Nanosynth Gro PLC (AIM: NNN) stated Monday with good momentum after an apology to shareholders’ frustration at the speed of progress and irregular newsflow
On Monday morning in London, nanosynth shares were up 37% to 0.31 pence.
According to the company, although its partnership with Volz Holdings VOS remains in its early stages of development, both companies have run trials to develop a standard retrofit to media production lines to make installation and execution easier.
The company had previously stated that it would no longer be involved in the production and supply of face masks due to shifts in the market regarding mask mandates, but Volz entered into a partnership in June.
The company, under the partnership, planned to use the technology developed by Volz to spray directly onto media for masks and other products in the heating, ventilation and cooling markets.
Since then, the company has successfully tested the technology and reported “exciting results” on media that were tested at Volz.
Nanosynth will be holding a fifth production trial in the next few weeks. The company is now ready to submit a UK Registration Evaluation Authorisation and Restriction of Chemicals Application to the UK Health & Safety Executive.
Nanosynth explained that this will enable it to produce as much as 60 tonnes per year of copper oxide nano material.
The company stated that it will look into long-term commercial agreements once the initial phases of its works schedule have been completed.
Discussions are currently at different stages. Once the partners have agreed to the partnership, it is likely that they will begin with a research and development partnership to deliver the project, before moving to an exclusive commercial agreement on the basis of minimum volume requirements.
Nanosynth warned that although it is certain that these talks will lead to a binding agreement, they cannot be certain.
