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US State Regulatory Approvals Update

23 Mar 2023 07:00

RNS Number : 9314T
Eden Research plc
23 March 2023
 

23 March 2023

 

 

Eden Research Plc

("Eden" or "Company")

 

Eden granted numerous US state regulatory approvals

 

Eden Research plc (AIM: EDEN; OTCQB: EDNSF), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, announces that it has to date received regulatory approval in 17 US states for its formulated product Mevalone®, and 8 US states for its formulated product Cedroz™.

 

These approvals follow regulatory authorisation from the United States Environmental Protection Agency (EPA) in September 2022 for all six petitions submitted by Eden (three active ingredients, two formulated products and Eden's Sustaine® polymer-free encapsulation technology; making up the building blocks of current and future products), opening up significant revenue opportunities for the Company with a market potential in the United States of approximately €94 million for Mevalone and €189 million for Cedroz.

 

Mevalone has been approved for use on botrytis on table and wine grapes in the following states: Alabama, Arizona, Florida, Georgia, Idaho, Illinois, Michigan, Mississippi, Missouri, New York, North Carolina, Oregon, Pennsylvania, Texas, Virginia, Washington, and West Virginia.

 

Eden has also received approval for its second commercial product, Cedroz, which can now be applied to fruits and vegetables to defend against destructive parasitic nematodes that affect crops grown both indoors and outdoors. Cedroz approvals have been granted for a wide range of crops, including eggplant, peppers, tomatoes, cantaloupes, cucumbers, pumpkins, squash, zucchini, carrots, strawberries, and grapes; in the following states: Florida, Georgia, Michigan, New York, Oregon, Texas, Washington, and Wisconsin.

 

Eden's application for regulatory approval in California is still in progress, but the Company expects approval will be received in the coming months.

 

Regulators around the world have banned a rapidly growing number of commonly used conventional chemical pesticide products in recent years and, as a result, farmers need effective alternatives to maintain yields and keep up with the growing demand for safe, sustainable food production. Biopesticides, such as Cedroz and Mevalone, are rapidly becoming the standard for farmers looking adopt more environmentally friendly practices. Eden's products are based on naturally occurring compounds that make up part of a plant's own defence system and are effective, sustainable, and safe without contributing to pesticide residues in food or persistence in the environment. They are also free of intentionally added microplastics.

 

Sean Smith, Chief Executive Officer of Eden Research plc, commented:

 

"Since achieving EPA approval in September 2022, Eden has continued to accelerate change in sustainable agriculture. These state authorisations mark further milestones on this journey and directly expand our addressable market in the US. Further efforts are underway to continually grow our footprint across the US with a primary focus on obtaining regulatory clearance in California and several additional states. We look forward to updating the market on our progress in due course."

 

 

 

For further information contact:

 

Eden Research plc

Sean SmithAlex Abrey

 

www.edenresearch.com

01285 359 555

Cenkos Securities plc (Nominated advisor and broker)

 

Giles Balleny / Max Gould (corporate finance)Michael Johnson (sales)

 

020 7397 8900

Hawthorn Advisors (Financial PR)

 

Felix Meston

Simon Woods

eden@hawthornadvisors.com

 

 

Notes to Editors:

 

Eden Research is the only UK-listed company focused on biopesticides for sustainable agriculture. It develops and supplies innovative biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries. 

 

Eden's products are formulated with terpene active ingredients, based on natural plant defence metabolites. To date, they have been primarily used on high-value fruits and vegetables, improving crop yields and marketability, with equal or better performance when compared with conventional pesticides. Eden has two products currently on the market: 

 

Based on plant-derived active ingredients, Mevalone® is a foliar biofungicide which initially targets a key disease affecting grapes and other high-value fruit and vegetable crops.  It is a useful tool in crop defence programmes and is aligned with the requirements of integrated pest management programmes. It is approved for sale in a number of key countries whilst Eden and its partners pursue regulatory clearance in new territories thereby growing Eden's addressable market globally.

 

Cedroz™ is a bionematicide that targets free living nematodes which are parasitic worms that affect a wide range of high-value fruit and vegetable crops globally. Cedroz is registered for sale on two continents and Eden's commercial collaborator, Eastman Chemical, is pursuing registration and commercialisation of this important new product in numerous countries globally.

 

Eden's Sustaine® encapsulation technology is used to harness 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. Sustaine microcapsules are naturally-derived, plastic-free, biodegradable micro-spheres derived from yeast. It is one of the only viable, proven and immediately registerable solutions to the microplastics problem in formulations requiring encapsulation.

 

Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN. It was awarded the London Stock Exchange Green Economy Mark in January 2021, which recognises London-listed companies that derive over 50% of their total annual revenue from products and services that contribute to the global green economy. Eden derives 100% of its total annual revenues from sustainable products and services. 

For more information about Eden, please visit: www.edenresearch.com.

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REASEAESEEDSEID
Date   Source Headline
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18th Aug 20147:00 amRNSDirectorate changes & share options
11th Aug 20147:00 amRNSEvaluation agreement for nematicide
1st Jul 20147:00 amRNSNotice of Decision of Patent in South Korea
26th Jun 201412:37 pmRNSAGM Statement
6th Jun 201410:46 amRNSPosting of Annual Report & Notice of AGM
6th Jun 20147:00 amRNSExtension of TerpeneTech licence agreement
30th May 20147:00 amRNSPreliminary Results
15th May 20147:00 amRNSNotice of Allowance for Mexican patent
8th May 20145:12 pmRNSDeath of a Director
24th Apr 20147:00 amRNSNotice of Allowance for Canada patent
22nd Apr 20147:01 amRNSFirst commercial products launched with Eden tech
10th Mar 20147:00 amRNSFurther progress in EU product approval
13th Jan 20147:00 amRNSData Access Licence and Royalty Agreement
19th Nov 201312:54 pmRNSHolding(s) in Company
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9th Oct 20137:00 amRNSNotice of Allowance from ARIPO
24th Sep 20137:00 amRNSHalf Yearly Report
28th Aug 20137:00 amRNSNotice of Allowance
27th Aug 201310:33 amRNSHolding(s) in Company
24th Jun 20131:39 pmRNSResult of AGM
24th Jun 20137:00 amRNSAGM Statement
5th Jun 20137:00 amRNSLicence agreement for head lice treatment
31st May 20135:22 pmRNSPosting of Annual Report & Notice of AGM
31st May 20137:08 amRNSPreliminary Results
20th May 20137:00 amRNSEU approval for active substances
25th Apr 20137:00 amRNSNotice of Allowance from ARIPO
16th Apr 201311:40 amRNSHolding(s) in Company
15th Mar 20137:00 amRNSMaster Encapsulation Patent Granted in Europe

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