Eden Research plc Regulatory approval for Cedroz(TM) in Spain (5110X)

TIDMEDEN

RNS Number : 5110X

Eden Research plc

01 September 2020

1 September 2020

Eden Research Plc

("Eden" or "Company")

Regulatory approval for Cedroz (TM) in Spain

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 Spain.

The approval in Spain covers both glasshouse and open field uses on tomatoes, cucumbers, zucchini, pumpkins, strawberries and melons, as well as glasshouse use on peppers and aubergine. This is Eden's second product to be authorised in Spain with Eden selling the botryticide 'Araw(TM)' for several years. Both Cedroz and Araw are based on terpene active ingredients and encapsulated by Eden's patented Sustaine â technology.

Spain boasts both the largest area of organic farmland in EU and is the largest producer of fruit and vegetables in the EU, making it an exciting market for Eden to participate in. The country produces circa 12.9million tonnes of vegetables and 14.4million tonnes of fruit annually to cater to the highest per-capita consumption of fresh fruit and vegetables in the EU. In the last decade Spanish fruit and vegetable exports have also increased by a third, with the UK a common destination for its produce.

Eden's product, Cedroz, will play a role in solving the issue of large crop losses due to nematode infestation, which globally cost the agriculture industry $80-100 billion each year . Many vegetable species are affected by nematodes and as a result, the use of nematicides on vegetable crops accounts for over 33% of global nematicide sales. As Eden has already identified in other markets, changing regulation in Spain and restriction of traditional nematicides is making way for bio-nematicides to take market share. Cedroz is a bio-nematicide that tackles root knot nematodes, a pest that causes severe damage to crops globally, both in open field and greenhouse situations. It will provide growers in Spain with a safer product with reliable efficacy and a much-needed sustainable alternative to incorporate into their crop protection programmes.

Sean Smith, Chief Executive Officer of Eden, commented: "For various reasons, including the volume of fruit and vegetables produced and the size of the organic area, Spain represents an important market in the EU for Eden. The authorisation today presents a substantial opportunity to further address the Spanish market, with our existing terpene based bio-fungicide already being sold. The country is well known around the world for its horticultural produce and is a major exporter to a number of countries, including the UK, and we look forward to working with Eastman to grow our presence in the region."

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, Macedonia and Australia.

Cedroz is a nematicide which has been authorised for sale in Malta, Belgium, the Netherlands, Greece and Mexico.

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

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September 01, 2020 02:00 ET (06:00 GMT)