Shares of Symphony Environmental Technologies plc (LON: SYM) rallied 7.74% after announcing that Health Canada had approved its d2p masterbatch packaging material for use in bread packaging within Canada.
The company noted that today’s approval came after the US Food & Drug Administration (FDA) issued a similar approval of its d2p material for use within the United States.
Symphony’s d2p packaging material is made of polyolefin and polyester, used as multiple films to wrap bread to minimise the chances of bacterial growth on bread and the packaging films’ surface.
D2p is a plastic additive that prevents the growth of moulds, mildew and other bacteria on bread packaging, which is crucial to ensure the bread sold to consumers does not result in various infections after being consumed.
Symphony environmental is dedicated to making plastics smarter, safer and more sustainable via proprietary biodegradable plastic technology (d2w) and plastic additives (d2p).
Michael Laurier, Symphony Environmental Technologies CEO, said, “We have been working for some time with customers in Canada, and approval from Health Canada now enables this project to proceed more quickly to commercialisation.”
Today’s rally pushed Symphony’s shares to new highs last seen in September 2020 and could trigger a further rally if the breakout is sustained. However, I do not see an excellent entry setup on its price chart at the moment.
*This is not investment advice.
Symphony Environmental share price.
Symphony Environmental shares rallied 7.74% to trade at 28.55p, rising from Thursday’s closing price of 26.50p.
