Tekcapital PLC’s (LON:TEK) shares soared higher on Tuesday after its portfolio company, Salarius, secured the first commercial order for its low-sodium salt substitute MicroSalt.
The AIM-listed IP investor said the MicroSalt customer would incorporate the substitute into their snack food business, with the first order expected to be dispatched in May.
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MicroSalt is made with particles of natural salt that are around 100 times smaller than regular salt, reducing the amount of sodium intake when consumed.
The low sodium ingredient market is estimated to be worth around US$1.76bn by 2025, with an annual growth rate of 11.7%.
Dr Clifford Gross, executive chairman of Tekcapital, said the order was “a major milestone” for Salarius and that the company would be successful in “making a dent in helping to reduce cardiovascular diseases, the leading cause of death in the world".
Victor Hugo Manzanilla, chief executive of Salarius, added that MicroSalt would “help manufacturers worldwide take a leadership role in reducing cardiovascular disease by enhancing the nutritional content of their products”.
High sodium intake can cause high blood pressure and lead to cardiovascular disease, which according to World Health Organization (WHO) estimates causes around 31% of global deaths each year.
In early afternoon trading, Tekcapital shares had leapt 92% higher to 12.75p, the London market's top gainer.
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