I-Tech AB (publ) (ticker: ITECH) has been granted full approval for the antifouling active agent Selektope® under the Japanese Chemical Substance Control Law (CSCL) enforced by the Ministry of Health, Labor and Welfare (MHLW), Ministry of Economy, Trade and Industry (METI) and Ministry of the Environment (MOE).
Since 2013, Selektope® has held a low production volume exemption in Japan. However, following the achievement of full approval under the CSCL, received on June 2, Selektope® will now be included in the CSCL registry as a Specified New Chemical Substance.The evaluation of Selektope® as a new chemical substance under the CSCL has entailed thorough risk assessments for humans and the environment to ensure safe use of the antifouling biocide. The aim of the CSCL approval of chemicals for use in Japan is to prevent environmental pollution caused by chemical substances that pose a risk of impairing human health and interfere with the inhabitation and growth of flora and fauna. Therefore, by achieving Selektope® approval by law, I-Tech has expanded global sales potential in Japan.
I-Tech’s revolutionary biotechnology, the barnacle-repelling active agent Selektope®, is an organic, non-metal ingredient for marine antifouling coatings that works to prevent barnacle fouling by temporarily activating the swimming behaviour of barnacle larvae, repelling them from the ship hull surface with non-fatal effect. Heavy barnacle fouling is particularly problematic for ships as it increases hydrodynamic drag, which increases fuel consumption and raises emissions of greenhouse gases and hazardous particles.Philip Chaabane, CEO, I-Tech AB, comments: “We welcome the upgraded approval of Selektope® under the Japanese CSCL which responds to the desire of our customers to further expand their business in Japan using our technology. Japan is an important market for I-Tech and the successes we have achieved so far clearly justify the investments made to achieve an upgraded regulatory position for Selektope® in that country.”