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European law firm Fieldfisher has advised AIM-quoted Itaconix PLC, a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, on a placing, subscription and open offer to raise £10.5 million.
New Hampshire, US-based Itaconix converts itaconic acid, a natural metabolite, into a range of speciality polymers for the cleaning and personal care industries.
Itaconix is targeting the US$20 billion market for acrylic acid and styrene in consumer care, hygiene, water solutions, agriculture, composites and coatings. Consumer product companies are reformulating existing brands and creating new brands to meet consumer demand for better performing products that are safer and decarbonise their lives while not paying more.
Itaconix has a portfolio of 12 ingredients for formulators to use in a new generation of consumer products and is developing new ingredients from its technology platform.
Its ingredients are used in more than 140 brands worldwide.
The Fieldfisher team advising Itaconix on the fundraising was led by corporate partner, Jonathan Brooks, assisted by senior associate Lily Searle, associate Ed Slegg, legal professional Lucy Campbell and trainee Habibah Alao.
Commenting on the fundraising, Jonathan Brooks said:
"This was an important deal for Itaconix and their chemistry-led approach to helping brands become more sustainable.
"Businesses that contribute to decarbonising everyday life continue to find favour on London's AIM market and we wish Itaconix the best of luck with its growth plans."
John R. Shaw, CEO of Itaconix, added:
“We have firmly established the value of the Itaconix technology platform and are positioned to lead a new generation of sustainable consumer products in the global low-carbon economy with competitive performance and costs for years to come.
“Today’s fundraise is transformational for everyone who has supported us in recent times. We are now expanding our resources for the next chapter of growth.”