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
E: philip.chaabane@i-tech.se  

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: certifiedadviser@penser.se.

www.i-tech.se

About Selektope®

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.

www.selektope.com

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A new antifouling coating containing the barnacle-repellent active agent Selektope® has been introduced to the market by Chugoku Marine Paints (CMP). SEA PREMIER 3000 PLUS is the eighth product developed by CMP that contains Selektope®, demonstrating the Japanese paint manufacturer’s growing commitment to the technology.

SEA PREMIER 3000 PLUS is a self-polishing coating based on silyl polymer technology. It delivers excellent slime and algal resistance with the combined power of Selektope® and cuprous oxide for superior hard fouling prevention. Developed initially for use in the Japanese domestic market by coastal vessels, SEA PREMIER 3000 PLUS is particularly suitable for vessels operating with a low activity rate or at low speed. The coating is also suitable for use in niche areas, such as sea chests and interior-grating-bow thruster tunnels.

“The increasing range of Selektope®-containing products introduced to the market by our largest customer further demonstrates our technology’s vital contribution to enhancing the performance and differentiation of antifouling coatings. Expanding the range of Selektope®-containing products in the world’s third largest market* for marine coatings will contribute to continued long-term growth for I-Tech, says Philip Chaabane, CEO, I-Tech AB (PUBL).

*Report: Marine Coatings Market – Global Forecast to 2022, Markets and Markets – 2018.

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On May 22, I-Tech AB was named as the winner of the SvD Börsplus IPO-guide IPO of the Year 2018 Award in the Share Price Development category for the small company class. I-Tech also took fourth place, out of a total of twenty companies, in the IPO of the Year Award in the Quality category for the small company class.

SvD Börsplus IPO guide, a service available for all investors with an instant overview of all relevant facts regarding upcoming IPOs, conduct a review of all Swedish IPOs during the year and award prizes for the best IPOs in different classes and categories.

Each year, winners of the SvD Börsplus IPO-guide Awards are announced for companies and financial advisors in the Share Price Development and Quality categories. These two categories are divided into three classes of companies in the Billion-SEK companies, Small companies and Micro companies segments.

Share price development is measured from the date of the IPO and 12 months ahead or at the latest April 30, 2018. In the Quality class, companies are ranked firstly after the lowest number of ‘warning flags’ and secondly after share price development.

“We are very happy that the market has showed great confidence in us and that the share price has had such positive development. We are also proud of the high ranking in the Quality class,” says Magnus Henell, CFO, I-Tech.

Erik Penser Bank acted as the financial advisor during I-Tech’s IPO process. They received the SvD Börsplus IPO-guide Best Financial Advisor award in the Quality category for the small company class for work, amongst others, conducted during I-Tech’s IPO.

About Selektope®

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%. www.selektope.com.

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I-Tech AB, the bio-technology company responsible for the unique marine anti-fouling active agent Selektope®, has appointed Dr. Markus Hoffmann to the role of Technical Director.

In the newly-created senior position, Dr. Hoffmann will play a pivotal role in I-Tech’s commercial and development processes with the aim of accelerating and expanding current business within the global marine coatings industry. He will also be a key player in generating new revenue streams from the use of Selektope® in other application areas and sectors.

Dr. Hoffmann has joined I-Tech following great successes achieved over an eight-year period in the role of Subject Matter Expert Antifouling Coatings Research and Development at Hempel A/S. Previously, he served as R&D Department Manager of Hempel’s Antifouling Global Center of Excellence in Barcelona. Earlier in his career, Dr. Hoffmann held the post of Team Manager Central R&D at BASF. His academic qualifications include a PhD in organic chemistry from JMU of Würzburg, Germany and a post-doc position at Kyoto University, Japan.

With a proven track record of innovation in the management of processes from the creation of new antifouling technology ideas to the selection of fundamental and applied research and successful conversion to product development and launch, Dr. Hoffmann brings significant knowledge to his role at I-Tech from numerous areas of expertise. In addition, his well-established network throughout large parts of the value chain will expand I-Tech’s reach even further.

“I am very pleased that a key industry player such as Markus has joined I-Tech in the position of Technical Director,” says Philip Chaabane, CEO, I-Tech AB. “Markus’ experience in product management and antifouling coating development, coupled with his academic background in organic chemistry and well-anchored position in the industry, make him the perfect addition to our growing team of talent and entrepreneurship.”

For additional information, please contact:

Philip Chaabane, CEO
M: +46 073-910 37 08
E: philip.chaabane@i-tech.se

About Selektope®

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. www.selektope.com.

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