Itaconix PLC (LON:ITX) (OTCMKTS:ITXXF) shares surged on Wednesday as it signed supply and licensing agreements with North American detergent supplier New Wave Global Services Inc for a new dishwasher detergent formulation.
The formula is based on Itaconix’s TSI 322 detergent polymer, which the company introduced last month, with the roll-out of the product expected to commence later this year.
Under the agreement, Itaconix will supply New Wave with up to 1mln pounds of its polymers over the next two years, when volumes from the latter’s new and existing customers are expected to ramp up.
"We look forward to accelerating our work with New Wave on the opportunities ahead for a new generation of dishwashing detergents”, said Itaconix chief executive John R. Shaw.
With these agreements and other prospects providing a strong pipeline, I am excited about our growth trajectory and broader recognition our polymers are gaining as key differentiating ingredients in major consumer products", he added.
In afternoon trade, Itaconix shares were 17.9% higher at 1.85p.
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