REG - Eden Research plc - Mevalone Approval in the State of California
09/01/2024 08:15
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RNS Number : 0172Z Eden Research plc 09 January 2024
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9 January 2024
Eden Research Plc
("Eden" or "Company")
Eden granted regulatory approval in the State of California for Mevalone
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 it has received regulatory approval in the State of California for
Mevalone (®), a foliar biofungicide developed initially to target botrytis on
grapes.
California is a key area of focus given the prevalence of high value
horticultural crops, including grapes, and is home to the nation's largest
wine producing regions such as Napa Valley, Sonoma Valley and Monterey.
According to the Wine Institute, California produced a total of 649,437,429
gallons of wine in 2021 accounting for 84% of the United States' total
production. Marketing of the product has commenced for this year's growing
season in partnership with Sipcam Agro USA, part of Sipcam Oxon Group.
Regulators around the world have banned a growing number of commonly used
conventional chemical pesticide products in recent years. As a result, farmers
need viable alternatives to maintain yields and keep up with growing demand
for food. Biopesticides, such as Eden's Mevalone, are becoming an increasingly
popular option for farmers looking to adopt more environmentally friendly
practices. These products are based on naturally occurring substances without
compromising efficacy, yield or production costs.
This development follows regulatory approval from the United States
Environmental Protection Agency (EPA) in September 2022 for all five petitions
submitted by Eden, presenting significant revenue opportunities for the
company with an addressable market in the US of approximately €94 million
for Mevalone and €189 million for Cedroz™, Eden's nematicide product.
Sean Smith, Chief Executive Officer of Eden Research plc, commented:
"This development represents another step in Eden's expansion into the United
States, the world's second largest food market.
As a small, 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 the adoption of more
sustainable practices in agriculture globally."
Brent Marek, CEO of Sipcam Agro USA, commented: "Mevalone is a highly
effective, sustainable biofungicide. Mevalone provides the perfect natural
solution for farmers in California adopting more sustainable growing
practices. Sipcam Oxon SpA has enjoyed several years of success with Mevalone
in key European countries such as Italy and Spain, and we look forward to
working with the Eden team to bring this product to California, which is a
significant addressable market in the US considering its production of high
value crops such as grapes."
For further information contact:
Eden Research plc
Sean Smith www.edenresearch.com (http://www.edenresearch.com)
Alex Abrey
01285 359 555
Cavendish Capital Markets Limited (Nominated advisor and broker)
Giles Balleny / George Lawson (corporate finance) 020 7220 0500
Michael Johnson (sales)
Hawthorn Advisors (Financial PR)
Victoria Ainsworth eden@hawthornadvisors.com (mailto:eden@hawthornadvisors.com)
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 three products currently on the market:
Based on plant-derived active ingredients, Mevalone® 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™( )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 seed treatment product, Ecovelex was developed to safely tackle crop
destruction caused by birds - a major cause of losses in maize and other
crops. Ecovelex works by creating an unpleasant taste or odour that repels
birds, leaving the seeds safely intact and the birds unaffected and free to
find alternative food sources. The product is based on Eden's plant-derived
chemistry, registered in the EU, U.S. and elsewhere, and formulated using
Eden's Sustaine® microencapsulation system.
Eden's Sustaine(®)( )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
(http://www.edenresearch.com/) .
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