The European law firm assisted the developer of bio-based functional ingredients for homecare, personal care and industrial products on an accelerated bookbuild to grow its business as investor confidence picks up following Covid-19.
Fieldfisher has advised Itaconix plc, a leading innovator in bio-based functional ingredients for improving the safety and performance of everyday homecare, personal care and industrial products, on an accelerated bookbuild to raise £1.76 million ($2.2 million).
The oversubscribed placing of new shares with existing and new institutional and other investors and a subscription with certain US investors was announced on 24 June and the cash raised will be used by Itaconix to help fund the commercial development of its core products.
Itaconix has developed a proprietary polymer technology that generates a growing range of ingredients with unique functionalities that meet increasing customer demands for performance, value, human and environmental safety, and sustainability.
The company has an expanding portfolio of bio-based functional ingredients for industrial and consumer end products, including non-phosphate detergents, odour neutralisation products and hair styling products and works with leading chemical companies such as Solvay, Croda and AkzoNobel.
Commenting on the fundraising, Fieldfisher corporate partner Jonathan Brooks, who led the Fieldfisher team advising Itaconix, said:
"We were delighted to assist Itaconix with this transaction at a testing time for growing companies seeking to raise funds to expand their businesses in uncertain market conditions.
"We are pleased that investor confidence is starting to return and that deal activity is picking up, allowing companies like Itaconix with strong business propositions aimed at enhancing product performance and sustainability to progress with their plans."
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