Biosciences company Metabolix said Wednesday that U.S. regulators approved its corn sugar technology for use in items such as plastic utensils, lids and caps.
The company's Mirel bioplastics are currently used in items like gift cards, designed to be biodegradable in soil, or in home or industrial composting facilities.
The Food and Drug Administration approved the Mirel F1005 and F1006 products, which are made and marketed by Telles, a joint venture between Metabolix and Archer-Daniels-Midland.
The clearance allows for use of the technology in temperatures from freezing to boiling, but not for alcohol.
Shares of Metabolix Inc. stock surged 18 percent on the news to $15.11. Earlier they reached a two-year high of $15.14.
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