Itaconix PLC - Strong Revenue Momentum and Extended Funding
Strong Revenue Momentum and Extended Funding
Itaconix (LSE:ITX) (OTCQB:ITXXF) announces that, further to the update provided on
Whilst ensuring that the Company maintains production capabilities, several actions have also been taken to reduce costs and maintain liquidity, including:
· John R. Shaw, CEO, agreeing to a voluntary 65% deferral in cash compensation until at least the end of
· Other executives agreeing to a voluntary 50% deferral in cash compensation until at least the end of
· The Non-Executive Directors agreeing to a voluntary 75% deferral in cash compensation until at least the end of the
· The curtailment of all non-essential discretionary spending.
In addition to cost savings, the Company has applied for COVID-19 US government relief programs available for its US operations. To date, the Company has received a
The Board believes that, with these actions and without any further funding (including any further funding received from COVID-19 US Government relief programs being applied for), the Company now has sufficient working capital to operate until at least the end of
The Board also announces that revenues for the first four months of 2020 were
· Receipt of first purchase order for Itaconix® TSI™322 to support the launch of a new dishwashing detergent under a major brand in North America by New Wave. The new detergent product is expected to be in retail stores across the United States in the coming weeks.
· Total volumes under the New Wave supply agreement are ahead of plan.
· Order volumes increased from existing customers in response to higher demand for dishwashing detergents related to stay-at-home orders issued by governments to contain the spread of COVID-19.
The Board expects continued revenue growth for the Company's detergent polymers.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
For further information please contact:
+1 (603) 775 4400
John R. Shaw / Laura Denner
+44 (0) 207 496 3000
Peter Steel / James Moat (Corporate Finance)
Tom Salvesen (Corporate Broking)
This information is provided by RNS, the news service of the
Quick facts: Itaconix PLC
Market Cap: £5.28 m
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