Plant Health Care - PHC68949 granted first stage of approval in Brazil
09/05/2023 07:00
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RNS Number : 6322Y Plant Health Care PLC 09 May 2023
9 May 2023
Plant Health Care plc
("Plant Health Care" or the "Company")
PHC68949 granted first stage of approval in Brazil
Plant Health Care(®) (AIM.PHC.L), a leading provider of peptides for plant
protection to global agriculture markets, is pleased to announce that its new
PREtec product PHC68949 has received the first stage of regulatory approval
for commercial use in Brazil.
PHC68949 (Vaccine for Plants™) is a novel technology that amplifies a
plant's natural defense against damaging nematodes (a "bionematicide"),
increasing plant health and yield in a variety of crops. Nematodes are
microscopic parasitic worms living in the soil where they feed on plant roots,
killing plants and reducing crop yields. Globally, nematodes have been
estimated to cause up to 12.3% of annual crop loss, worth approximately $157
billion per year.
The Brazilian Ministry of Agriculture, Livestock and Food Supply (MAPA) has
now accepted the submitted studies demonstrating the efficacy of PHC68949 and
approved the conditions for its use for soybean cultivation in Brazil. The
MAPA approval occurred earlier than expected and is the first step of
regulatory approval in Brazil. The application will now be evaluated by the
Brazilian Health Regulatory Agency (ANVISA) and The Brazilian Institute of
Environment and Renewable Natural Resources (IBAMA).
The PHC68949 application was submitted for regulatory approval to MAPA in
December 2022 for use as a seed treatment for the control of root-lesion
nematode (Pratylenchus brachyurus) in soybean. For 2022/23, the soybean
harvested area in Brazil is forecast to be 42.9 million hectares. Results from
field studies show PHC68949 may provide control of harmful nematodes
comparable to the traditional chemical nematicides and superior to current
biological products. The Brazilian authorities do not commit to a specific
timeline for granting regulatory licenses, however, the Company anticipates
regulatory licenses will be granted within the next 1-2 years.
After its initial launch for use in soybeans, the Company expects to introduce
PHC68949 in other crops in Brazil. According to a recently published report by
Kynetec, the use nematicides in Brazil has increased 10-fold since 2015, with
soybeans accounting for 52% of the use, followed by sugarcane at 23%, with the
remainder on corn, cotton, coffee, potatoes and 14 other crops. PHC's target
is to launch at least one PREtec product in a major market every year as part
of its overall strategy to achieve revenue of $30 million by 2025 through both
the launch of new peptides and expanding current and future distributor
relationships.
A video highlighting the advantages of PHC68949 can be viewed at:
https://youtu.be/cPRy2EEzjYw (https://youtu.be/cPRy2EEzjYw)
Jeff Tweedy, CEO of Plant Health Care, said: "Today's announcement marks a
significant milestone in fulfilling our strategic objectives to launch
transformative commercial PREtec products across substantial growth markets
such as Brazil.
"As the issue of food security continues to grow, and the farming world looks
for technological solutions to achieve a sustainable future with better crops
delivering higher yields and reducing environmental effects, our PREtec
products will help meet global sustainability targets."
For further information, please contact:
Plant Health Care plc Tel: +1 919 926 1600
Jeff Tweedy, CEO
Cenkos Securities plc - Nomad & Broker Tel: +44 (0) 131 220 9771
Neil McDonald / Pete Lynch
SEC Newgate (Financial Communications) Tel: +44 (0)7540 106 366
Robin Tozer / George Esmond / Harry Handyside Email: phc@secnewgate.co.uk (mailto:phc@secnewgate.co.uk)
About Plant Health Care
Plant Health Care offers products to improve the health, vigour and yield of
major field crops such as corn, soybeans, potatoes, and rice, as well as
specialty crops such as fruits and vegetables. We operate globally through
subsidiaries, distributors and supply agreements with major industry partners.
Our innovative, patent-protected biological products help growers to protect
their crops from stress and diseases, and to produce higher quality fruit and
vegetables, with a favourable environmental profile.
Find out more at www.planthealthcare.com (http://www.planthealthcare.com)
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