Last checked at 22 Dec 2022 07:00
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22 December 2022
PLANT HEALTH CARE plc
("Plant Health Care" or the "Company")
New Products Submitted for Regulatory Approval
PHC279 and PHC949 submitted for approval in Brazil
Plant Health Care® (AIM: PHC.L), a leading provider of peptides for plant protection to global agriculture markets, has submitted applications to the regulatory agencies in Brazil for approval to commercialize the Company's newest products, PHC279 and PHC949 for use on major crops in Brazil.
Brazil is the world's largest producer of sugar cane and coffee. In the latest season, Brazil had 8.3 million hectares of sugar cane under cultivation and more than 2.2 million hectares of coffee. PHC279 was submitted for the control of sugar cane orange rust (Puccinia kuehnii) and coffee leaf rust (Hemileia vastatrix). PHC279 is the active ingredient in the Company's product Saori®, which is already used in Brazil for the prevention and treatment of soybean diseases.
PHC949 was submitted as a seed treatment for the control of root-lesion nematode (Pratylenchus brachyurus) in soybean. It is a novel product that amplifies a plant's natural defense against damaging nematodes (a "bionematicide"), increasing plant health and yield in a variety of crops. For 2022/23, the soybean harvested area in Brazil is forecast to be 42.9 million hectares. Results from field studies show PHC949 may provide control of harmful nematodes comparable to the traditional chemical nematicides and superior to current biological products.
Both products are derived from the Company's PREtec technology platform (Vaccines for PlantsTM). Derived from natural proteins, PREtec is an environmentally friendly technology which stimulates crop growth and ability to withstand a variety of abiotic stresses as well as to improve disease control, plant health and yield. PREtec is compatible with mainstream agricultural practices. Saori was the first PREtec product fully launched in Brazil in late 2021 generating revenue of $0.8 million in the six months to 30 June 2022.
The Brazilian authorities do not commit to a specific timeline for granting regulatory licenses. However, the Company expects the review to start soon and given the accelerated review previously granted to Saori, anticipates regulatory licenses will be granted in 1-2 years.
Plant Health Care continues to expand into new markets around the world and is growing its relationships with major global distribution partners. The Company is on track to achieve revenue of $30 million by 2025 through the launch of new products and continued organic business growth through current and future distributor relationships.
Jeff Tweedy, CEO of Plant Health Care, said: ‟Building on the success of Saori, the vision for the company is to be a leading provider of peptides for agricultural production. These registration submissions are key steps for Plant Health Care in meeting our $30 million revenue target by 2025. As well as waiting for regulatory licenses we are having discussions with potential distributors for PHC279 and PHC949. These products will help Brazilian farmers sustainably produce their crops."
For further information, please contact:
Plant Health Care plc Jeff Tweedy, CEO | +1 919 926 1600 |
Cenkos Securities plc - Nomad & Broker Neil McDonald / Pete Lynch | +44 (0) 131 220 9771 |
SEC Newgate - Financial Communications Robin Tozer / George Esmond | +44 (0)7540 10666 phc@secnewgate.co.uk |
About Plant Health Care
Plant Health Care offers products to improve the health, vigour and yield of major field crops such as corn, soybeans, potatoes and rice, as well as specialty crops such as fruits and vegetables. We operate globally through subsidiaries, distributors and supply agreements with major industry partners. Our innovative, patent-protected biological products help growers to protect their crops from stress and diseases, and to produce higher quality fruit and vegetables, with a favourable environmental profile.
Find out more at www.planthealthcare.com