News & Events

The Board of I-Tech AB ("I-Tech" or "The Company") has decided to carry out an equity issue of up to 2 150 000 shares and apply for listing of the Company's shares on Nasdaq First North. 

The subscription price amounts to SEK 20.5, which corresponds to an issue amount of no more than MSEK 44.1 million ("Offer"). Based on the issue price and existing number of shares, the Company is valued at approximately SEK 200.4 million.

In the Offer, a number of institutional and private investors have subscribed for shares totaling MSEK 26.7, corresponding to approximately 60.5 percent of the Offer. The offer includes an overallotment option ("Overdraft Option") of 275,000 shares that may be exercised in the event of a high interest in the Offer.

I-Tech has developed Selektope®, a substance that counteracts marine growth on ship hulls and other marine installations, for a long time. Selektope® can be integrated in marine coatings and prevent the growth of barnacles, which is a significant problem for shipping. Marine growth on the ship hull results in increased resistance and thus higher fuel consumption.

I-Tech has received the necessary regulatory approvals for Selektope® and has been in the commercialization phase since 2016, where the company has established relationships with all major manufacturers of marine coatings, two of which have launched marine coatings based on Selektope®. In order to enable continued expansion, I-Tech performs a dissemination issue with subsequent listing on Nasdaq First North.

Offer 

The offer comprises 1 875 000 shares, corresponding to 16.1 percent of the total number of shares in the company following the Offer. The subscription price in the Offer has been set at SEK 20.5 per share, which corresponds to a company value of approximately SEK 200.4 million before the Offer.

In order to allow a possible overallotment in connection with the Offer, at the request of Erik Penser Bank, the Company has undertaken to issue no more than 275,000 shares, representing at most about 12.8 percent of the total number of shares included in the Offer.

If the overallotment option is fully utilized, the Offer comprises a total of 2 150 000 shares, corresponding to approximately 18.0 percent of the total number of shares in the Company after the Offer. The offer amounts to MSEK 38.4, excluding the overallotment Option and MSEK 44.1 if the Overdelivery option is fully utilized.

In the offer, a number of institutional and private investors have undertaken to subscribe for a total of 1,300,000 shares equivalent to approximately MSEK 26,7. Investors who have subscribed for include Unionen MSEK 9.2, Göran Källebo MSEK 3.6, Zonda Partners MSEK 2.0, Chirp MSEK 2.0, Akilakonsulting MSEK 1.7, Customers to Erik Penser Bank MSEK 8.0.

I-Tech has applied for admission to trading of the Company's share on Nasdaq First North and the first day of trading is 28 May 2018. A prospectus with full terms is available at i-tech.se.

Preliminary schedule 

Subscription time: 3-18 May 2018

Publication of outcome: May 22, 2018

Preliminary first day of trading: May 28, 2018

Background and Reason 

I-Tech has developed Selektope®, a substance to prevent marine growth that is a problem that affects ship hulls by contributing to increased water resistance and therefore higher fuel consumption. International shipping, which handles around 90% of global trade, faces major challenges in terms of energy efficiency and environmental impact reduction. With the introduction of Selektope®, new opportunities are given to counteract marine growth on the hull but also to reduce the amount of active substances in the coatings, whose share of total weight can reach well over 50 percent. Selektope® is effective in concentrations of 0.1 percent, giving new opportunities to meet the demands for increased performance.

I-Tech sees good opportunities to establish Selektope® as the leading alternative to prevent marine growth in an efficient and sustainable way. Furthermore, the Company sees opportunities to broaden the use of Selektope® to other areas in addition to ocean-going vessels such as offshore, pleasure boats, fish farming and other marine installations. In order to take advantage of the growth opportunities available, the company needs to invest additional resources in marketing, production scale-up and development related to new applications for Selektope®.

Comment from I-Tech's CEO, Philip Chaabane 

I-Tech has taken important steps in recent years from a development phase to full commercialization of Selektope®. Since the first Selektope®-based marine coating was launched by Chugoku Marine Paints by the end of 2015, we have noted increasing interest in our technology from both paint manufacturers and shipowners. So far, two of the world's largest manufacturers of marine coatings have launched six products based on Selektope®. In the future, we expect additional product launches from both our two existing customers and additional players. Selektope® potentially means a paradigm shift in marine coatings, where we provide solutions that are more effective than today's alternatives and also environmentally sustainable. We estimate that the strong interest for Selektope® will result in significant volume increases going forward and thereby establish I-Tech as a company with strong and sustainable growth and increasing profitability.

Prospectus and application forms 

Prospectus with full terms and instructions and application forms are available on the Company's website (i-tech.se) and on Erik Penser Bank's website (www.penser.se). Printed prospectus can be ordered free of charge via e-mail; emission@penser.se

Investor presentations 

In connection with the Offer, the Company will present on the following occasions:

• Aktiespararna (swedish shareholders association), shareholders meeting in Stockholm, May 2 at 16.30

• Aktiespararna (swedish shareholders association), shareholders meeting in Gothenburg, May 8 at 10.50

• Company presentation at Erik Penser Bank in Stockholm, May 14 at 6 pm

• Company presention, Clarion Hotel Post in Gothenburg, May 15 at 6pm

Registration for presentations at Erik Penser Bank is available at seminarium@penser.se

Registration for the presentation at Clarion Hotel on May 15 is made to nina.carlen@i-tech.se

Advisor 

Erik Penser Bank AB is financial advisor and MAQS Law Firm is a legal advisor in connection with the Offer. Erik Penser Bank AB is the Company's Certified Adviser.

Documents & Links Release
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I-Tech AB, the Swedish developer of the bio-repellent antifouling ingredient Selektope®, has signed a significant supply agreement with one of the industry’s leading paint manufacturers representing the largest ever single order of the technology to-date.

This deal represents yet another significant milestone for Selektope®, confirming the central position of coatings containing the ingredient in the future of the marine market.

The large volume order was placed by Japanese paint manufacturer Chugoku Marine Paints (CMP) as part of a long-term supply agreement between I-Tech and CMP to support the growth of CMP’s Selektope®-containing antifouling product portfolio. The supply agreement was confirmed in response to increasing demand for CMP marine coatings that contain the unique antifouling ingredient and provides the option for CMP to further increase the order value as required.

Philip Chaabane, CEO I-Tech AB says: “This significant order for Selektope® demonstrates how I-Tech’s antifouling technology is meeting market demand for increased hard fouling prevention performance from marine coatings. For I-Tech, securing this significant supply agreement with one of the major paint manufacturers provides evidence of the major impact that our technology continues to make. With this long-term agreement in place, I-Tech can continue to focus on further improving operations and the strength of the Selektope® supply chain to ensure commercial competitiveness for our technology.”

Mr Hideyuki Tanaka, Director & Chief of Technical and Production Headquarter CMP says: “Securing CMP’s commercial relationship with I-Tech to support the strong demand received for Selektope®-containing products offered by CMP is of great importance. We look forward to working with I-Tech going into the future.”

Selektope® is an organic, non-metal compound that works to prevent barnacle fouling by temporarily activating the swimming behavior of barnacle cyprid larvae, making it impossible for them to settle on the hull. It is characterized by high efficacy at extremely low concentrations, is ultra-low leaching and offers paint manufacturers the flexibility to boost copper-based paint formulations or replace copper completely.

In 2016, CMP launched the first Selektope®-containing antifouling coating range onto the market following extensive trialling under two separate brands: SEAFLO NEO CF PREMIUM; and SEAFLO NEO-S PREMIUM.

SEAFLO NEO CF PREMIUM is based on zinc polymer technology and is a coating with an in-service life exceeding five years, ideal for oceangoing vessels operating worldwide. SEAFLO NEO-S PREMIUM, is based on silyl polymer technology, and specifically targets ‘low activity’ vessels such as static vessels during outfitting in shipyards. In 2017, CMP launched a brand-new product based on hydrolyzing technology – SEA GRANDPRIX 880HS PLUS. Uniquely, CMP guarantees extended static performance of up to 45 days for this product, thanks to the barnacle-repellent boost enabled by Selektope®.

As demand for Selektope® soars, the number of antifouling products that contain the unique bio-repellent ingredient is expanding. Multiple paint manufacturers in the market offer Selektope®-containing products, confirming the confidence held by paint manufacturers in the technology.

Documents & Links Press release (PDF)
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Swedish bio-technology company I-Tech AB has today announced the strategic acquisition of manufacturing process technology and IP, for the production of medetomidine, from Cambrex Corporation (NYSE: CBM). The transaction consolidates the supply chain and improves I-Tech’s industrial capabilities. I-Tech AB has registered and patented medetomidine as a marine antifouling agent and is offering the active substance under the registered trademark Selektope® to the global marine coating industry

Selektope® is an organic, non-metal compound with unique marine antifouling application. Its bio-repellent mode of action inhibits barnacle settlement on ships’ hulls by stimulating the barnacle larvae’s swimming behavior with reversible effect. It is characterized by high efficacy at extremely low concentrations in a marine coating (0.1% w/w), ultra-low leaching, and flexibility to boost copper-based paint formulations or replace copper completely. The product is used in a number of antifouling products offered by different paint manufacturers in the marine market.

I-Tech AB is a Gothenburg-based, privately held company that holds all IP and regulatory rights to the antifouling agent Selektope®. I-Tech’s mission is to bring new dimensions to the global antifouling industry by taking a bio-technology approach to biofouling control.

Cambrex Corporation is a life sciences company that provides products, services and technologies to accelerate the development and commercialization of small molecule therapeutics. The Company offers Active Pharmaceutical Ingredients (APIs), advanced intermediates and enhanced drug delivery products for branded and generic pharmaceuticals.

The acquisition has been facilitated by the issuing of new shares, with Cambrex becoming a major shareholder in I-Tech AB. Cambrex will take a position on the board of directors. The move strengthens the continued development of the supply chain for Selektope on a global scale. It supports I-Tech’s plans to secure superior production capacity and to ensure commercially competitive prices for its customers and deliver high volume demands for Selektope.

Philip Chaabane, I-Tech CEO, comments: “This deal with Cambrex consolidates the supply chain for Selektope and brings important assets to I-Tech for continued development and improvement of processes and of the supply chain structure itself. We now have a unique competitive situation to fuel future growth. On the strategic side, I’m delighted to have the continued support from Cambrex on the board, and as an owner to build up our industrial platform moving forward”.

The agreement is subject to conditions and is expected to close in the nearest future.

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As global water temperatures increase, global ‘biofouling hotspots’ in subtropical/tropical areas are intensifying, exposing newbuildings at the world’s major shipyards to greater risk of hard fouling during the outfitting process. The effects of intense hard fouling on idle newbuilds can have great impact on a newly applied hull coating and on a vessel’s performance in sea trials.

In response to this problem, a new antifouling coating specifically targeting hard biofouling prevention during the outfitting period was brought to market by Danish marine coatings specialist Hempel in late 2017. GLOBIC 9500S includes the unique antifouling ingredient Selektope® as part of its ‘smart biocide package’ that delivers boosted static performance against hard fouling for ships with extended idle periods.

Philip Chaabane, CEO I-TECH AB, says: “Our product is boosting the performance of sophisticated antifouling systems under harsh fouling conditions, such as those experienced during outfitting at shipyards in South Korea. Selektope® is clearly adding value to the coatings products that the major coating manufacturers offer.”

Selektope® is an organic, non-metal compound that repels barnacle settlement on ships’ hulls by temporarily stimulating the barnacle larvae’s swimming behavior. It is characterized by high efficacy at extremely low concentrations (0.1% w/w), is ultra-low leaching and offer paint manufacturers the flexibility to boost copper-based paint formulations or replace copper completely. Due to the low concentration required, Selektope® does not compromise the chemical structure, color or other cooperative biocides of a marine coating.

This first-of-its-kind antifouling technology caught the attention of coatings suppliers in the early stages of its research and development. To-date, several products have been launched onto the market and the number of Selektope®-containing coatings being sold by different manufacturers is increasing year-on-year.

I-Tech AB, the Swedish biotechnology company behind the development of Selektope®, recently responded to strong market demand for the antifouling ingredient in South Korea by appointing KhaiEL as Selektope’s exclusive importer and agent. Under the new agreement, I-Tech will continue to manage sales of Selektope® in South Korea while KhaiEL will exclusively handle imports.

“We are delighted to be working with such a highly reputed company in KhaiEL to strengthen the supply of Selektope® to South Korea. This business relationship reflects the need to address increasing demand for our product in South Korea, particularly from the shipyards and many owners running risks of extended idling, whether during newbuilding or operations,” says Philip Chaabane.

“KhaiEL is very proud to partner with I-Tech to represent the highly innovative Selektope® technology in the Korean market,” says Paul Cho, Marketing Director KhaiEL.

South Korea is a key market for I-Tech. The company believes that coatings containing Selektope® play a vital role for shipyards located in biofouling hotspots with its barnacle-repellent technology.

Documents & Links Press release (PDF)
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