TIDMEDEN
RNS Number : 4120S
Eden Research plc
21 December 2016
Eden Research Plc
("Eden" or "Company")
Commercialisation agreement with Eastman for nematicide
product
Eden Research plc (AIM: EDEN), the AIM-listed company that
provides breakthrough natural bio-control products and
microencapsulation technologies to the global agrochemicals, animal
health and consumer products industries, announces that it has
signed an exclusive commercialisation agreement ("Agreement") with
Taminco BVBA, a subsidiary of Eastman Chemical Company's global
crop protection division ("Eastman"), following a series of
successful field trials and market evaluations conducted by Eastman
from 2014 through 2016.
The Agreement grants Eastman the exclusive right to develop the
market for Eden's nematicide formulation, which will be marketed by
Eastman as 'Cedroz(TM) '. Eastman will pay Eden an upfront fee, as
well as annual milestone payments until 2019 when it is expected
that sales will commence. Eastman will take on the responsibility
for the registration of Cedroz(TM) in each territory whilst Eden
retains responsibility for the registration of the active
ingredients and will supply Eastman with its product requirements
globally. The agreement covers 29 countries including the largest
markets for nematicide products globally.
Nematodes are a major category of plant pest that cause an
estimated $300 million of damage per year in Europe alone. Most
major crops are affected by nematodes with particular damage being
done in the high value fruit and vegetables segment. This segment
of the nematicide market is in the region of $550m globally. Given
the withdrawal and restriction in use of a number of key products
that were well established in the market, Eden and Eastman are
optimistic that Cedroz(TM) will become an effective tool for
growers whose options are becoming limited when facing the issue of
nematode control.
Aside from its efficacy, Cedroz(TM) benefits from the fact that
its active ingredients are exempt from Maximum Residue Level
("MRL") limits in the European Union. This translates into a clear
benefit for growers when considering treatment programmes, as
Cedroz(TM) can be used without regard to concern for residues, thus
allowing growers to protect their crops right up to the point of
harvest.
Sean Smith, Chief Executive Officer of Eden, said: "We have been
working together with Eastman in the evaluation of our nematicide
product since 2014. They have been an excellent partner and have
invested significant resources to demonstrate the usefulness of our
technology in the treatment of nematodes. Eastman has been a leader
in nematode control for several decades, and through their market
development of Cedroz(TM) , they will extend this position and grow
in the important post-fumigant nematode control market with an
effective and safe bio-control product developed by Eden. Eastman's
global reach and the robust, versatile and unique technology and
formulation expertise that Eden has provided should produce a
strong solution for growers challenged with the control of these
pests that affect global agriculture by lowering crop yields."
Guy Van Den Bossche, General Manager of Eastman's crop
protection division, said: "Eastman is a speciality chemical
company, which includes being a leading supplier in soil
disinfection products for high value crops. We are constantly
looking for new innovative products which make a difference for our
customers. This collaboration with Eden around Cedroz(TM) perfectly
reflects our market driven approach. Cedroz(TM) is a product with a
green profile and we have seen a consistent effectiveness in the
extensive testing programme done. We believe that Cedroz(TM) will
be a very valuable product in the toolbox of the farmer. Cedroz(TM)
responds to the market trends of growing crops in a more
sustainable way."
Eden Research plc www.edenresearch.com
Sean Smith, Chief Executive Tel: 01285 359 555
Officer
Alex Abrey, Chief Financial
Officer
Shore Capital and Corporate www.shorecap.com
Limited
Stephane Auton/Patrick Tel: 020 7408 4090
Castle
Walbrook PR Ltd Tel: 020 7933 8780 or eden@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
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.
With leading consultants in their respective fields, the Company
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 GBP12m 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, 3AEY, were approved as new ingredients for use
in plant protection products. This represents 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.
3AEY has been authorised for sale in Kenya, Malta, Greece,
Bulgaria, Spain and Italy.
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 document contains statements that may constitute
forward-looking statements. A variety of factors, many of which are
beyond Eastman's or Eden's control could cause the actual
developments to be materially different from any developments that
may be expressed or implied by such forward-looking statements.
Eastman and Eden neither intend, nor assume any obligation, to
update or revise these forward-looking statements in light of
developments which differ from those anticipated.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 21, 2016 02:00 ET (07:00 GMT)