(Sharecast News) - Plant Health Care announced the registration with the Mexican Federal Commission for the Protection against Sanitary Risk (COFEPRIS) of PHC68949, a biological nematode control product, and its impending commercial launch in Mexico on Thursday.
The AIM-traded firm said PHC68949 represented a solution that amplified a plant's natural defence mechanisms within the rhizosphere, safeguarding plant roots from parasitic nematodes.
That innovation would promote crop yield and enhances harvest quality, catering to the needs of growers in Mexico.
The company said it planned to start a limited launch of PHC68949 in the second half of 2024 to cultivate awareness among growers and distributors, followed by a comprehensive commercial rollout through its key distributors in 2025.
It said the product would be applied initially via drench and foliar methods on various crops, including tomatoes, eggplants, peppers, cucumbers, and other solanaceae and cucurbit crops.
As a next-generation bionematicide, the firm said PHC68949 offered substantial benefits to growers.
Field studies demonstrated its efficacy was comparable to synthetic chemical nematicides and superior to existing biological products.
With a low use rate and environmentally friendly profile, PHC68949 presented a novel mode of action, positioning itself to supplant traditional synthetic chemical nematicides and enhance crop yield and quality consistently.
Furthermore, PHC68949's launch aligned with the strategic focus on controlling southern root-knot nematode, or meloidogyne incognita, in solanaceae and cucurbit crops initially, with expansion plans for other crops and nematode species in the future.
Mexico's significant agricultural footprint, particularly in tomato, pepper, watermelon, and cucumber cultivation, underscored what the firm described as immense market potential for PHC68949.
The country's robust demand for plant-applied biopesticides, coupled with a favourable regulatory environment, further augmented growth prospects for the product.
Plant Health Care's PREtec technology platform, derived from natural proteins underpinned PHC68949.
"Following the approval last month of our SAORI biofungicide, I am excited to announce the approval of PHC68949 for nematode control," said chief executive officer Jeff Tweedy.
"The planned launch of both PHC68949 and SAORI in Mexico later this year culminate years of hard work undertaken by the company to demonstrate the safety, efficacy, and value that both products bring to the market.
"We continue to scale the PREtec pipeline of products into new markets that will offer growers sustainable technology for the land and consumers."
Tweedy said PHC68949's approval supported the company's vision to be a "leading global provider" of alternatives to conventional synthetic agrochemicals.
"We are excited about the developing plans to launch PHC68949 in 2024, with strong growth thereafter."
At 1039 BST, shares in Plant Health Care were up 8.63% at 3.97p.
Reporting by Josh White for Sharecast.com.
Plant Health (PHC)