NEW YORK: Itaconix Plc has signed a joint development agreement with a leading innovator in biodegradable packaging (the Partner).

Itaconix develops and produces bio-based specialty ingredients that improve the safety, performance and sustainability of consumer and industrial products, with technology and market leadership positions in non-phosphate detergents, odor control, and hair styling.

Under the agreement, the companies will collaborate to evaluate the use of Itaconix’s BIOAsterix line of functional additives as key ingredients in the Partner’s range of biodegradable packaging solutions.

The agreement establishes parameters for the desired properties for BIO Asterix additives and an operating framework for the parties to collaborate during the evaluation process. If the development efforts are successful, Itaconix will produce and supply one or more BIO Asterix additives for the Partner to use in its product range.

John R. Shaw, CEO of Itaconix, stated: “This collaboration is an important step for us to assess the commercial potential of our initial BIO Asterix additives. Although it is too early to consider the potential impact on revenues, I am optimistic that our bio-based ingredients will find valuable commercial use in biodegradable packaging in the coming years.”