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(Alliance News) - Eden Research PLC shares were up on Wednesday, after it said it received its first commercial order for Ecovelex.
Eden Research is an Oxfordshire, England-based company focused on sustainable biopesticides and plastic-free formulation technology. Its shares were up 7.7% to 6.19 pence each in London on Wednesday morning.
Ecovelex is a product for the seed treatment market, and is designed to replace conventional chemicals which are banned in the EU and UK. It creates an unpleasant taste or odour which repels birds, leaving seeds intact and birds unaffected.
Eden has been developing Ecovelex for the past three years. It said that it is intended to replace conventional chemicals that are facing significant regulatory pressures in the EU and UK.
"Until full authorisation is received, the use of Ecovelex to treat seeds this year is contingent upon certain countries granting emergency use authorisation. Unless, and until, emergency use approvals are granted, it is difficult to anticipate the full demand in the short term," Eden noted
Following the company's fundraise in July, production of Ecovelex is now underway to fulfil this initial order, it said. It is expected that the order will be shipped towards the end of the year so that, in the event of receipt of relevant regulatory approvals, it will be available in time for the seed treatment window for the 2024 growing season.
In July, Eden announced two equity raises and one proposed retail offer, totalling up to GBP9.0 million, alongside a potential further GBP2.0 million, to fund materials to build up stocks for its new seed treatment.
Chief Executive Officer Sean Smith said: "I'm pleased to have received our first commercial order for Ecovelex and am pleased to report that production is underway here in the UK to fulfil the order.
"At this point in the year, and without visibility on emergency use authorisations, it is not possible to provide guidance on the overall potential financial impact of the Ecovelex sales, however, this order and initial production is clearly a positive step forward for maize growers and the company."
By Sophie Rose, Alliance News reporter
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