Eden Research plc New authorisation for Cedroz(TM) in Greece (1412V)

TIDMEDEN

RNS Number : 1412V

Eden Research plc

05 August 2020

5 August 2020

Eden Research Plc

("Eden" or "Company")

New authorisation for Cedroz (TM) in Greece

Eden Research plc (AIM: EDEN), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in global crop protection, animal health and consumer products industries, announces that its commercial collaborator, Eastman Chemical Company ("Eastman"), has received authorisation for the sale of Cedroz(TM) in Greece, to be sold to the market via regional distributor K&N Efthymiadis ('KNE').

Greece is considered an important market in the EU for the commercialisation of Cedroz, with fruit and vegetable crops accounting for 18.8% of total agriculture production. The Cedroz authorisation covers both indoor and outdoor use on a wide variety of crops, including strawberries, tomatoes, aubergine, peppers, okra, cucumber, zucchini, pumpkin, melon and watermelon. Cedroz is a bionematicide that tackles root knot nematodes, a pest that causes severe damage to crops globally, both in open field and greenhouse situations.

Currently, 93% of the glasshouse space in Greece is used for vegetable production, and produce has been in higher demand during the Covid-19 pandemic. The Athens Central Market (OKAA) reported in the peak of the crisis that wholesale prices had increased by 50% in tomatoes and 5% in cucumbers. Tomatoes are Greece's main vegetable export, shipping to 40 countries around the world, primarily in Europe, Middle East and USA. Over the past three years, the UK has spent approximately EUR 22.5 million on average for supplies of Greek tomato products accounting for more than 36% of the total Greek turnover of tomato paste, canned tomatoes, and tomato sauces.

The demand for Cedroz stems from it being residue-free and having a zero-day pre-harvest interval, which allows for applications right up to harvest. This stands Eden's product in good stead for inclusion in crop protection programmes that meet consumer demand for quality produce that is free from pesticide residues and intentionally added plastics. Heightened consumer awareness about the origins and standards of the food they purchase and the presence of microplastics in the environment are clear drivers for increasing regulatory scrutiny of crop protection products in today's market and in future years. Both active ingredients used in Cedroz, geraniol and thymol, also received approval as organic inputs across the EU earlier this year.

Sean Smith, Chief Executive Officer of Eden, said: "The authorisation of Cedroz in Greece marks the entry into the first of our key markets in the EU. The annual production for tomatoes in Greece alone is approx.600,000 tonnes, making it an attractive proposition for regional distributor, K&N Efthymiadis, to market and sell Cedroz. The country also exhibits a wide range of other crops for which Cedroz is a suitable crop protection solution. Eden already has a presence in the region with its fungicide product, which is also distributed by KNE, and has recently received a label extension for Mevalone(R) for use on olives and tomatoes for the treatment of botrytis. We look forward to working with our partners to introduce and sell our sustainable solutions to Greek farmers across the country."

For further information contact:

 
 Eden Research plc                                www.edenresearch.com 
 Sean Smith 
  Alex Abrey                                      01285 359 555 
 
 Cenkos Securities plc (Nominated advisor 
  and broker) 
 Giles Balleny / Cameron MacRitchie (corporate 
  finance) 
  Michael Johnson (sales)                         020 7397 8900 
 
 Hawthorn Advisors (Financial PR) 
 Jana Tsiligiannis                                [e-mail] 
  Ed Curtis 
 

Notes:

Eden Research is an AIM quoted company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries

Eden's Sustaine(R) encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can 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 extract. They produce stabilised aqueous suspensions which, are easy to mix and apply, have phased release patterns, are safer for the environment and the crops themselves.

The European Chemicals Agency (ECHA) has proposed an EU-wide restriction on the placing on the market or use of "intentionally-added" microplastic particles. The proposed restriction includes the use of microplastics for agricultural and horticultural purposes, including polymers utilized for controlled-release fertilizers, encapsulated plant protection products (PPPs), seed coatings, and biocides.

By 2025 in the EU, pesticides containing synthetic polymer microplastics are likely to be banned and removed from the market. The only acceptable alternative is the substitution with biodegradable formulations. Reformulated products will need to be evaluated and registered within the five-year transition period.

Sustaine is one of the only viable, proven and immediately registerable solutions to the microplastics problem in formulations requiring encapsulation.

Historically, terpenes have had limited commercial use in the agrochemical sector due to their volatility, phytotoxicity and poor solubility. Sustaine 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 14m 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 by the European Commission ("EC"). 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 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 which has been authorised for sale in Malta, Belgium and Mexico.

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

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August 05, 2020 02:00 ET (06:00 GMT)