Plant Health Care Shares Rise on US Commercial Approval for Fungicide
March 02 2023 - 4:58AM
Dow Jones News
By Joe Hoppe
Plant Health Care PLC shares rose Thursday after it said that
the U.S. Environmental Protection Agency has commercially approved
its novel peptide fungicide.
Shares at 0924 GMT were up 0.9 pence, or 8.6% at 11.4 pence.
The agricultural product manufacturer said that Wilbur-Ellis
Agribusiness--one of the largest U.S. agricultural product
retailers--is expected to start selling the new peptide fungicide,
coded PHC279, in key U.S. markets under the brand Obrona in
2023.
Obrona was developed to help growers control a range of fungal
and bacterial plant pathogens, particularly in fruits, nuts,
vegetables, and row crops. The product is intended to reduce
reliance on older synthetic pesticides, and will support farmers
seeking more sustainable and environmentally friendly
practices.
"Wilbur-Ellis has proven to be a strong partner over the years,
supporting our Employ product since 2019, and we look forward to
similar success with Obrona," Chief Executive Jeff Tweedy said.
Plant Health Care also said it is on track to deliver revenue of
$30 million by 2025, through the launch of new products and
continued growth in distributor relationships.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
March 02, 2023 04:43 ET (09:43 GMT)
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