Eden Research plc Regulatory approvals in California and Florida (1724Z)

TIDMEDEN

RNS Number : 1724Z

Eden Research plc

12 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.

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(TM) in California and Mevalone (R) 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 (R) 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 EUR94 million for Mevalone and EUR189 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.EUR2.8m for Mevalone and EUR5.7m for Cedroz , b ased 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 (R) has been approved in Florida for use on botrytis on table and wine grapes.

Cedroz(TM) 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 
  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 . 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

REASFMFWFEDSEEI

(END) Dow Jones Newswires

May 12, 2023 02:00 ET (06:00 GMT)