Itaconix (AIM:ITX) shares climbed 7.3% to 110p on Friday, after announcing an agreement with an established speciality paint company for the evaluation of new platn based paint products using its BIO*Asterix ingredients.
The programme accompanies a patent application covering paint formulations that incorporate BIO*Asterix® and a trademark application for the new class of paints, and it forms part of the company’s push into new application categories.
Itaconix is a developer of high-performance plant-based speciality polymers for consumer products.
"We believe our BIO*Asterix® ingredients can enable a new and differentiated class of paints with compelling safety and sustainability characteristics," John R. Shaw, chief executive of Itaconix, said.
The collaboration is framed as the next stage of development activity to assess product safety, performance and sustainability in paint and coating applications.
Management described the work asearly stage but said the company is encouraged by progress and will continue evaluating the opportunity over time.
