REG - Eden Research plc - Eden granted US EPA regulatory approval

Eden ResearchAnnouncement

26/09/2022 07:00

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RNS Number : 5361A  Eden Research plc  26 September 2022

26(th) September 2022

Eden Research Plc

("Eden" or "Company")

Eden granted US EPA regulatory approval

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, is pleased to
announce that it has received regulatory approval from the United States
Environmental Protection Agency (EPA), for all five petitions submitted,
covering the Company's three active ingredients (eugenol, geraniol and thymol)
and two formulated products (Mevalone (®) and Cedroz™).

 

The EPA approval of Eden's products and active ingredients will open
significant revenue opportunities for Eden, with total market potential of
approximately €94m for Mevalone and €189m for Cedroz.  In addition, the
Board expects that ultimately the registration of Eden's developmental
insecticide will follow a shortened timeline as it is based upon the
now-approved active ingredients.  Eden will pursue registration of this new
product in due course based upon the outcome of field trials.  The total
market potential for the insecticide is €237m.

 

Farmers in the US spend hundreds of millions of dollars every year on products
that protect their crops from diseases and pests that contribute to lost
yields, food waste and inefficient production.  Pesticides make up a large
percentage of the overall spend on crop inputs. However, regulators around the
world have banned a growing number of commonly used conventional chemical
pesticide products in recent years, and farmers need viable alternatives to
keep up with growing demand for food production. As a result, they are
increasingly turning to biopesticides, like Eden's Cedroz and Mevalone, which
are based on natural substances and offer a more sustainable approach, without
compromising efficacy, safety, yield or production costs.

 

Coastal and southern states such as California and Florida will be the initial
focus for the use of Eden's products given the prevalence of high value
horticultural crops where Eden's products currently deliver the highest value.
Marketing of the products will commence as soon as possible, subject to state
level regulatory approval in these regions, which is expected in the coming
months. Assuming timely state-level authorisations, meaningful sales are
expected to commence in 2023 following the past several years during which
preparations have been made for product launches.

 

Sean Smith, Chief Executive Officer of Eden Research plc, commented:

"Eden has been at the forefront of accelerating change in the sustainable
agricultural input market for several years, and our authorisations in the US
mark the next milestone in this journey, significantly expanding our
addressable market to include the second largest food market in the world.

 

As a small but innovative UK business, we are proud of the impact that Eden
can have on the global stage. Despite our size, we export our pioneering
products and technologies to Europe, Africa, Australia, and North America,
partnering with some of the largest global players in the crop protection
industry.

 

The EPA authorisations are the result of over four years of effort by our
experienced regulatory, development and commercial teams who worked tirelessly
to ensure that Eden addressed the EPA's extensive and evolving list of strict
requirements.

 

We are among the very few British crop protection companies to receive
approvals for multiple biopesticides in the US, and we believe we are the
smallest company to achieve the ambitious goal of registering three active
ingredients and two formulated products at once, thereby opening up one of the
world's most important markets for agricultural inputs".

 

 

 

 

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)
 Victoria Ainsworth                                    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. 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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