REG - Eden Research plc - Regulatory approvals in California and Florida

Eden ResearchAnnouncement

12/05/2023 07:00

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RNS Number : 1724Z  Eden Research plc  12 May 2023

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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™ in California and Mevalone(®) 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(®) 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 €94 million for Mevalone and €189 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.€2.8m for Mevalone and €5.7m for Cedroz, based 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(®) has been approved in Florida for use on botrytis on table and
wine grapes.

 

Cedroz™ 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 (http://www.edenresearch.com)

Alex Abrey

                                                     01285 359 555

 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)

 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(®) 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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