Last checked at 13 Apr 2015 07:00
Eden Research Plc
("Eden" or "Company")
Exclusive option agreement signed for Eden's nematicide product
Eden Research Plc (AIM: EDEN), the AIM-listed natural micro-encapsulation company, announces that it has signed an exclusive option agreement ("Agreement") with Taminco BVBA' s crop protection division following a series of successful field trials conducted during the second half of 2014. Taminco BVBA ("Taminco") is a subsidiary of Eastman Chemical Company.
The Agreement grants Taminco the right to further evaluate and conduct large-scale marketing and regulatory trials with Eden's nematicide product B2Y for crop protection until 31 March 2016. It is anticipated that following a successful outcome in 2015, Eden and Taminco will negotiate a global licensing arrangement to allow the commercialisation of this product. The nematicide B2Y uses Eden's naturally-derived active ingredients and GO-E Inside™, Eden's natural micro-encapsulation technology.
Sean Smith, Chief Executive Officer of Eden, said: "Since August 2014, Taminco has been evaluating Eden's nematicide product, B2Y, and has seen very good results. As such, Taminco has decided to further evaluate the product and expand the trial work to a much larger scale with a view to registering and ultimately selling the product on a global basis.
"This agreement with Taminco reflects our strategy to partner with global industry leaders and leverage their expertise and market access to commercialise Eden's products. This means that product sales, and therefore royalty revenues to Eden, will be accelerated and maximised when compared to undertaking this process ourselves. Taminco has already invested significant resources in this product and that will increase substantially in 2015. Eden and Taminco are both dedicating considerable resource to this collaboration during the course of 2015 to ensure the product will be a success."
Guy Van Den Bossche, General Manager of Taminco's crop protection division, said: "Being a leading supplier in soil disinfection for high value crops, we are always looking for new innovative products. The collaboration with Eden is a step forward to broaden our offer with complementary solutions that respond to market trends for increasing sustainability in crop protection."
Eden Research plc | www.edenresearch.com |
Sean Smith, Chief Executive Officer | Tel: 01993 862 761 |
Alex Abrey, Chief Financial Officer | |
W H Ireland Limited | Tel: 0117 945 3471 |
John Wakefield or Ed Allsopp | |
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 is an early stage revenue company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions to the global agrochemicals industry, the animal health industry, and consumer products.
Eden's encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with hydrophobic compounds both natural and synthetic. The technology uses yeast cells to deliver a slow release of natural compounds for agricultural and non-agricultural uses. Terpenes are already widely used in the food flavouring, cosmetic 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 has 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 £12m in developing and protecting its intellectual property. Revenues earned by the Company have been modest whilst the Company has concentrated on securing patent protection for its intellectual property, identifying suitable industrial partners and entering into licence agreements.
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 Taminco'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.
Taminco 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.