TIDMEDEN
RNS Number : 3022E
Eden Research plc
29 June 2023
29 June 2023
Eden Research Plc
("Eden" or "Company")
AGM Statement
Eden Research plc (AIM: EDEN), the AIM-quoted company focused on
sustainable biopesticides and a plastic-free formulation technology
for use in global crop protection, animal health and consumer
products industries, will hold its Annual General Meeting today at
11:00am at 6/7/8 Tokenhouse Yard, London.
At the meeting, Eden's Chairman, Lykele van der Broek, will make
the following statement:
"Since we last convened, Eden has achieved a number of
significant milestones which have materially reshaped the business,
lifting our financial performance and providing better insight into
our growth trajectory.
Our industry requires tremendous patience as we navigate
extensive lab research, glasshouse and field trials, regulatory
requirements, and commercial agreements. Often, we are at the
behest of the regulatory authorities, who conduct stringent checks
to ensure that our naturally-derived products meet all their safety
and efficacy criteria. Eden plays an active role throughout this
process to ensure that the necessary paperwork, documentation, and
evidence are provided so they are well-equipped to make an informed
decision to approve our applications. This process means it can
take a while before we can introduce our products to the market and
realise the full potential of our innovative technology.
Our success over the past 12 months has been the culmination of
countless hours of effort to ensure that farmers across the globe
have access to our patented products and can protect their crops in
a sustainable way. Most notably, we have secured entry into the US
market, with federal approval from the US EPA for our two
formulated products, three associated active ingredients and
Sustaine(R) encapsulation system. Furthermore, we have gained
approvals in various states, such as California (Cedroz), Florida,
Washington, Oregon, and New York, to name a few. We are still
eagerly awaiting approval in California for Mevalone, which we
expect to arrive in time for the 2024 growing season. Here, we will
target the lucrative Californian wine industry, where there is
demand for sustainable fungicides as winegrowers are under
increasing pressure to adopt sustainable winemaking practices.
While we are pleased to have finally broken ground in the US, we
see this one milestone as the start of an exciting journey ahead.
Where the EPA process has previously been long-drawn-out, the
completed registration of our active ingredients will allow us to
accelerate the regulatory approvals and registration process of
other formulated products based on these same terpenes. This
includes an advanced insecticide development programme and our
newly announced seed treatment, Ecovelex Ô , for which we are
currently pursuing regulatory authorisation in the EU.
We are pleased to have obtained various approvals for Mevalone
and Cedroz in other key geographies. In April of this year, we had
our first Central European approval with the registration of
Mevalone on grapes and apples in Poland, one of the largest
producers of apples in the EU. This regulatory authorisation marks
the first of more to come in Central Europe, where we will be
targeting the attractive wine markets of Germany, Austria, and
Hungary.
On yet another development front, Mevalone, can now be used
domestically by gardeners in Italy, affording home growers the same
access to our sustainable products as commercial farmers. This is
the first time we have been able to provide domestic access to our
products, demonstrating the versatility that we can achieve with
the continued development of our existing product line.
Our recent full-year financial results illustrated a return to
meaningful sales growth as we recover from the previous two years
which were impacted by the global pandemic. We expect the 2023
financial year to be equally strong as we make the most of our new
product approvals and label extensions. We also expect our new
distribution agreement in France with Corteva to begin to
significantly boost sales of Mevalone, where we will seek to
maximise the marketing opportunities in the wine industry's
second-largest market by hectarage and production.
Finally, you will have all heard about the unveiling of our
latest product, Ecovelex, which is the result of our joint efforts
with Corteva, which began just over three years ago. Since
Corteva's initial approach to using our technology to protect its
seeds from bird infestation, we have conducted over one hundred
rigorous trials, and we are absolutely delighted to be able to say
the product is more than capable of replacing the incumbent
conventional products which face regulatory pressure. The revenue
potential of Ecovelex within the seed treatments industry is
expected to be significant for Eden, particularly in the wake of a
growing number of conventional seed treatments being removed from
the market. We seek to bring Ecovelex to the market as soon as
practically possible and will closely evaluate all opportunities
available to us.
To wrap up, I would like to congratulate the management team on
their persistence in recent times and for the successes we are
witnessing. I'd also like to thank you, our shareholders, for your
loyal support during this time. I look forward to providing further
updates on the company's progress in due course."
Company presentation
After the conclusion of the formal business of the AGM, Sean
Smith, Eden's Chief Executive Officer, will provide a short
presentation to investors with an overview of the Company's
progress and strategy.
The presentation will be made available on the Company's website
later today.
For further information contact:
Eden Research plc www.edenresearch.com
Sean Smith
Alex Abrey 01285 359 555
Cenkos Securities plc (Nominated advisor
and broker)
Giles Balleny / Max Gould (corporate
finance)
Michael Johnson (sales) 020 7397 8900
Hawthorn Advisors (Financial PR)
Simon Woods eden@hawthornadvisors.com
Felix Meston
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 two 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 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 .
Follow Eden on LinkedIn , Twitter and YouTube .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGMFPMLTMTTTBLJ
(END) Dow Jones Newswires
June 29, 2023 02:00 ET (06:00 GMT)
Eden Research (AQSE:EDEN.GB)
Historical Stock Chart
From Oct 2024 to Nov 2024
Eden Research (AQSE:EDEN.GB)
Historical Stock Chart
From Nov 2023 to Nov 2024
