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 d2p 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 d2p antimicrobial technology for use in bread packaging.
d2p® is synergistic with d2w® 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 d2p 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 d2p® ("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. d2p products also include odour, moisture and ethylene adsorbers as well as other types of food-preserving technologies. Symphony has also launched d2p anti-microbial household gloves and toothbrushes (most recently in Bahrain), and is developing a range of other d2p 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 d2w® 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 d2w biodegradable product range with d2c "compostable resins and products" that have been tested to US and EU composting standards.
Symphony has also developed the d2Detector®, a portable device which analyses plastics and detects counterfeit products. This is useful to government officials tasked with enforcing legislation, and Symphony's d2t 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.
