Proactiveinvestors RSS feed en Thu, 14 Dec 2017 12:52:08 +0000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Itaconix gets vote of confidence in its stubborn stains removal technology ]]> Società Chimica Bussi (SCB) is investing in additional manufacturing capacity for a product developed by Itaconix Plc (LON:ITX), the sustainable performance polymers specialist.

The product is the new granular grade Eureco RP103 , a stubborn stain removal product developed by Itaconix and licensed to Solvay SA.

Solvay sold its Bussi site to SCB in 2016, including the manufacturing facility for RP103, but maintains its role of exclusive distributor of Eureco products worldwide, except in Italy.

As a result of growing commercial interest, SCB has decided to support the availability of Eureco products in granular form and has prioritised the investment at the Bussi plant in Italy, Itaconix told shareholders.

Shares in Itaconix were up 5.6% in mid-afternoon trading at 23.75p. 

Mon, 16 Oct 2017 14:49:00 +0100
<![CDATA[RNS press release - Società Chimica Bussi investing in capacity ]]> Mon, 16 Oct 2017 09:00:01 +0100 <![CDATA[Media files - Itaconix Plc 'creating the platform for growth' - CEO Dr Kevin Matthews ]]> Thu, 21 Sep 2017 15:59:00 +0100 <![CDATA[News - Itaconix starting to see the benefits of its reboot ]]> Itaconix Plc (LON:ITX), formerly Revolymer, is starting to see the benefits of its March reboot to focus on polymers.

Revenues and gross profits in the first half of 2017 beat those of the same period of 2016, while the company has been successful in lowering its cost base.

WATCH: Itaconix 'creating the platform for growth', says CEO Dr Kevin Matthews

Revenue from speciality chemicals sales increased to £325,000 in the first half of 2017 from £25,000 the year before, and gross profit improved to £146,000 from £6,000 the year before.

Organisational and operational efficiencies implemented in May are expected to save the company at least £1mln a year from 2018.

The loss before taxation for the period was unchanged at £2.5mln, as was the loss after taxation at £2.2mln.

Cash and cash equivalents at the end of June stood at £5.4mln, versus £6.1mln the year before.

Broker N+1 Singer initiated coverage last month and said recent agreements with Croda and Akzo Nobel suggest “momentum is building with particular success to date in laundry and automatic dish wash applications”.

The business continues to work with a number of industry players, including funded collaborations, to develop new ingredients for a range of applications in its key markets of personal and consumer health care, homecare and industrial products.

The board believes there is good reason to be positive about the outlook for the business.

READ: Itaconix PLC: New company with huge potential in polymers

“The implementation of the group's strategy is starting to be reflected in financial performance, and our objective is to continue to drive product revenue starts and growth,” the company said.

The majority of Itaconix's products are bio-based, being derived from itaconic acid, which in turn is derived from corn starch, so the products are sustainably sourced and help its customers improve the sustainability of their own consumer products.

The group is seeking to benefit from the trend towards eschewing petrochemical ingredients in favour of sustainable alternatives.

“We believe that Itaconix is strategically well aligned with this long term trend and positioned to play a significant future role in the redesign of many supply chains to improve the environmental sustainability of consumer products,” the company said.

Shares in Itaconix fell 1.2p to 20p on the results. N+1 Singer has a price target of 48p and expects the share price to recover as the reshaping of the group, formerly known as Revolymer, becomes more widely understood.

WATCH: Itaconix 'offering performance advantages at a competitive price' ]]>
Mon, 18 Sep 2017 08:32:00 +0100
<![CDATA[RNS press release - Interim Results ]]> Mon, 18 Sep 2017 07:00:04 +0100 <![CDATA[News - Itaconix soars as it inks second application agreement with AkzoNobel ]]> Shares in Itaconix Plc (LON:ITX) soared on Tuesday Morning after the functional polymers specialist signed an application agreement with Dutch chemicals giant AkzoNobel.

AIM-listed Itaconix will work with AkzoNobel’s specialty chemicals division to develop bio-based chelates which will be used in the detergents and cleaners industry.

Companies are increasingly looking for more eco-friendly alternatives to phosphates, which are gradually being phased out due to concerns over their effects on the environment.

The two firms hope that by using Itaconix’s technology they can create a renewable polymer which is just as effective but not as harmful.

Any products that come out of this collaboration will be marketed under AkzoNobel’s Dissolvine brand.

“Our success to date in North America and Europe demonstrates the breakthrough potential for our novel bio-based polymer technology in everyday homecare products,” said Itaconix president of US and global homecare John Shaw.

Annika Karlsson, RD&I director at AkzoNobel added: “This is the latest example in a series of agreements to expand the use of Itaconix polymers.

“Being able to use renewable polymers like these presents a significant sustainability advantage for our customers and will help us to grow our business.”

Today’s application agreement is the second such deal struck between Itacnoix and AkzoNobel, with the two having partnered up back in July to develop polymers for use in the coatings and construction industries.

Shares in Itaconix jumped 11.5% to 23.7p in morning trade on Tuesday.

Tue, 05 Sep 2017 10:51:00 +0100
<![CDATA[RNS press release - Bio-based chelates for the detergents industry ]]> Tue, 05 Sep 2017 09:04:30 +0100 <![CDATA[RNS press release - First Bio-based Polymer Application Agreement ]]> Wed, 26 Jul 2017 14:00:01 +0100 <![CDATA[RNS press release - Block listing Interim Review ]]> Mon, 10 Jul 2017 07:00:11 +0100 <![CDATA[RNS press release - Grant of options ]]> Thu, 01 Jun 2017 13:19:57 +0100 <![CDATA[News - Itaconix PLC: New company with huge potential in polymers ]]> Itaconix Plc (LON:ITX) is essentially a new company that emerged from the shell of Revolymer, the AIM-listed nicotine gum business.

After offloading the gum to Danish firm Alkalon, it retained some of its technology and acquired a US polymers specialist and took its name.

Refinanced with £5.8mln from investors such as top small-cap stock picker, Neil Woodford, follow-on money from one of its original backers, IP Group, and a contribution from City stalwart Henderson Global, it is now a supplier to the specialty chemicals industry.

WATCH: CEO on the potential of the business 

“We are effectively a new business,” says chief executive Dr Kevin Matthews. “That’s why we changed our name.”

Matthews was a non-executive director with Elementis for nine years, so watched its transformation into the £1.4bn giant it is today.

It’s the sort of journey on which he wants to take Itaconix – although he will undoubtedly struggle to match Elementis’ scale (in the near-term at least).

Matthews and his team don’t lack ambition...

They have nine products on the market, although the Itaconix boss is keen to focus in on three where he has partnerships with big boys of the chemicals scene Akzo Nobel, Solvay and Croda (LON:CRDA).

The polymers share three things in common: they are bio-based and therefore environmentally sustainable; but more importantly for the end customer, they are price competitive and the products offer a performance advantage over what they are replacing.

“Everyone wants their ingredients to work better, be sustainable and pay no more,” says Matthews.

The first of the trio is Itaconix CHT, a water conditioner for binding calcium that replaces banned phosphates.

ZINADOR, meanwhile, is used to eradicate smells and forms the basis of a supply and joint marketing agreement with Croda, while RevCare NE is a bio-based, high performance, hair-styling polymer.

The business model is quite straightforward: the company manufactures and supplies polymers to customers such as Croda or licenses their use as in the case of our bleach technology licensed to Solvay.

Potential to generate £12mln in revenue

Having invested US$1mln in manufacturing it has enough capacity at its facilities in New Hampshire in the US to generate revenues of £12mln (US$15mln) a year.

Based on the earn-out agreement struck with the former owners of Itaconix that landmark should be achieved by 2020. The broker N+1 sees this as an “achievable target”.

“We have a pipeline and are happy with its depth,” says chief executive Matthews.

“We are just coming out the development phase into the commercial phase.

“So this year is a year of deals – we already have Croda and Akzo Nobel, and revenue starts, e.g. with initial sales of ZINADOR.

“We are really creating the platform for growth in 2018 and 2019.”

Tue, 30 May 2017 15:58:00 +0100
<![CDATA[Media files - Itaconix 'offering performance advantages at a competitive price' ]]> Tue, 30 May 2017 11:33:00 +0100 <![CDATA[RNS press release - Result of AGM ]]> Thu, 25 May 2017 12:42:49 +0100 <![CDATA[RNS press release - Operational Update ]]> Thu, 18 May 2017 07:00:12 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Wed, 26 Apr 2017 11:01:57 +0100