By Joe Hoppe

Shares in Eden Research PLC rose Monday after the company said that it has received approval for its products in the U.S.

Shares at 0730 GMT were up 1.0 pence, or 27% at 4.75 pence.

The London-listed sustainable biopesticides company said the U.S. Environmental Protection Agency approved all five petitions it submitted, covering three active ingredients and two formulated products.

The company said that the EPA approval will open significant revenue opportunities, with total market potential for its Mevalone and Cedroz products at 94 million euros ($91.1 million) and EUR189 million, respectively.

Eden expects the registration of its developmental insecticide to follow a shortened timeline as it is based on now-approved active ingredients eugenol, geraniol and thymol. The market potential for the insecticide is EUR237 million, it said.

Assuming timely state-level authorizations, meaningful sales are expected to start in 2023. Coastal and southern states such as California and Florida will be the initial focus, the company said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

September 26, 2022 03:48 ET (07:48 GMT)

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