TIDMEDEN
RNS Number : 0172Z
Eden Research plc
09 January 2024
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
9 January 2024
Eden Research Plc
("Eden" or "Company")
Eden granted regulatory approval in the State of California for
Mevalone
Eden Research plc (AIM: EDEN), the AIM-quoted company focused on
sustainable biopesticides and plastic-free formulation technology
for use in the global crop protection, animal health and consumer
products industries, announces that it has received regulatory
approval in the State of California for Mevalone (R) , a foliar
biofungicide developed initially to target botrytis on grapes.
California is a key area of focus given the prevalence of high
value horticultural crops, including grapes, and is home to the
nation's largest wine producing regions such as Napa Valley, Sonoma
Valley and Monterey. According to the Wine Institute, California
produced a total of 649,437,429 gallons of wine in 2021 accounting
for 84% of the United States' total production. Marketing of the
product has commenced for this year's growing season in partnership
with Sipcam Agro USA, part of Sipcam Oxon Group.
Regulators around the world have banned a growing number of
commonly used conventional chemical pesticide products in recent
years. As a result, farmers need viable alternatives to maintain
yields and keep up with growing demand for food. Biopesticides,
such as Eden's Mevalone, are becoming an increasingly popular
option for farmers looking to adopt more environmentally friendly
practices. These products are based on naturally occurring
substances without compromising efficacy, yield or production
costs.
This development follows regulatory approval from the United
States Environmental Protection Agency (EPA) in September 2022 for
all five petitions submitted by Eden, presenting significant
revenue opportunities for the company with an addressable market in
the US of approximately EUR94 million for Mevalone and EUR189
million for Cedroz (TM) , Eden's nematicide product.
Sean Smith, Chief Executive Officer of Eden Research plc,
commented:
"This development represents another step in Eden's expansion
into the United States, the world's second largest food market.
As a small, innovative British business, we are proud of the
impact that Eden can have on the global stage. Our pioneering
products and technologies are receiving regulatory approval and
being distributed by our partners across Europe, Africa and now
North America, accelerating the adoption of more sustainable
practices in agriculture globally. "
Brent Marek, CEO of Sipcam Agro USA, commented : "Mevalone is a
highly effective, sustainable biofungicide. Mevalone provides the
perfect natural solution for farmers in California adopting more
sustainable growing practices. Sipcam Oxon SpA has enjoyed several
years of success with Mevalone in key European countries such as
Italy and Spain, and we look forward to working with the Eden team
to bring this product to California, which is a significant
addressable market in the US considering its production of high
value crops such as grapes."
For further information contact:
Eden Research plc
Sean Smith www.edenresearch.com
Alex Abrey 01285 359 555
Cavendish Capital Markets Limited (Nominated
advisor and broker)
Giles Balleny / George Lawson (corporate
finance)
Michael Johnson (sales) 020 7220 0500
Hawthorn Advisors (Financial PR)
Victoria Ainsworth eden@hawthornadvisors.com
Notes to Editors:
Eden Research is the only UK-listed company focused on
biopesticides for sustainable agriculture. It develops and supplies
innovative biopesticide products and natural microencapsulation
technologies to the global crop protection, animal health and
consumer products industries.
Eden's products are formulated with terpene active ingredients,
based on natural plant defence metabolites. To date, they have been
primarily used on high-value fruits and vegetables, improving crop
yields and marketability, with equal or better performance when
compared with conventional pesticides. Eden has three products
currently on the market:
Based on plant-derived active ingredients, Mevalone (R) is a
foliar biofungicide which initially targets a key disease affecting
grapes and other high-value fruit and vegetable crops. It is a
useful tool in crop defence programmes and is aligned with the
requirements of integrated pest management programmes. It is
approved for sale in a number of key countries whilst Eden and its
partners pursue regulatory clearance in new territories thereby
growing Eden's addressable market globally.
Cedroz (TM) is a bionematicide that targets free living
nematodes which are parasitic worms that affect a wide range of
high-value fruit and vegetable crops globally. Cedroz is registered
for sale on two continents and Eden's commercial collaborator,
Eastman Chemical, is pursuing registration and commercialisation of
this important new product in numerous countries globally.
Eden's seed treatment product, Ecovelex was developed to safely
tackle crop destruction caused by birds - a major cause of losses
in maize and other crops. Ecovelex works by creating an unpleasant
taste or odour that repels birds, leaving the seeds safely intact
and the birds unaffected and free to find alternative food sources.
The product is based on Eden's plant-derived chemistry, registered
in the EU, U.S. and elsewhere, and formulated using Eden's
Sustaine(R) microencapsulation system.
Eden's Sustaine (R) encapsulation technology is used to harness
the biocidal efficacy of naturally occurring chemicals produced by
plants (terpenes) and can also be used with both natural and
synthetic compounds to enhance their performance and ease-of-use.
Sustaine microcapsules are naturally-derived, plastic-free,
biodegradable micro-spheres derived from yeast. It is one of the
only viable, proven and immediately registerable solutions to the
microplastics problem in formulations requiring encapsulation.
Eden was admitted to trading on AIM on 11 May 2012 and trades
under the symbol EDEN. It was awarded the London Stock Exchange
Green Economy Mark in January 2021, which recognises London-listed
companies that derive over 50% of their total annual revenue from
products and services that contribute to the global green economy.
Eden derives 100% of its total annual revenues from sustainable
products and services.
For more information about Eden, please visit: www.edenresearch.com .
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