I-Tech receives largest supply order to date from Chugoku Marine Paints worth 57MSEK
August 7, 2019 - I-Tech AB (publ) (ticker: ITECH) has received a new order amounting to 57MSEK to supply its product Selektope® to Chugoku Marine Paints (CMP).
The supply order provides confirmation of increasing demand for I-Tech’s barnacle-repellent active agent Selektope® within the range of marine antifouling products offered by CMP. The Selektope® supplied to CMP will be used in all major key markets in the shipping industry targeting both new building and dry-docking demands. The order is expected to be delivered in 2020.
Since their launch in 2016, the uptake of CMP’s Selektope®-containing marine coatings for ocean going vessels - SEAFLO NEO CF PREMIUM and SEA GRANDPRIX 880HS PLUS - has increased considerably on a global scale.
Recently, CMP launched a new antifouling coating containing Selektope®. Developed for initial use in the Japanese domestic market by coastal vessels, SEA PREMIER 3000 PLUS is the eighth antifouling coating that contains Selektope® to join CMP’s portfolio of antifouling coating products.
“CMP has continuously increased the integration of Selektope® in to its products and found multiple successful combinations with their own technology. The results have, during several years, proven its high level of performance and we are very satisfied that the market acceptance has resulted in this record order received by I-Tech,” says Philip Chaabane, I-Tech CEO.
For additional information, please contact:
Philip Chaabane, CEO
M: +46 073-910 37 08
This information is information that I-Tech AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 13:00 CET on Aug 7, 2019
About I-Tech AB
I-Tech is a biotechnology company that has developed the product Selektope®, an active agent that prevents barnacle attachment on submerged surfaces such as ships and boat hulls, but also other marine installations. By increasing the resistance to barnacle growth in marine paint systems (e.g. antifouling coatings), fuel and maintenance costs are reduced. I-Tech has obtained the necessary regulatory approvals for Selektope® and has several of the world's largest manufacturers of marine antifouling coatings as customers. The company's share is listed for trading on Nasdaq First North in Stockholm with Erik Penser Bank as Certified Adviser, phone: +46 (0)8 463 83 00, email: firstname.lastname@example.org.
Selektope® introduces, for the first time, a pharmacological mode of action to combat barnacle settlement. By temporarily stimulating the octopamine receptor, the barnacle larvae’s swimming behavior is activated and the organisms are deterred from the hull. These ground-breaking discoveries enable unrivalled power at very low concentrations, yet within the limits of rigorous risk assessments. Selektope® is an organic, non-metal compound with efficacy proven at 0.1% w/w.