Alexium gained 14.8 per cent today after receiving approval from the US Environmental Protection Agency. Approval was awarded to the company’s Alexiflam product.
Alexiflam is a patent pending flame retardant for cotton and cellulose-based textiles. The approval marks the entrance into the US consumer market for Alexiflam and will boost already present military use.
The product boasts a more environmentally friendly approach to flame retardancy. It also appeals to the market as a stronger and faster solution.
Earlier this month, Alexium also signed a distribution deal with manufacturer Israel Solutions (ICL) for Alexiflam. The deal broke barriers for Alexiflam in the global market.
Alexium CEO Bob Brookings says the ICL deal combined with the US representing the largest global market for flame retardant cotton products is a massive opportunity.
“Having delivered on these milestones, Alexium is well placed to drive the commercialization of [Alexiflam] and deliver on the global opportunities we see for our unique textile technology,” he said.
The US is reported to represent nearly half of the global flame-retardant cotton market.