Itaconix Plc (LON:ITX) shares jumped higher on Tuesday after the firm aid it has received its first purchase order from chemical firm Nouryon for personal care polymer following the signing of an exclusive supply agreement in February.
The AIM-listed firm said on Tuesday that its own-brand version of the personal care polymer, RevCare NE100S, would now be withdrawn from the market while accounts and projects using the brand would be transferred to Nouryon and its new Amaze SP product.
Itaconix said that following its initial launch RevCare had seen demand in Europe, North America and Asia steadily progress through 2018 and the first part of 2019, which indicated “accelerating uptake in customer formulations”.
John R. Shaw, chief executive of Itaconix, said that while the first order was small, it marked a milestone in the company’s efforts to turn its “unique chemistries” into consumer products which would establish their value.
Nouryon, which was formerly the speciality chemicals arm of Dutch painting and coatings giant AkzoNobel, sells a wide range of products in the personal care and hair styling industries.
In afternoon trading, Itaconix shares were 7.7% higher at 3.50p.
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