TIDMEDEN
RNS Number : 9942P
Eden Research plc
16 October 2019
16 October 2019
Eden Research plc
("Eden" or "Company")
First approval of Cedroz by a Concerned Member State in EU
Eden Research plc (AIM: EDEN), the AIM listed company that
develops and supplies breakthrough biopesticide products and
natural, plastic-free microencapsulation technologies to the global
crop protection, animal health and consumer products industries, is
pleased to announce that its commercial partner, Eastman Chemical
Company ("Eastman"), has received full authorisation for Eden's
nematicide formulation, marketed as Cedroz(TM) by Eastman, from the
Belgian Ministry of Agriculture.
Cedroz is an innovative and natural solution designed to fight
nematodes, a pest that is known to cause severe damage to crops
globally for both open field and greenhouse growers, resulting in
potential yield losses and increasing farmers' costs. Belgium has
authorised the use of Cedroz on a wide range of crops, including
cucumbers, courgettes, melons, aubergine, peppers, tomatoes and
strawberries.
Whilst the market opportunities for Cedroz in Belgium are
smaller than in other markets such as Italy and Spain, this is the
first full authorisation in the EU following the initial
authorisation of Cedroz by the Rapporteur Member State, Malta,
earlier this year. This is also the first authorisation of any Eden
formulated product for use in greenhouse applications in
Europe.
In line with consumer demand and a regulatory push for products
that support sustainable agriculture and zero pesticide residues,
Cedroz is an attractive alternative for farmers looking to fight
nematodes in an environmentally friendly way. Unlike many other
products, Cedroz is residue-free and has a zero-day pre-harvest
interval, thereby allowing applications right up to harvest, if
required.
Sean Smith, Chief Executive Officer of Eden, said: "There are
multiple, significant opportunities for the use of Cedroz in
greenhouse applications which means that the authorisation in
Belgium, where the primary use will be in greenhouses, is a very
good starting point for authorisations to come in other EU Member
States.
In addition, authorisations which are due to follow in other
Member States will also include outdoor application where the
market opportunities are potentially even greater."
The information contained within this announcement (the
"Announcement") is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. Upon the publication of this Announcement via
Regulatory Information Service, this inside information is now
considered to be in the public domain.
For further information contact:
Eden Research plc www.edenresearch.com
Sean Smith
Alex Abrey 01285 359 555
Cenkos Securities (Nominated advisor and
broker)
Giles Balleny / Cameron MacRitchie (corporate
finance)
Michael Johnson (sales) 020 7397 8900
Powerscourt (Financial PR)
Nick Dibden 020 7250 1446
Courtney Sanford eden@powerscourt-group.com
Notes:
Eden Research is a technology development and commercialisation
company with intellectual property and expertise in encapsulation,
terpenes and environmentally friendly technologies to provide
naturally occurring solutions for the global agrochemicals, animal
health, and consumer product industries.
Eden's encapsulation technology harnesses 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. The technology uses
yeast cells that are a by-product of numerous commercial production
processes to deliver a slow release of natural compounds for
agricultural and non-agricultural uses. Terpenes are already widely
used in the food flavouring, cosmetics and pharmaceutical
industries.
Historically, terpenes have had limited commercial use in the
agrochemical sector due to their volatility, phytotoxicity and poor
solubility. Eden's platform encapsulation technology provides a
unique, environmentally friendly solution to these problems and
enables terpenes to be used as effective, low-risk
agrochemicals.
Eden is developing these technologies through innovative
research and a series of commercial production, marketing and
distribution partnerships.
The Company has a number of patents and a pipeline of products
at differing stages of development targeting specific areas of the
global agrochemicals industry. To date, the Company has invested in
the region of GBP14m in developing and protecting its intellectual
property and seeking regulatory approval for products that rely
upon the Company's technologies. Revenues earned by the Company
have been modest whilst the Company has concentrated on securing
patent protection for its intellectual property, gaining regulatory
approvals, identifying suitable industrial partners, and entering
into commercial agreements.
In May 2013, the three actives that comprise Eden's first
commercial product, Mevalone, were approved as new ingredients for
use in plant protection products. This represented a major
milestone in the commercialisation of Eden's technology and is a
significant accomplishment for any company. To illustrate this
point, one should note that in all of 2013, Eden's approvals
represented 3 of only 10 new active ingredients approved by the
EC.
Mevalone is a foliar fungicide which has been authorised for
sale in Kenya, Malta, Greece, Bulgaria, Spain, Italy, France,
Cyprus, Albania, Portugal and Macedonia.
Cedroz is a nematicide and has been authorised for sale in Malta
and Belgium.
Eden was admitted to trading on AIM on 11 May 2012 and trades
under the symbol EDEN.
For more information about Eden, please visit:
www.edenresearch.com.
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.
END
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.
END
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