Eden Research plc US State Regulatory Approvals Update (9314T)

TIDMEDEN

RNS Number : 9314T

Eden Research plc

23 March 2023

23 March 2023

Eden Research Plc

("Eden" or "Company")

Eden granted numerous US state regulatory approvals

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 to date received regulatory approval in 17 US states for its formulated product Mevalone (R) , and 8 US states for its f ormulated product Cedroz(TM).

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 United States of approximately EUR94 million for Mevalone and EUR189 million for Cedroz.

Mevalone has been approved for use on botrytis on table and wine grapes in the following states: Alabama, Arizona, Florida, Georgia, Idaho, Illinois, Michigan, Mississippi, Missouri, New York, North Carolina, Oregon, Pennsylvania, Texas, Virginia, Washington, and West Virginia.

Eden has also received approval for its second commercial product, Cedroz, which can now be applied to fruits and vegetables to defend against destructive parasitic nematodes that affect crops grown both indoors and outdoors. Cedroz approvals have been granted for a wide range of crops, including eggplant, peppers, tomatoes, cantaloupes, cucumbers, pumpkins, squash, zucchini, carrots, strawberries, and grapes; in the following states: Florida, Georgia, Michigan, New York, Oregon, Texas, Washington, and Wisconsin.

Eden's application for regulatory approval in California is still in progress, but the Company expects approval will be received in the coming months.

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 the 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:

"Since achieving EPA approval in September 2022, Eden has continued to accelerate change in sustainable agriculture. These state authorisations mark further milestones on this journey and directly expand our addressable market in the US. Further efforts are underway to continually grow our footprint across the US with a primary focus on obtaining regulatory clearance in California and several additional states. We look forward to updating the market on our progress in due course."

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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March 23, 2023 03:00 ET (07:00 GMT)