RCS - Itaconix PLC - New Patent Filed for Plant-Based Ingredient

ItaconixAnnouncement

03/02/2022 07:00

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RNS Number : 5350A  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 (http://www.itaconix.com)

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