REG - Eden Research plc - Distribution Agreement for Mevalone in France

Eden ResearchAnnouncement

15/12/2022 07:00

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RNS Number : 7566J  Eden Research plc  15 December 2022

 

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Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
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now considered to be in the public domain.

 

15 December 2022

Eden Research Plc

("Eden" or "Company")

Distribution Agreement for Mevalone in France

 

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 signed an agreement ("Agreement") with Corteva France ("Corteva")
which allows Corteva to market, distribute and sell Eden's fungicide product,
Mevalone(®), in France on an exclusive basis.

 

Mevalone is Eden's flagship, sustainable, foliar biofungicide, which is used
to treat Botrytis cinerea on grapes and various other crops, a fungal disease
commonly found in crops exposed to humid conditions. Eden also recently
received authorisation for the use of Mevalone on pome fruits, including
apples and pears, in France to help treat post-harvest diseases that arise
during storage, thereby significantly reducing food waste.

 

There is significant future potential to expand the use of Mevalone for the
treatment of powdery and downy mildews and field trials for these applications
on grapes are currently underway, with the potential to expand further to
include crops such as berries and stone fruits. All expanded uses of Mevalone
are, as always, subject to regulatory approval, which is anticipated in the
coming years.

 

France is widely recognised for its agricultural output, which is well-known
for its high quality. France's vineyards are the country's biggest consumers
of plant protection products, which include fungicides, insecticides, and
herbicides. Although viticulture represents just 3% of France's agricultural
land, the sector consumes 20% of the country's fungicides. It also represents
15% of French agricultural produce in value terms; an exciting landscape in
which Eden's biopesticides will play an expanded role.

The Agreement with Corteva will be implemented immediately with commercial
progress expected over the course of the next year as Eden transitions from
its current distribution arrangements.

Sean Smith, CEO of Eden Research plc, commented:

"Expanding our partnership with agriscience powerhouse Corteva reflects the
further execution and acceleration of Eden's commercial strategy. Eden has a
strong existing partnership with Corteva with our ongoing collaboration around
the development of seed treatments, and this Agreement marks the expansion of
our relationship with the focus of this Agreement being to increase Eden's
commercial presence in the all-important French grape and pome fruits markets.

"Corteva's vast presence in France will enable Eden to capitalise on the
significant commercial opportunities that exist within this expansive market
and has strong potential to increase Eden's product sales revenue. Coupled
with our recently received EPA approval in the US, this Agreement highlights
the global demand for sustainable biopesticides and the strides Eden is making
to broaden its global footprint and accelerate commercial growth."

 

Sylvain Bedel, Managing Director of Corteva France said:

 

"We are pleased to be expanding our working relationship with Eden by
supplying to farmers Eden's innovative bio-solutions in the French market.
There is a strong demand for more sustainable growing practices in France and
farmers are paying increasing attention to consumer demand for such practices.
Eden's unique technology helps provide a much-needed solution."

 

 

 For further information contact:

 Eden Research plc                                     www.edenresearch.com (http://www.edenresearch.com/)
 Sean Smith                                            01285 359 555

Alex Abrey

 Cenkos Securities plc (Nominated advisor and broker)
 Giles Balleny / Max Gould (corporate finance)         020 7397 8900

Michael Johnson (sales)

 Hawthorn Advisors (Financial PR)
 Felix Meston                                          eden@hawthornadvisors.com (mailto:eden@hawthornadvisors.com)

Johanna Pemberton

 

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® 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 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, as well as in the United States on OTC under the symbol EDNSF. 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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