Itaconix Plc (LON:ITX) were on the rise on Wednesday after it made £242,000 from the sale of a 22.49% stake in Danish nicotine gum maker Alkalon.
The AIM-listed firm, which makes specialised polymers, said the proceeds of the sale would be added to its cash reserves and used for future working capital.
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The stake in Alkalon is the last part of the group’s legacy nicotine gum business, which it divested in 2016 in return for a 15% holding in the Danish firm, which had been added to subsequently as a result of commercial milestones and participation in debt and equity funding.
John R. Shaw, Itaconix's chief executive, said the sale marked “the final step” in the group’s transformation into a technology innovator specialising in sustainable speciality polymers.
In early trading the shares were up 3% at 3.4p.
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