(Alliance News) - Eden Research PLC said it has received, alongside Corteva Agriscience, a temporary regulatory approval in Italy for the use of Ecovelex.
Shares in Eden rose 15% to 4.72 pence each in London on Monday morning.
Eden is an Oxfordshire, England-based company focused on sustainable biopesticides and plastic-free formulation technology, while Corteva is an Indianapolis, Indiana-based crop protection producer, part of Corteva Inc. The two have been developing the product for the past three years.
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 that repels birds, leaving seeds intact and birds unaffected.
Eden said that it is intended to replace conventional chemicals that are facing significant regulatory pressures in the EU and UK.
Eden Chief Executive Officer said: "Eden's collaboration with Corteva Agriscience over the past several years has been highly productive, and I am pleased to see the first real-world benefits from these activities supporting farmers' requirements in Italy. Together, we are bringing another safe and effective product to market in near record time through efficient, open collaboration. This is ultimately a win for farmers who will have a new, effective tool for improving crop yields, safely and sustainably."
By Sabrina Penty, Alliance News reporter
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Eden (EDEN)