Symphony Environmental Tech. PLC New expanded FDA approval for d2p food packaging (1455F)

TIDMSYM

RNS Number : 1455F

Symphony Environmental Tech. PLC

14 July 2021

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.

14 July 2021

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

("Symphony", "Company" or the "Group")

New enhanced and expanded FDA approval for Symphony's antimicrobial food packaging

Symphony Environmental Technologies Plc (AIM:SYM), global specialists in technologies that make plastic and rubber products "smarter, safer and sustainable" is delighted to announce that it has received approval from the U.S. Food & Drug Administration ("FDA") for its d(2) p antimicrobial food contact technology, for a much greater loading of the d(2) p technology, and also wider use, of Symphony's original bread-packaging approval under FCN no. 2031, as announced on 26 February 2020 (RNS number: 1106E).

More specifically, the FDA's approval for Symphony's d(2) p antimicrobial food contact technology, now applies to all types of polyolefin and polyester film for wrapping bread, instead of just linear low density polythene ("LLDPE"). Low density polythene ("LDPE") and polypropylene ("PP") are common packaging materials which are both now included. Symphony's d(2) p technology is intended to inhibit the growth of bacteria on the surface of the packaging film and is vital to a very hygiene-conscious industry.

This important wider approval, given under FCN no. 2139 without limit of time, also allows up to three times increased loading of d(2) p technology in what is an innovative treatment to multi-layer plastic films most commonly used in bread-packaging, giving greater flexibility, efficacy and ultimately, greater value for Symphony's customers and Symphony itself. The Board therefore anticipate an acceleration of the commercial process in the near term.

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.

According to the Global Data report 2019 (Bread & Rolls (Bakery & Cereals) Market in the United States of America - Outlook to 2023) the US Packaging/Industrial Bread & Rolls Market by Volume in 2018 was 3,628 million kgs with a market value of more than $20 billion. This represents a significant opportunity for Symphony as it expects the d(2) p solution to prove a key source of commercial differentiation for packaged bread manufacturers.

Pre-commercial trials for the USA and a number of other countries had already been progressing well in anticipation of today's widened approval, with trial data showing significant benefits from these further enhanced, and now FDA-approved, d(2) p treated films.

Michael Laurier, CEO of Symphony, said " This innovative multi-layer film treatment with d(2) p has been developed through our customer-focused trials following last year's FDA approval. The benefits for our customers were already significant and so we are delighted to have obtained this more enhanced approval for our d(2) p bread applications in the USA.

Symphony already generates significant revenues from the baking industry from our d(2) w biodegradable technology in plastic packaging, and we are seeing considerable interest in our FDA-approved, d(2) p antimicrobial technology for bread packaging. d(2) p is synergistic with d(2) w biodegradable technology and is expected to be sold to many of our current customers as well as new ones separately, or as a combined treatment.

The value proposition is now so much greater with better efficacy and more flexibility. We are confident of announcing the start of commercial sales during this year and in the medium term, generating significant revenues from d(2) p treated films, not just in the USA, but in other key regions of the world."

Enquiries

 
  Symphony Environmental Technologies Plc 
  Michael Laurier, CEO                           Tel: [phone] 
                                                  5900 
  Ian Bristow, CFO 
   www.symphonyenvironmental.com 
 
  Zeus Capital Limited (Nominated Adviser and 
   Joint Broker) 
  David Foreman / Nick Cowles / Kieran Russell   Tel: +44 (0) 161 
   (Corporate Finance)                            831 1512 
  Dominic King / Victoria Ayton (Sales)          Tel: +44 (0) 203 
                                                  829 5000 
 
  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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCGPUGWMUPGPPW

(END) Dow Jones Newswires

July 14, 2021 02:00 ET (06:00 GMT)