TIDMEDEN
RNS Number : 3362R
Eden Research plc
14 June 2018
14 June 2018
Eden Research plc
("Eden" or "Company")
Regulatory progress update
Eden Research plc (AIM: EDEN), the AIM listed company that
develops and supplies breakthrough biopesticide products and
natural microencapsulation technologies to the global crop
protection, animal health and consumer products industries,
announces that the United States Environmental Protection Agency
("EPA") has commenced its scientific review of Eden's two
formulated products and three active ingredients as pesticides for
use in the United States. The scientific reviews are expected to be
complete before the end of 2019.
Eden's applications cover its first two products and their
respective active ingredients: Mevalone(TM), Eden's fungicide for
the treatment of botrytis on grapes and a range of other crops, and
Cedroz(TM), a nematicide product for farmers that controls a wide
range of economically important nematodes and that is being
commercialised in 29 countries by Eden's partner Eastman.
Mevalone is currently approved in ten countries, including the
top three wine producing countries in the world. The United States
("US") is the fourth largest wine producing country and the third
largest vine fungicide market in the world behind Italy and France.
Mevalone is marketed under several trade names by Eden's partners
SumiAgro (France), Sipcam (Italy and Spain), Efthymidis (Greece,
Portugal and the Balkans) and Lachlan (Kenya). Discussions are
currently underway regarding the appointment of appropriate
distribution partners for Mevalone in the US.
Cedroz is an innovative formulation based on specific
nature-identical terpenes and an encapsulation technology which was
developed and patented by Eden Research plc ("Eden"). Eastman is
Eden's exclusive partner for the development and distribution of
this product in more than 25 key countries around the world. The
favourable toxicological regulatory profile of Cedroz will provide
a high level of flexibility on the timing of application for
farmers and comfort for workers. In all regulatory trials
completed, no terpene residues were found in the crops at
harvest.
Sean Smith, Chief Executive Officer of Eden, said: "Following
the successful execution of partnership agreements with Eastman and
Sipcam over the past eighteen months and the successful fund
raising associated with Sipcam's investment in Eden, we are now
actively pursuing the expansion of our portfolio of regulatory
approvals in order to fully realise the value of our technology and
products. This is integral to our commercial success given the
importance of these approvals to the commercialisation of crop
protection products."
For further information contact:
Eden Research plc www.edenresearch.com
Sean Smith
Alex Abrey 01285 359 555
Shore Capital (Nomad) 020 7408 4090
Stephane Auton / Patrick Castle
Powerscourt (Financial PR) 020 7250 1446
Nick Dibden / Jana Tsiligiannis
Notes:
Eden Research is a technology development and commercialisation
company with intellectual property and expertise in encapsulation,
terpenes and environmentally friendly technologies to provide
naturally occurring solutions for the global agrochemicals, animal
health, and consumer products industries.
Eden's encapsulation technology harnesses 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. The technology uses
yeast cells that are a by-product of numerous commercial production
processes to deliver a slow release of natural compounds for
agricultural and non-agricultural uses. Terpenes are already widely
used in the food flavouring, cosmetics 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.
Eden 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 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 GBP13m in developing and protecting its intellectual
property and seeking regulatory approval for products that rely
upon the Company's technologies. Revenues earned by the Company
have been modest whilst the Company has concentrated on securing
patent protection for its intellectual property, gaining regulatory
approvals, identifying suitable industrial partners, and entering
into commercial agreements.
In May 2013, the three actives that comprise Eden's first
commercial product, 3AEY, were approved as new ingredients for use
in plant protection products. This represented a major milestone in
the commercialisation of Eden's technology and is a significant
accomplishment for any company. To illustrate this point, one
should note that in all of 2013, Eden's approvals represented 3 of
only 10 new active ingredients approved by the EC.
3AEY has been authorised for sale in Kenya, Malta, Greece,
Bulgaria, Spain, Italy, France, Cyprus, Albania and Portugal.
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.
Eastman is a global advanced materials and specialty additives
company that produces a broad range of products found in items
people use every day.
With a portfolio of specialty businesses, Eastman works with
customers to deliver innovative products and solutions while
maintaining a commitment to safety and sustainability. Its
market-driven approaches take advantage of world-class technology
platforms and leading positions in attractive end-markets such as
transportation, building and construction, and consumables.
Eastman focuses on creating consistent, superior value for all
stakeholders.
As a globally diverse company, Eastman serves customers in more
than 100 countries and had 2016 revenues of approximately $9.0
billion.
The company is headquartered in Kingsport, Tennessee, USA and
employs approximately 14,000 people around the world.
For more information, please visit: www.eastman.com.
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END
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