I-Tech moves to strengthen Selektope supply chain

Philip Chaabane, I-Tech CEO Philip Chaabane, I-Tech CEO

MARCH 13, 2018 — Swedish bio-technology company I-Tech AB reports it has acquired the manufacturing process technology and intellectual property for the production of medetomidine from Cambrex Corporation (NYSE: CBM).

I-Tech AB has registered and patented medetomidine as a marine antifouling agent and offers the active substance under the registered trademark Selektope to the global marine coating industry.

Used in an increasing number of antifouling products offered by different paint manufacturers, Selektope's 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.

I-Tech says that the transaction with Cambrex Corporation 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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