https://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Wed, 17 Oct 2018 14:57:47 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Board Changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20181002070012_13812243/ Tue, 02 Oct 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20181002070012_13812243/ <![CDATA[News - Itaconix sales moving in the right direction, shares soar ]]> https://www.proactiveinvestors.co.uk/companies/news/205856/itaconix-sales-moving-in-the-right-direction-shares-soar-205856.html Itaconix PLC (LON:ITX) reported a flat first-half operating loss but said that sales during the period had jumped a fifth compared to the second half of last year.

The company, which is rebasing to the US, on Thursday said its group operating loss in the six months to the end of June was largely unchanged at £2,589 but that sales during the period came in at £269,000 – 18% up on its sales in the six months to the end of December 2017.

READ: Itaconix bids farewell to chief financial officer Robin Cridland

The designer and manufacturer of speciality polymers said its sales had been boosted by its second generation detergent polymer, which gained new accounts and usage in non-phosphate detergents.

The company, which raised £3.2mln through an equity raise last month, said significant costs were being taken out of the business and that it aimed to reach profitability soon as its customer pipeline advances.

“With funding in place and a cost base aligned with the needs of our customer projects and collaboration partnering, the company's strategy for building the value of our bio-based itaconate chemistry platform is starting to be reflected in financial performance and commercial momentum is building,” Itaconix said in a statement.

“Our focus is on rapidly converting our pipeline of customer projects into revenue growth and expanding our revenue potential with collaborations in new product areas,” it added.

Shares in the company were 11.5% up at 2.90p in mid-morning trade.

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Thu, 27 Sep 2018 10:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205856/itaconix-sales-moving-in-the-right-direction-shares-soar-205856.html
<![CDATA[RNS press release - Interim results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180927070012_13806222/ Thu, 27 Sep 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180927070012_13806222/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180809134151_13750220/ Thu, 09 Aug 2018 13:41:51 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180809134151_13750220/ <![CDATA[News - Itaconix bids farewell to chief financial officer Robin Cridland ]]> https://www.proactiveinvestors.co.uk/companies/news/202271/itaconix-bids-farewell-to-chief-financial-officer-robin-cridland-202271.html Itaconix Plc (LON:ITX), which is rebasing to the US, said chief financial officer Robin Cridland will leave the company at the end of August.

The company said Michael Norris will take over as the interim chief financial officer (CFO) with effect from September 1.

READ: Itaconix to raise up to £4.3mln through a share issue

Norris is an experienced private and public company CFO with over 20 years' board level experience, Itaconix said.

The board of the designer and manufacturer of speciality polymers is on the look-out for a permanent replacement for Cridland.

“The board thanks Robin for his dedicated service to the company over many years and wishes him well in his new endeavours. We are pleased to welcome Michael to Itaconix," said John Shaw, the chief executive of Itaconix.

Itaconix’s shares were up 1.4% at 2.23p in early deals. 

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Mon, 06 Aug 2018 08:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202271/itaconix-bids-farewell-to-chief-financial-officer-robin-cridland-202271.html
<![CDATA[RNS press release - Appointment of Interim Chief Financial Officer ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180806070007_13744138/ Mon, 06 Aug 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180806070007_13744138/ <![CDATA[RNS press release - Exercise of Options, Directors' Dealing & TVR ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180802124914_13741790/ Thu, 02 Aug 2018 12:49:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180802124914_13741790/ <![CDATA[RNS press release - Result of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180802115729_13741702/ Thu, 02 Aug 2018 11:57:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180802115729_13741702/ <![CDATA[News - Itaconix raises an extra £130,000 from open offer and US subscriptions ]]> https://www.proactiveinvestors.co.uk/companies/news/202006/itaconix-raises-an-extra-130000-from-open-offer-and-us-subscriptions-202006.html Speciality polymers company Itaconix Plc (LON:ITX) raised an extra £120,000 through the open offer that was announced at the same time as its placing.

It received applications for 5.93mln open offer shares, all of which were satisfied in full.

READ: Itaconix to raise up to £4.3mln through a share issue

There was additional interest from the US where investors have subscribed for enough shares to raise another £100,000 or so.

The company has therefore conditionally raised additional gross proceeds of £130,000 in aggregate from the open offer and US additional subscription to raise total gross proceeds of £3.5 million from the fund-raising (i.e. including the money to be raised through the share placing).

The fund-raising still needs to be approved by shareholders at a general meeting that is expected to be held tomorrow in London at 11.00am.

Shares in Itaconix were unchanged on Wednesday morning.

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Wed, 01 Aug 2018 11:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202006/itaconix-raises-an-extra-130000-from-open-offer-and-us-subscriptions-202006.html
<![CDATA[RNS press release - Result of Open Offer & US Additional Subscription ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180801100255_13739562/ Wed, 01 Aug 2018 10:02:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180801100255_13739562/ <![CDATA[RNS press release - Restoration - Itaconix plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180716073005_13718591/ Mon, 16 Jul 2018 07:30:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180716073005_13718591/ <![CDATA[RNS press release - Replacement re Further Details on the Fundraising ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180713155828_13717881/ Fri, 13 Jul 2018 15:58:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180713155828_13717881/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180713155408_13717879/ Fri, 13 Jul 2018 15:54:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180713155408_13717879/ <![CDATA[RNS press release - Restoration of Trading ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180713152631_13717858/ Fri, 13 Jul 2018 15:26:31 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180713152631_13717858/ <![CDATA[RNS press release - Posting of Circular & Annual Report & Notice of GM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180713121133_13717554/ Fri, 13 Jul 2018 12:11:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180713121133_13717554/ <![CDATA[RNS press release - Further Details on the Fundraising ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180712164727_13716244/ Thu, 12 Jul 2018 16:47:27 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180712164727_13716244/ <![CDATA[News - Itaconix to raise up to £4.3mln through a share issue ]]> https://www.proactiveinvestors.co.uk/companies/news/200652/itaconix-to-raise-up-to-43mln-through-a-share-issue-200652.html Itaconix Plc (LON:ITX), the designer and manufacturer of speciality polymers, is to raise up to £4.3mln (gross) through a share issue.

Trading in the shares of the company was suspended at the end of June pending funding news and now it looks as though the money is set to arrive, along with some changes at board level.

READ: Itaconix shares suspended on AIM with immediate effect as it searches for further funding

The company is proposing to place at least 104.88mln shares at 2p a pop – the shares were suspended at 6.75p – to raise at least £2.1mln.

This will be supplemented by £1.2mln raised through a share subscription, while eligible shareholders will be given the opportunity to subscribe for new shares through an open offer, to raise in aggregate up to £1.0mln before expenses.

The funds raised will be used to finance the commercial development of the company's portfolio of core products and for general working capital purposes as it seeks to grow revenues of its core products.

The axis of the company is switching to the USA

Assuming the fund-raising all goes to plan, John Shaw, who has agreed to subscribe for new shares, will be appointed as the chief executive officer, succeeding Kevin Matthews, who will become executive chairman until the end of 2018.

Shaw is currently the president of the company's wholly-owned US subsidiary, Itaconix Corporation, and was one of the two co-founders of Itaconix Corporation. He will be located in New Hampshire, USA.

Bryan Dobson, who was the non-executive chairman, will become an independent non-executive director while Robin Cridland will be stepping down as the chief financial officer (CFO) once the fund-raising is done and dusted. The company, which is switching the centre of operations to the US as part of a cost-cutting initiative, intends to appoint a US-focused CFO in due course.

Non-cash charges affect the bottom line

The company released results for 2017 that showed the loss before tax widened to £11.87mln from £5.64mln in 2017, largely as a result of a non-cash charge of £6.48mln relating to the acquisition of Itaconix Corporation.

Revenue grew more slowly than expected to £553,000 from £285,000 the year before.

The board believes that the group is well-positioned to deliver significant revenue and profit growth in the medium to longer term but admitted that this will be delivered over a longer period of time than previously envisaged.

At the end of the reporting period, the company had cash, cash equivalents and short-term deposits of £3.61mln, down from £8.79mln the year before. Without the injection of funds from the share issue, the company said it would not have sufficient funds to continue as a going concern for a period of 12 months.

The company has already taken steps to reduce costs, including the consolidation of the UK activities of the business into the US base and the manufacturing facility in New Hampshire,USA.  

Trading in the company's shares remains suspended.

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Thu, 12 Jul 2018 07:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200652/itaconix-to-raise-up-to-43mln-through-a-share-issue-200652.html
<![CDATA[RNS press release - Proposed Fundraising ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180712070504_13714814/ Thu, 12 Jul 2018 07:05:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180712070504_13714814/ <![CDATA[RNS press release - Preliminary Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180712070005_13714740/ Thu, 12 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180712070005_13714740/ <![CDATA[News - Itaconix shares suspended on AIM with immediate effect as it searches for further funding ]]> https://www.proactiveinvestors.co.uk/companies/news/199856/itaconix-shares-suspended-on-aim-with-immediate-effect-as-it-searches-for-further-funding-199856.html Itaconix Plc (LON:ITX) has had trading its shares suspended on AIM with immediate effect, pending clarification of its financial position, as it has, as previously announced, a requirement for further funding. 

In a brief statement, the speciality polymers maker said: “Whilst the Company has been, and continues to explore all funding and other options, there is no guarantee that a fund raise will be successfully concluded.”

READ: Itaconix begins restructuring of UK subsidiary to focus on core revenue growth

It added: “In the event that the company is unable to raise such funding, the company will enter into some form of insolvency procedure.“

The group said that as a result of the requirement for further funding, it will not be in a position to publish its annual audited accounts for the year ended 31 December 2017 by 30 June 2018, as required by AIM rules, hence the trading suspension.

It added that further announcements will be made as appropriate.

At the end of May, Itaconix revealed that it is in the process of restructuring its UK subsidiary in order to focus resources on growing the revenue of its core products.

As part of the restructuring, Itaconix is consolidating most of its activities would be consolidated into its US operations, improving the link between product support and manufacturing.

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Fri, 29 Jun 2018 08:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199856/itaconix-shares-suspended-on-aim-with-immediate-effect-as-it-searches-for-further-funding-199856.html
<![CDATA[RNS press release - Suspension - Itaconix Plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180629073001_13698808/ Fri, 29 Jun 2018 07:30:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180629073001_13698808/ <![CDATA[News - Itaconix: revitalised; retrenching and relocating ]]> https://www.proactiveinvestors.co.uk/companies/news/197914/itaconix-revitalised-retrenching-and-relocating-197914.html It is still London-listed but Itaconix Plc (LON:ITX) is on its way to becoming a company whose centre of operations is in the US.

With the benefit of hindsight, this Atlantic crossing was always on the cards for the polymers outfit, given that its core technology was developed by a US company, called Itaconix Corporation, that it acquired in June 2016.

At the time of that purchase, Itaconix Plc was known as Revolymer PLC, a company that had polymer technologies of its own as well as a nicotine gum business that it sold off to Danish firm Alkalon.

On March 1, 2017, the company changed its name to Itaconix.

It may not be a household name but its technology features in household goods

The AIM-listed firm makes speciality polymers that are used in a wide variety of products, ranging from paints through washing liquids to mascara.

Most of its products are bio-based, being derived from itaconic acid, which in turn is taken from corn starch, so the products are sustainably sourced, helping its customers improve the sustainability of their own consumer products.

Other products under Itaconix’s banner include Itaconix CHT, a water conditioner for binding calcium that replaces banned phosphates; RevCare NE, a bio-based hair-styling polymer; and Eureco RP103, a product for the removal of stubborn stains.

In a vote of confidence to Eureco RP103, in October 2017 Società Chimica Bussi (SCB) said it was investing in additional manufacturing capacity for the stain-removal product.

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

At the time it acquired Itaconix, it was expected that similar deals would come along more frequently than has been the case, though the company was not without its successes, such as the tie-up with AkzoNobel.

Company wins AkzoNobel prize

In May 2018 Itaconix and AkzoNobel struck a deal in principle that will see the pair work together to market the former’s bio-based chelates used in detergents and cleaners.

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

Exact terms of the deal weren’t made public, but both sides expect to complete formal agreements by the end of the year.

“The goal is to establish a strong multi-year relationship to deliver Itaconix's innovative bio-based chelates to customers worldwide, thereby supporting the development of high performance, sustainable, consumer products using Itaconix technology,” the company said at the time.

As well as AkzoNobel, Itaconix also has an exclusive supply and marketing agreement with Croda International PLC (LON:CRDA) for its polymer-based odour removal additive ZINADOR.

Under that deal, Itaconix makes ZINADOR for Croda, which then markets and sells the additive to households.

Retrenching, rebirth, relocation

By the end of June 2018, despite some notable endorsements of its technology, the company was running out of working capital and a rescue package was needed.

The company had already restructured its UK subsidiary to focus resources on growing the revenue of its core products. Most of the group’s activities were consolidated into its US operations.

Mid-July saw the company announce a share placing that raised around £3.4mln with a further £130,000 raised through a subscription share offer and an open offer.

READ: Itaconix to raise up to £4.3mln through a share issue

The funds were earmarked to finance the commercial development of the company's portfolio of core products and for general working capital purposes.

John Shaw, the president of the company’s US subsidiary, subscribed for new shares and was promoted to chief executive officer (CEO); the existing CEO, Kevin Matthews, became executive chairman – a role he is set to hold until the end of this year.

Bryan Dobson, who was the non-executive chairman, will become an independent non-executive director while Robin Cridland will be stepping down as the chief financial officer (CFO) at the end of August. The company intends to appoint a US-focused CFO in due course but for the time being, has an experienced interim bean counter in Michael Norris.

Trading in the company’s shares, which was suspended at the end of June pending the publication of the full-year results, resumed on July 13.

Results for 2017 showed the loss before tax widened to £11.87mln from £5.64mln in 2017, largely as a result of a non-cash charge of £6.48mln relating to the acquisition of Itaconix Corporation.

Revenue grew more slowly than expected to £553,000 from £285,000 the year before.

Nonetheless, the board believes that the group is well-positioned to deliver significant revenue and profit growth in the medium to longer term.

From an investment perspective, investors would be justified in taking a cautious view, although the company has pulled market-moving big deals out of the hat before and may well do so again.

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Wed, 30 May 2018 10:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197914/itaconix-revitalised-retrenching-and-relocating-197914.html
<![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180530100001_13659618/ Wed, 30 May 2018 10:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180530100001_13659618/ <![CDATA[News - Itaconix shares double in value as collaboration with AkzoNobel moves to the marketing phase ]]> https://www.proactiveinvestors.co.uk/companies/news/197071/itaconix-shares-double-in-value-as-collaboration-with-akzonobel-moves-to-the-marketing-phase-197071.html Itaconix PLC (LON:ITX) shares doubled in value after it and the chemicals giant AkzoNobel moved from the technical evaluation phase to defining a joint marketing effort for the former's bio-based chelates used in detergents and cleaners.

Itaconix said in a statement that commercial details remain to be finalised; however, it added both sides expect to complete agreements before the end of the year. 

READ: Itaconix ends quarter with a growing number of active customers

"The goal is to establish a strong multi-year relationship to deliver Itaconix's innovative bio-based chelates to customers worldwide, thereby supporting the development of high performance, sustainable, consumer products using Itaconix technology," it added.

The company makes innovative polymers and has an exclusive supply and marketing agreement with Croda for its polymer-based odour removal additive ZINADOR.

Other products under Itaconix’s banner include: Itaconix CHT, a water conditioner for binding calcium that replaces banned phosphates; RevCare NE, a bio-based hair-styling polymer; and Eurero RP103, a stubborn stain removal product.

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

The stock rose 103% to 11.7p.

 

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Wed, 16 May 2018 07:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197071/itaconix-shares-double-in-value-as-collaboration-with-akzonobel-moves-to-the-marketing-phase-197071.html
<![CDATA[RNS press release - Joint marketing effort defined with AkzoNobel ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180516070005_13642613/ Wed, 16 May 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180516070005_13642613/ <![CDATA[News - Itaconix ends quarter with a growing number of active customers ]]> https://www.proactiveinvestors.co.uk/companies/news/195025/itaconix-ends-quarter-with-a-growing-number-of-active-customers-195025.html Polymers specialist Itaconix Plc (LON:ITX) overcame adverse currency movements to post an increase in first quarter revenues.

Group revenue rose 8% to £149,000 from £138,000 the year before, boosted by the sale of Itaconix CHT - a water conditioner for binding calcium that replaces banned phosphates - into a new automatic dish-wash (ADW) formulation for the US private label market, plus expanding sales in Revcare NE 100S (hairstyling), and initial minimum royalties from the tremco-illbruk licence.

READ Itaconix positive on outlook as focus on polymers yields results

The company said it is hopeful of repeat orders from the North American ADW market, while on the hairstyling side the hope is that the big boys in the sector will follow the early adopters and take an interest in RevCare NE 100S.

Meanwhile, the company continues to work in support of its partnership with AkzoNobel, Croda and Solvay.

"The start of 2018 has seen a growing number of active customers across a variety of application areas, geographies and products. This is beginning to lead to revenue growth, albeit moderate currently, as each product gains traction and markets become more familiar with the benefits of each product in terms of performance, cost and sustainability.,” said Dr Kevin Matthews, the chief executive officer of Itaconix.

“The board is confident, subject to the availability of further funding, that the company is well positioned to continue to deliver revenue growth through 2018 in line with expectations," he added.

"The start of 2018 has seen a growing number of active customers across a variety of application areas, geographies and products. This is beginning to lead to revenue growth, albeit moderate currently, as each product gains traction and markets become more familiar with the benefits of each product in terms of performance, cost and sustainability. The board is confident, subject to the availability of further funding, that the Company is well positioned to continue to deliver revenue growth through 2018 in line with expectations."

The company ended the quarter with £2.5mln in cash, down from £6.9mln a year earlier.

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Mon, 16 Apr 2018 08:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195025/itaconix-ends-quarter-with-a-growing-number-of-active-customers-195025.html
<![CDATA[RNS press release - Q1 2018 Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180416072503_13604813/ Mon, 16 Apr 2018 07:25:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180416072503_13604813/ <![CDATA[News - Itaconix focusing on 2018 ]]> https://www.proactiveinvestors.co.uk/companies/news/191552/itaconix-focusing-on-2018-191552.html Itaconix Plc (LON:ITX) chairman Dr Bryan Dobson said the polymers specialist made “real commercial progress” in 2017, although he admitted this had come at a slower rate than envisaged.

In a trading statement, he added: “The business is now well positioned with products in market and channels in place, both through major strategic partnerships with parties such as Solvay, Croda and AkzoNobel as well as a distribution network for personal care.

“The board is confident that the company is now well positioned to deliver revenue growth from 2018."

In the update, Itaconix said it had established routes to market for its products with chemicals giant Croda, and two divisions of the multi-national, AkzoNobel. First and repeat sales of the odour neutraliser ZINADOR and RevCare hair products were recorded.

The firm also completed a US$1m investment programme in polymer production capacity in New Hampshire and last month it concluded a licence and assignment agreement of non-core polymer assets to coatings firm tremco-illbruck for use in construction sealants.

In the update,Itaconix provided provisional figures for last year which showed revenues had doubled to £600,000, while the operating loss was static at £5.2mln. The company was sitting on cash of £3.6mln at the end of the period.

While up strongly, sales were lower than anticipated and as a result the company said the goodwill associated with the acquisition of Itaconix Corporation has been fully impaired by £6.1mln.

At the same time, the deferred payment for the business (to be satisfied in shares) has been reduced to £1.1mln from £3.4mln.

Itaconix said charges and credits, respectively, associated with these changes are non-cash and will be recognised as exceptional items in the income statement for 2017.

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Tue, 13 Feb 2018 07:43:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/191552/itaconix-focusing-on-2018-191552.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180213070003_13530573/ Tue, 13 Feb 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180213070003_13530573/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180201070013_13517269/ Thu, 01 Feb 2018 07:00:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180201070013_13517269/ <![CDATA[News - Itaconix expects to generate income this year from sealants tie-up ]]> https://www.proactiveinvestors.co.uk/companies/news/190599/itaconix-expects-to-generate-income-this-year-from-sealants-tie-up-190599.html Itaconix Plc (LON:ITX) has licensed out non-core polymers it has developed to tremco-illbruck, a sealant and boding specialist.

The technology will be used to improve tremco’s construction sealants.

Itaconix will receive a sales royalty on products sold incorporating its intellectual property.

The company’s chief executive, Dr Kevin Matthews, said: "tremco-illbruck has indicated that it expects to launch products containing Itaconix's technology within 12 months and we anticipate receiving a modest income in 2018."

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Thu, 25 Jan 2018 07:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190599/itaconix-expects-to-generate-income-this-year-from-sealants-tie-up-190599.html
<![CDATA[RNS press release - Licence and assignment agreement with tremco ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180125070004_13508726/ Thu, 25 Jan 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20180125070004_13508726/ <![CDATA[News - Itaconix gets vote of confidence in its stubborn stains removal technology ]]> https://www.proactiveinvestors.co.uk/companies/news/185654/itaconix-gets-vote-of-confidence-in-its-stubborn-stains-removal-technology-185654.html 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. 

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Mon, 16 Oct 2017 14:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/185654/itaconix-gets-vote-of-confidence-in-its-stubborn-stains-removal-technology-185654.html
<![CDATA[RNS press release - Società Chimica Bussi investing in capacity ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20171016090001_13397485/ Mon, 16 Oct 2017 09:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20171016090001_13397485/ <![CDATA[Media files - Itaconix Plc 'creating the platform for growth' - CEO Dr Kevin Matthews ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8121/itaconix-plc-creating-the-platform-for-growth-ceo-dr-kevin-matthews-8121.html Thu, 21 Sep 2017 15:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/8121/itaconix-plc-creating-the-platform-for-growth-ceo-dr-kevin-matthews-8121.html <![CDATA[News - Itaconix starting to see the benefits of its reboot ]]> https://www.proactiveinvestors.co.uk/companies/news/184127/itaconix-starting-to-see-the-benefits-of-its-reboot-184127.html 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 https://www.proactiveinvestors.co.uk/companies/news/184127/itaconix-starting-to-see-the-benefits-of-its-reboot-184127.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170918070004_13365330/ Mon, 18 Sep 2017 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170918070004_13365330/ <![CDATA[News - Itaconix soars as it inks second application agreement with AkzoNobel ]]> https://www.proactiveinvestors.co.uk/companies/news/183452/itaconix-soars-as-it-inks-second-application-agreement-with-akzonobel-183452.html 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.

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Tue, 05 Sep 2017 10:51:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/183452/itaconix-soars-as-it-inks-second-application-agreement-with-akzonobel-183452.html
<![CDATA[RNS press release - Bio-based chelates for the detergents industry ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170905090430_13352046/ Tue, 05 Sep 2017 09:04:30 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170905090430_13352046/ <![CDATA[RNS press release - First Bio-based Polymer Application Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170726140001_13308411/ Wed, 26 Jul 2017 14:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170726140001_13308411/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170710070011_13288701/ Mon, 10 Jul 2017 07:00:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170710070011_13288701/ <![CDATA[RNS press release - Grant of options ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170601131957_13246108/ Thu, 01 Jun 2017 13:19:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170601131957_13246108/ <![CDATA[News - Itaconix positive on outlook as focus on polymers yields results ]]> https://www.proactiveinvestors.co.uk/companies/news/178502/itaconix-positive-on-outlook-as-focus-on-polymers-yields-results-178502.html Itaconix Plc (LON:ITX) has been reaping the benefits of its reboot last year to focus on polymers and is positive on the outlook for 2018.

The manufacturer and supplier of polymers reported higher first half revenue and gross profit than the same period a year ago while successfully lowering its costs.

Revenue from speciality chemicals sales increased to £325,000 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 of last year are expected to save the company at least £1mln a year from 2018.

Reshaping the business

Itaconix emerged from the shell of nicotine gum business Revolymer.

After offloading the gum to Danish firm Alkalon, Revolymer retained some of its technology and bought US-based polymer firm Itaconix in 2016 before taking its name in March last year.

The name change came shortly after Itaconix signed deals with Dutch company Akzo Nobel Chemicals International BV and with Croda International PLC.

Momentum building, says broker

Broker N+1 Singer said the agreements with Croda and AkzoNobel 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.

Under its agreement with AkzoNobel’s specialty chemicals division, the two are developing bio-based chelates to be used in the detergents and cleaners industry.

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

Itaconix also has an exclusive supply and marketing agreement with Croda for its polymer-based odour removal additive ZINADOR 22L.

Itaconix produces ZINADOR for Croda and Croda markets and sells ZINADOR to households. 

Sustainably sourced products

Other products under Itaconix’s banner include: Itaconix CHT, a water conditioner for binding calcium that replaces banned phosphates; RevCare NE, a bio-based hair-styling polymer; and Eurero RP103, a stubborn stain removal product.

“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 company said.

In a vote of confidence to Eurero RP103, the company revealed in October last year that Società Chimica Bussi (SCB) is investing in additional manufacturing capacity for the product.

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.

Upbeat outlook

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

“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 group said. 

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Tue, 30 May 2017 15:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/178502/itaconix-positive-on-outlook-as-focus-on-polymers-yields-results-178502.html
<![CDATA[Media files - Itaconix 'offering performance advantages at a competitive price' ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/7545/itaconix-offering-performance-advantages-at-a-competitive-price--7545.html Tue, 30 May 2017 11:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/7545/itaconix-offering-performance-advantages-at-a-competitive-price--7545.html <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170525124249_13238729/ Thu, 25 May 2017 12:42:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170525124249_13238729/ <![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170518070012_13229649/ Thu, 18 May 2017 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170518070012_13229649/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170426110157_13205141/ Wed, 26 Apr 2017 11:01:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15776/LSE20170426110157_13205141/