Eden Research plc Mevalone authorisation in New Zealand (3292Z)

TIDMEDEN

RNS Number : 3292Z

Eden Research plc

15 May 2023

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

15 May 2023

Eden Research Plc

("Eden" or "Company")

Eden obtains authorisation for Mevalone in New Zealand

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 delighted to announce that its flagship biofungicide has received regulatory authorisation in New Zealand for use on wine and table grapes, targeting outbreaks of Botrytis cinerea (Botrytis), where it will be marketed as Novellus(R) .

While accounting for a smaller portion of global wine production, the damp conditions and fluctuating temperatures of New Zealand's wine-growing regions present an ideal environment for Botrytis cinerea to thrive, thereby creating strong demand for botryticides such as Novellus. Botrytis is responsible for significant crop loss and food waste in New Zealand vineyards. This is particularly prevalent with the nation's most popular wine grape varietal, Sauvignon Blanc (comprising over two-thirds of New Zealand's wine production), where the berries grow very closely bunched together. It is estimated that Botrytis bunch rot can have a financially destructive effect of up to $NZ 5,000 per hectare, with winegrowers typically spending $NZ 1,500 on fungal crop protection measures to prevent such losses.

Sipcam Oxon SpA ("Sipcam") has been appointed as the Company's exclusive distributor of Novellus for the region, with product distribution expected to commence in time for its 2023/24 growing season. Typical fungal treatment of grapes in New Zealand occurs during the months of December to May when the fruit ripens throughout the Southern Hemisphere summer and early autumn.

Sean Smith, Chief Executive Officer of Eden, commented :

"We are pleased to receive regulatory authorisation for Novellus in New Zealand, a prominent wine-growing nation with challenging grape growing conditions. Botrytis is a widespread problem amongst vineyard operators. We are proud to play a part in providing a sustainable solution to tackling this destructive fungal disease that can have a dramatic impact on crop yields and wine production.

"New Zealand is the second country in Oceania in which we now have a foothold, following Novellus' authorisation in Australia. Operating in these two Southern Hemisphere markets demonstrates Novellus' strong versatility and efficacy in working in various environments. We see good sales growth potential in this market and look forward to commencing marketing and distribution efforts with Sipcam."

For further information contact:

 
 Eden Research plc 
 Sean Smith                                       www.edenresearch.com 
  Alex Abrey                                             01285 359 555 
 
 Cenkos Securities plc (Nominated advisor 
  and broker) 
 Giles Balleny / Max Gould (corporate 
  finance) 
  Michael Johnson (sales)                                020 7397 8900 
 
 Hawthorn Advisors (Financial PR) 
 Felix Meston                                [e-mail] 
  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 (R) 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 (TM) 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 (R) 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 . 

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May 15, 2023 02:00 ET (06:00 GMT)