PureCycle Technologies (PCT) said Tuesday it received an expanded letter of no objection from the US Food and Drug Administration confirming that the company's PureFive recycled resin is suitable for use in food-contact applications.
The expansion provides the company with the same conditions of use for PureFive as virgin polypropylene, it said. The conditions span from frozen food storage to microwaveable packaging, PureCycle said.
The shares of the company rose nearly 2% in recent trading.
Price: 5.75, Change: +0.09, Percent Change: +1.68
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