Australia's Nanollose eyes best day in nearly 1-1/2 yrs on joint patent application

Nanollose

13/01/2021 01:20

** Shares of Nanollose  NC6.AX  rise as much as 50% to
A$0.075, biggest intraday pct jump since Aug. 16, 2019 
    ** Biotech co and India's Grasim Industries  GRAS.NS  file a
joint patent application for a high tenacity lyocell fibre made
from microbial cellulose  urn:newsml:reuters.com:*:nASX6bb6wK
    ** Lyocell is a form of rayon, with low demand on chemical
and water usage and low waste generation
    ** Material's market predicted to be worth $1.5 bln by 2024,
growing with a CAGR of ~8% - NC6
    ** Stock hits its highest since Oct. 19, 2020
    ** More than 6.0 mln shares change hands vs 30-day average
volume of 361,000 shares
    ** Stock fell 88% in 2020 vs a 7.4% drop since the start of
2021, as of last close

 (Reporting by Ananya Pande in Bengaluru)
 ((ananya.pande@thomsonreuters.com))