26th Feb 2020 11:03
(Alliance News) - Symphony Environmental Technologies PLC said Wednesday the US Food & Drug Administration approved its antimicrobial food packaging technology.
Shares more than tripled in London on Wednesday, trading at 27.22 pence, having closed Tuesday at 8.02p.
The company, which develops additives to make ordinary plastic biodegradable, said the approval is for d2p antimicrobial technology, for use in polyethylene film for wrapping bread.
The approval, which is not time limited, has been given under the Food Contact Notification procedure and is effective only for Symphony and does not include any other or similar products made by other companies.
"This approval therefore provides Symphony with a new and immediate commercial opportunity in the western world's largest market, as well as in other markets which expect to see FDA approval," the company said.
Michael Laurier, chief executive officer, said: "We are now in a position to move forward commercially and to bring this unique product to our global markets. We believe that this will make a significant contribution to revenues in the medium term."
By Loreta Juodagalvyte; [email protected]
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