TIDMEDEN
RNS Number : 2324Z
Eden Research plc
17 September 2020
17 September 2020
Eden Research Plc
("Eden" or "Company")
New authorisations for Cedroz(TM) and Mevalone(R)
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 its commercial collaborator,
Eastman Chemical Company ("Eastman"), has received authorisation
for the sale of Cedroz(TM) in France. The French regulator has also
approved Eden's biofungicide, Mevalone(R), for use in organic
agriculture in France. Separately, Eden has been notified that
Mevalone(R) has received authorisation for use on table and wine
grapes in Serbia via regional distributor K&N Efthymiadis
('KNE').
The approval of Cedroz in France covers both indoor and outdoor
uses on strawberries, tomatoes, aubergines, physalis, pepinos,
cucumbers, courgettes, gherkins (and other edible peel cucurbits),
peppers (all varieties), chillies, melons, watermelons, and
pumpkins (and other non-edible peel cucurbits). Cedroz is a
bionematicide based on terpene active ingredients encapsulated in
Eden's patented Sustaine(R) technology. Both of Eden's commercially
available products have now been authorised in France, following
the approval for the use of Mevalone on grapes in 2017.
The combined fruit, vegetable and horticultural sector in France
has an annual output of over EUR8 billion, excluding potatoes and
wine grapes, highlighting the significance of the market for Eden.
Melons, which are included in this approval, are the second most
plentiful fruit in the country with 250,000 tonnes grown each
year.
The demand for Cedroz stems from it being residue-free with a
zero-day pre-harvest interval, which allows for applications right
up to harvest. These characteristics, combined with regulatory
changes that have limited the availability of traditional
nematicides, position Cedroz well for inclusion in French growers'
crop protection programmes, helping them to meet consumer demand
for quality produce, free from chemical residues.
The organic approval of Mevalone is timely as the French organic
farming industry is on the rise, increasing from around 580,000
hectares in 2008 to over 2 million hectares in 2018. Now that
Mevalone can be used on organic farms it increases the addressable
market for the product. Eden's three EU-registered active
ingredients, geraniol, eugenol and thymol, received approval for
use in organic farming in the EU in January of this year. There is
an opportunity for additional growth in other EU countries when
organic approval for Cedroz and Mevalone as full formulations is
granted. The EU has recently proposed that at least 25% of the EU's
agricultural land should be farmed organically, and the action plan
supporting this change has now reached the public consultation
phase.
Eden has also received authorisation for the sale of Mevalone in
Serbia via regional distributor K&N Efthymiadis. Serbia has a
growing winemaking industry, with the export value of wine and
grape based spirits doubling to EUR17 million between 2006 and
2017. Serbia becomes the 13th country to authorise Mevalone, which
already includes the top 3 wine producing countries in the world;
Italy, France and Spain.
Sean Smith, Chief Executive Officer of Eden, commented: "We are
pleased to see Cedroz reach another key European market. In France,
our biofungicide, Mevalone, has been used by French grape growers
to integrate more sustainable practices into their crop protection
programmes and Cedroz will play a similar role for a wider range of
fruit and vegetable growers in the market. Cedroz has strong
momentum with this being its fourth full authorisation in 2020,
supporting growers' increasing need for environmentally friendly
products that protect against nematode infestation. We look forward
to continuing to work with our commercial collaborators as they
make progress with marketing and selling our products to drive our
ambitions to be a leader in sustainable and organic crop
protection."
The information contained herein is not expected to have a
significant impact on management's expectations of performance for
the year.
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 / Cameron MacRitchie (corporate
finance)
Michael Johnson (sales) 020 7397 8900
Hawthorn Advisors (Financial PR)
Jana Tsiligiannis eden@hawthornadvisors.com
Ed Curtis
Notes:
Eden Research is an AIM quoted company that develops and
supplies breakthrough biopesticide products and natural
microencapsulation technologies to the global crop protection,
animal health and consumer products industries
Eden's Sustaine(R) encapsulation technology harnesses the
biocidal efficacy of naturally occurring chemicals produced by
plants (terpenes) and can 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 extract. They
produce stabilised aqueous suspensions which, are easy to mix and
apply, have phased release patterns, are safer for the environment
and the crops themselves.
The European Chemicals Agency (ECHA) has proposed an EU-wide
restriction on the placing on the market or use of
"intentionally-added" microplastic particles. The proposed
restriction includes the use of microplastics for agricultural and
horticultural purposes, including polymers utilized for
controlled-release fertilizers, encapsulated plant protection
products (PPPs), seed coatings, and biocides.
By 2025 in the EU, pesticides containing synthetic polymer
microplastics are likely to be banned and removed from the market.
The only acceptable alternative is the substitution with
biodegradable formulations. Reformulated products will need to be
evaluated and registered within the five-year transition
period.
Sustaine is one of the only viable, proven and immediately
registerable solutions to the microplastics problem in formulations
requiring encapsulation.
Historically, terpenes have had limited commercial use in the
agrochemical sector due to their volatility, phytotoxicity and poor
solubility. Sustaine 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 14m 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 by the European Commission ("EC").
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 2013,
Eden's approvals represented 3 of only 10 new active ingredients
approved by the EC.
Mevalone(R) is a foliar biofungicide which initially targets a
key disease affecting grapes and other high-value fruit and
vegetable crops. 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. Eden's commercial collaborator,
Eastman Chemical, is pursuing registration and commercialisation of
this important new product in numerous countries globally.
Eden was admitted to trading on AIM on 11 May 2012 and trades
under the symbol EDEN.
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
REAKKABNFBKDPCD
(END) Dow Jones Newswires
September 17, 2020 02:00 ET (06:00 GMT)
Eden Research (LSE:EDEN)
Historical Stock Chart
From Apr 2024 to May 2024
Eden Research (LSE:EDEN)
Historical Stock Chart
From May 2023 to May 2024