant milestone in our efforts to deliver safety and
sustainability to new categories of consumer products."
Enquiries:
Itaconix +1 (603) 775 4400
John R. Shaw/Laura Denner
Belvedere Communications +44 (0) 20 3687 2756
John West/Llew Angus
finnCap +44 (0) 20 7220 0500
Ed Frisby/Abigail Kelly/Milesh Hindocha
- Corporate Finance
Andrew Burdis/Sunila de Silva - ECM
About Itaconix
Itaconix uses its proprietary plant-based polymer technology
platform to produce and sell specialty ingredients that improve the
safety, performance, and sustainability of consumer products. The
Company's current ingredients are enabling and leading new
generations of products in detergents, hygiene, and hair care.
Itaconix's contributions to the global low carbon economy are
recognised by the London Stock Exchange's Green Economy Mark.
www.itaconix.com
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END
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