TIDMEDEN
RNS Number : 0664Z
Eden Research plc
08 January 2020
8 January 2020
Eden Research plc
("Eden" or "Company")
Agreement with Corteva Agriscience for seed treatments
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, is
pleased to announce that it has signed a one year exclusive
Evaluation Agreement ("Agreement") with Corteva Agriscience
("Corteva").
This agreement will allow Corteva time to evaluate Eden's
Sustaineä encapsulation technology and several formulations in
specific biological seed treatment applications in certain major
territories and, if successful, will lead to Corteva being granted
exclusive distribution rights.
Agreement highlights:
-- One year exclusive Evaluation Agreement signed with Corteva
(NYSE: CTVA), the fourth largest agriculture input company in the
world.
-- This will be the first use of Eden's products and technology in the treatment of seeds.
-- Corteva will have until the end of 2020 for the exclusive
evaluation of products which use Sustaine(TM) in select seed
treatment applications.
-- If successful, the agreement will then lead to Corteva being
granted exclusive distribution rights in the EU, Russia, Ukraine
and Turkey.
Corteva (NYSE: CTVA) is the fourth largest agriculture input
company in the world and is a publicly traded, pure-play
agriculture company. It was created by combining the best of DuPont
Crop Protection, DuPont Pioneer seeds and Dow AgroSciences. Pioneer
is a global leader in seeds for a wide range of crops.
Corteva will have until the end of 2020 for the exclusive
evaluation of products which use Sustaine(TM) in select seed
treatment applications. Following this Corteva may enter into an
exclusive agreement for the distribution of products in the EU,
Russia, Ukraine and Turkey. This represents a major milestone for
Eden as it will be the first use of Eden's products and technology
in the treatment of seeds and is an initial step into this area
across a range of functional uses and seed types.
Sustaine(TM) microcapsules are naturally sourced, plastic-free,
biodegradable micro-spheres derived from yeast. The Sustaine
technology has enabled the safe and effective use of Eden's
registered active ingredients and those of third parties by
improving bioactivity, controlling volatility and improving crop
safety.
Sean Smith, Chief Executive Officer of Eden, said: "The
potential use of Eden's active ingredents and Sustaine formulation
technology in seed treatments has been understood by Eden for some
time, but this is the first opportunity on a major scale where we
have partnered with a company to develop fully and commercialise a
product using Sustaine in this new application area.
"We are very pleased to be partnering with Corteva who, aside
from being one of the largest agriculture input companies in the
world, is particularly well known for its expertise in the area of
seeds and seed treatments. This Agreement follows positive initial
field trials which Corteva undertook during 2019 and so this next
stage represents a great step forward in our working
partnership."
Andre Negreiros, Seed Applied Technologies Leader, Europe, for
Corteva Agriscience, said: "We are excited to be working with Eden
to offer farmers complete solutions with an environmentally
favourable profile. As a company committed to sustainability, we
are pleased to be using the Sustaine(TM) formulation technology to
help solve the microplastics problem in line with consumer
expectations.
"This collaboration reflects Corteva Agriscience's approach to
open innovation, leveraging collaborations around the world to
pursue innovations that enhance growers' productivity,
environmental sustainability, and keep growing what matters - now
and for generations to come."
The information contained within this announcement (the
"Announcement") is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. Upon the publication of this Announcement via
Regulatory Information Service, this inside information is now
considered to be in the public domain.
For further information contact:
Eden Research plc www.edenresearch.com
Sean Smith
Alex Abrey 01285 359 555
Cenkos Securities (Nominated advisor and
broker)
Giles Balleny / Cameron MacRitchie (corporate
finance)
Michael Johnson (sales) 020 7397 8900
Powerscourt (Financial PR)
Nick Dibden 020 7250 1446
Courtney Sanford eden@powerscourt-group.com
Notes:
Eden Research is an 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
Eden's Sustaineä encapsulation technology harnesses the biocidal
efficacy of naturally occurring chemicals produced by plants
(terpenes) and can 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 extract. They
produce stabilised aqueous suspensions which, are easy to mix and
apply, have phased release patterns, are safer for the environment
and the crops themselves.
The European Chemicals Agency (ECHA) has proposed an EU-wide
restriction on the placing on the market or use of
"intentionally-added" microplastic particles. The proposed
restriction includes the use of microplastics for agricultural and
horticultural purposes, including polymers utilized for
controlled-release fertilizers, encapsulated plant protection
products (PPPs), seed coatings, and biocides.
By 2025 in the EU, pesticides containing synthetic polymer
microplastics are likely to be banned and removed from the market.
The only acceptable alternative is the substitution with
biodegradable formulations. Reformulated products will need to be
evaluated and registered within the five-year transition
period.
Sustaine is one of the only viable, proven and immediately
registerable solutions to the microplastics problem in formulations
requiring encapsulation.
Historically, terpenes have had limited commercial use in the
agrochemical sector due to their volatility, phytotoxicity and poor
solubility. Sustaine 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 GBP14m 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, Mevalone, were approved as new ingredients for
use in plant protection products by the European Commission ("EC").
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 2013,
Eden's approvals represented 3 of only 10 new active ingredients
approved by the EC.
Mevaloneä is a foliar fungicide which has been authorised for
sale in Kenya, Malta, Greece, Bulgaria,
Spain, Italy, France, Cyprus, Albania, Portugal and
Macedonia.
Cedrozä is a nematicide which has been authorised for sale in
Malta, Belgium and Mexico.
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.
END
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END
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