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RNS Number : 1106E
Symphony Environmental Tech. PLC
26 February 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
26 February 2020
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", "Company" or the "Group")
FDA APPROVES SYMPHONY'S ANTIMICROBIAL FOOD PACKAGING
Symphony Environmental Technologies Plc (AIM: SYM), a global
specialist of technologies that enhance the properties of plastic
and complementary non-plastic products by making them biodegradable
or resistant to external factors is delighted to announce a
breakthrough in the United States, following approval from the U.S.
Food & Drugs Administration (FDA) for its d(2) p antimicrobial
technology, for use in polyethylene (LLDPE) film for wrapping
bread. Approval, which is not time limited, has been given under
the Food Contact Notification procedure.
By virtue of the Federal Food Drug and Cosmetic Act (21 USC
348(h)(2)(C)) this approval is effective only for Symphony and does
not include any similar or identical substance manufactured or
prepared by a company or person other than Symphony. 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.
This technology is intended to inhibit the growth of bacteria on
the surface of the packaging film.
The Group already derives significant d2w revenues from the
baking industry and we therefore expect to see considerable
interest in Symphony's FDA approved d(2) p antimicrobial technology
for use in bread packaging.
d(2) p(R) is synergistic with d(2) w(R) biodegradable technology
and is expected to be sold to many of our current customers as well
as new ones.
Michael Laurier, CEO of Symphony, said "After nearly 10 years of
investment and development we are pleased to have finally obtained
food-contact approval for this d(2) p product in the USA. 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."
Contacts
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20 8207 5900
Ian Bristow, CFD
Cantor Fitzgerald Europe (Nominated Adviser and Joint
Broker)
David Foreman, Michael Boot (Corporate Finance) Tel: +44 (0) 20 7894 7000
Caspar Shand Kydd, Maisie Atkinson (Sales)
Hybridan LLP (Joint Broker)
Claire Louise Noyce Tel: +44 (0) 203 764 2341
The person responsible for arranging the release of this
information is Michael Laurier, CEO of the Company.
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
https://www.symphonyenvironmental.com
Symphony has developed a range of additives, concentrates and
master-batches marketed under its d(2) p(R) ("designed to protect")
trademark, which can be incorporated in a wide variety of plastic
and non-plastic products so as to give them protection against many
different types of bacteria, viruses, fungi, algae, moulds, and
insects, and against fire. d(2) p products also include odour,
moisture and ethylene adsorbers as well as other types of
food-preserving technologies. Symphony has also launched d(2) p
anti-microbial household gloves and toothbrushes (most recently in
Bahrain), and is developing a range of other d(2) p finished
products for retail sale.
Symphony has developed and continues to develop, a biodegradable
plastic technology which helps tackle the problem of microplastics
by turning ordinary plastic at the end of its service-life into
biodegradable materials. It is then no longer a plastic and can be
bioassimilated in the open environment in a similar way to a leaf.
The technology is branded d(2) w(R) and appears as a droplet logo
on many thousands of tonnes of plastic packaging and other plastic
products around the world. In some countries, most recently Saudi
Arabia, oxo-biodegradable plastic is mandatory.
The Group has complemented its d(2) w biodegradable product
range with d(2) c "compostable resins and products" that have been
tested to US and EU composting standards.
Symphony has also developed the d(2) Detector(R), a portable
device which analyses plastics and detects counterfeit products.
This is useful to government officials tasked with enforcing
legislation, and Symphony's d(2) t tagging and tracer technology is
available for further security.
Symphony has a diverse and growing customer-base and has
established itself as an international business with 74
distributors around the world. Products made with Symphony's
plastic technologies are now available in nearly 100 countries and
in many different product applications. Symphony itself is
accredited to ISO9001 and ISO14001.
Symphony is a member of The OPA (www.biodeg.org) and actively
participates in the Committee work of the British Standards
Institute (BSI), the American Standards Organisation (ASTM), the
European Standards Organisation (CEN), and the International
Standards Organisation (ISO).
Further information on the Group can be found at
www.symphonyenvironmental.com and twitter @SymphonyEnv See also
Symphony on Instagram. A Symphony App is available for downloading
to smartphones.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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