TIDMEDEN
RNS Number : 1724Z
Eden Research plc
12 May 2023
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.
12 May 2023
Eden Research Plc
("Eden" or "Company")
Regulatory approvals in California and Florida
Eden Research plc (AIM: EDEN; OTCQB: EDNSF), 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 approvals for its formulated products
Cedroz(TM) in California and Mevalone (R) and Cedroz in
Florida.
These approvals follow regulatory authorisation from the United
States Environmental Protection Agency (EPA) in September 2022 for
all six petitions submitted by Eden (three active ingredients, two
formulated products and Eden's Sustaine (R) polymer-free
encapsulation technology; making up the building blocks of current
and future products), opening up significant revenue opportunities
for the company with a market potential in the US of approximately
EUR94 million for Mevalone and EUR189 million for Cedroz.
It is expected that meaningful product sales will begin in time
for the 2024 growing season and estimated that peak market
penetration will be reached after three years. Potential sales in
the US, as a whole, are estimated to be c.EUR2.8m for Mevalone and
EUR5.7m for Cedroz , b ased on peak sales and a full label of all
key target diseases and crops.
California and Florida are key areas of focus given the
prevalence of high value horticultural crops where Eden's products
are highly effective - including tomatoes, cucumbers, strawberries,
oranges and grapes.
Mevalone (R) has been approved in Florida for use on botrytis on
table and wine grapes.
Cedroz(TM) has been approved in California and Florida for use
on all relevant species of "nematodes" on fruits and vegetables
including eggplant, peppers, tomatoes, cantaloupes, cucumbers,
pumpkins, squash, zucchini, carrots, strawberries, and grapes, in
the following states: California, Florida, Georgia, Michigan, New
York, Oregon, Texas, Washington, and Wisconsin. Nematodes are
microscopic worms, and some species are plant parasites which can
dramatically affect plant health and yield.
Eden's application for regulatory approval in California is
still in progress, with clearance expected to be received soon.
Regulators around the world have banned a rapidly growing number
of commonly used conventional chemical pesticide products in recent
years and, as a result, farmers need effective alternatives to
maintain yields and keep up with growing demand for safe,
sustainable food production. Biopesticides, such as Cedroz and
Mevalone, are rapidly becoming the standard for farmers looking
adopt more environmentally friendly practices. Eden's products are
based on naturally occurring compounds that make up part of a
plant's own defence system and are effective, sustainable and safe
without contributing to pesticide residues in food or persistence
in the environment. They are also free of intentionally added
microplastics.
Sean Smith, Chief Executive Officer of Eden Research plc,
commented:
" California and Florida are amongst the most significant
addressable markets in the US considering their production of high
value crops. These approvals represent another important step in
Eden's expansion into the United States, the world's second largest
food market. We look forward to sharing progress of our other
applications in individual states from across the US in due
course."
"As a small but 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 change in the sustainable agricultural
space globally. "
For further information contact:
Eden Research plc
Sean Smith www.edenresearch.com
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)
Felix Meston eden@hawthornadvisors.com
Simon Woods
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 .
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