Itaconix PLC (LON:ITX) has inked a joint development agreement for a biodegradable packaging venture.
The agreement envisages a collaboration to evaluate the use of Itaconix's BIO*Asterix line of functional additives in new biodegradable packaging solutions.
In a statement, Itaconix said that if the efforts are successful it will produce and supply one or more BIO*Asterix additives for the partner to use in its product range.
READ: Itaconix eyes 'many years of revenue growth'
"This collaboration is an important step for us to assess the commercial potential of our initial BIO*Asterix additives,” said John Shaw, Itaconix chief executive.
“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."