The polymers specialist will receive a US$60,000 milestone payment from Croda in exchange for adding ZINDOR 35L, a water-soluble odour neutraliser, to the ZINADOR 22L product line that it already supplies to the group.
While ZINADOR 22L can be used in home and industrial applications, ZINDOR 35L is a more concentrated version which Itaconix says delivers “significant performance and cost advantages” when used in detergent and industry.
“The close work and collaboration between Croda and Itaconix show the potential and value of using smart partnering to rapidly bring continuous innovation to customers around the world", said Itaconix chief executive John R. Shaw.
In early trading on Thursday, Itaconix shares were 1.6% higher at 1.6p.
--Adds share price--