Eden Research plc Cedroz Approval (9942P)

TIDMEDEN

RNS Number : 9942P

Eden Research plc

16 October 2019

16 October 2019

Eden Research plc

("Eden" or "Company")

First approval of Cedroz by a Concerned Member State in EU

Eden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural, plastic-free microencapsulation technologies to the global crop protection, animal health and consumer products industries, is pleased to announce that its commercial partner, Eastman Chemical Company ("Eastman"), has received full authorisation for Eden's nematicide formulation, marketed as Cedroz(TM) by Eastman, from the Belgian Ministry of Agriculture.

Cedroz is an innovative and natural solution designed to fight nematodes, a pest that is known to cause severe damage to crops globally for both open field and greenhouse growers, resulting in potential yield losses and increasing farmers' costs. Belgium has authorised the use of Cedroz on a wide range of crops, including cucumbers, courgettes, melons, aubergine, peppers, tomatoes and strawberries.

Whilst the market opportunities for Cedroz in Belgium are smaller than in other markets such as Italy and Spain, this is the first full authorisation in the EU following the initial authorisation of Cedroz by the Rapporteur Member State, Malta, earlier this year. This is also the first authorisation of any Eden formulated product for use in greenhouse applications in Europe.

In line with consumer demand and a regulatory push for products that support sustainable agriculture and zero pesticide residues, Cedroz is an attractive alternative for farmers looking to fight nematodes in an environmentally friendly way. Unlike many other products, Cedroz is residue-free and has a zero-day pre-harvest interval, thereby allowing applications right up to harvest, if required.

Sean Smith, Chief Executive Officer of Eden, said: "There are multiple, significant opportunities for the use of Cedroz in greenhouse applications which means that the authorisation in Belgium, where the primary use will be in greenhouses, is a very good starting point for authorisations to come in other EU Member States.

In addition, authorisations which are due to follow in other Member States will also include outdoor application where the market opportunities are potentially even greater."

The information contained within this announcement (the "Announcement") is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this Announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information contact:

 
 Eden Research plc                                www.edenresearch.com 
 Sean Smith 
  Alex Abrey                                      01285 359 555 
 
 
   Cenkos Securities (Nominated advisor and 
   broker) 
 Giles Balleny / Cameron MacRitchie (corporate 
  finance) 
  Michael Johnson (sales)                         020 7397 8900 
 
 
   Powerscourt (Financial PR) 
 Nick Dibden                                      020 7250 1446 
  Courtney Sanford                                 [e-mail] 
 

Notes:

Eden Research is a technology development and commercialisation company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions for the global agrochemicals, animal health, and consumer product industries.

Eden's encapsulation technology harnesses 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. The technology uses yeast cells that are a by-product of numerous commercial production processes to deliver a slow release of natural compounds for agricultural and non-agricultural uses. Terpenes are already widely used in the food flavouring, cosmetics and pharmaceutical industries.

Historically, terpenes have had limited commercial use in the agrochemical sector due to their volatility, phytotoxicity and poor solubility. Eden's platform encapsulation technology provides a unique, environmentally friendly solution to these problems and enables terpenes to be used as effective, low-risk agrochemicals.

Eden is developing these technologies through innovative research and a series of commercial production, marketing and distribution partnerships.

The Company has a number of patents and a pipeline of products at differing stages of development targeting specific areas of the global agrochemicals industry. To date, the Company has invested in the region of GBP14m in developing and protecting its intellectual property and seeking regulatory approval for products that rely upon the Company's technologies. Revenues earned by the Company have been modest whilst the Company has concentrated on securing patent protection for its intellectual property, gaining regulatory approvals, identifying suitable industrial partners, and entering into commercial agreements.

In May 2013, the three actives that comprise Eden's first commercial product, Mevalone, were approved as new ingredients for use in plant protection products. This represented a major milestone in the commercialisation of Eden's technology and is a significant accomplishment for any company. To illustrate this point, one should note that in all of 2013, Eden's approvals represented 3 of only 10 new active ingredients approved by the EC.

Mevalone is a foliar fungicide which has been authorised for sale in Kenya, Malta, Greece, Bulgaria, Spain, Italy, France, Cyprus, Albania, Portugal and Macedonia.

Cedroz is a nematicide and has been authorised for sale in Malta and Belgium.

Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN.

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.

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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.

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October 16, 2019 02:00 ET (06:00 GMT)