Itaconix files patent for new plant-based paint technology

(Alliance News) - Itaconix PLC on Friday said it has advanced development of a new generation of plant-based paints using its BIO*Asterix ingredients.

The London-based manufacturer of plant-based polymers said it has filed a patent application covering paint formulations incorporating BIO*Asterix ingredients, as well as a trademark application for the new class of paints under development.

As part of the next phase of the programme, Itaconix has signed an agreement with an established speciality paint company to support the completion and evaluation of initial paint products using the ingredients.

The company said the initiative forms part of its broader strategy to expand the use of its plant-based polymer platform into new application categories, with a focus on safety, performance and sustainability.

Chief Executive Officer John Shaw said the company believes its BIO*Asterix ingredients can enable "a new and differentiated class of paints" with attractive safety and sustainability characteristics.

He added: "Protecting our proprietary space with this class of paints and collaborating with an experienced industry partner are important next steps in developing and assessing our long-term potential in paint and coating applications. While still at an early stage, we are encouraged by the advances we are making and look forward to further evaluating the opportunity over time."

Shares in the company were 7.3% higher at 110.00 pence in London on Friday afternoon.

By Eva Castanedo, Alliance News reporter

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Itaconix Plc