TIDMEDEN
RNS Number : 1412V
Eden Research plc
05 August 2020
5 August 2020
Eden Research Plc
("Eden" or "Company")
New authorisation for Cedroz (TM) in Greece
Eden Research plc (AIM: EDEN), the AIM-quoted company focused on
sustainable biopesticides and plastic-free formulation technology
for use in global crop protection, animal health and consumer
products industries, announces that its commercial collaborator,
Eastman Chemical Company ("Eastman"), has received authorisation
for the sale of Cedroz(TM) in Greece, to be sold to the market via
regional distributor K&N Efthymiadis ('KNE').
Greece is considered an important market in the EU for the
commercialisation of Cedroz, with fruit and vegetable crops
accounting for 18.8% of total agriculture production. The Cedroz
authorisation covers both indoor and outdoor use on a wide variety
of crops, including strawberries, tomatoes, aubergine, peppers,
okra, cucumber, zucchini, pumpkin, melon and watermelon. Cedroz is
a bionematicide that tackles root knot nematodes, a pest that
causes severe damage to crops globally, both in open field and
greenhouse situations.
Currently, 93% of the glasshouse space in Greece is used for
vegetable production, and produce has been in higher demand during
the Covid-19 pandemic. The Athens Central Market (OKAA) reported in
the peak of the crisis that wholesale prices had increased by 50%
in tomatoes and 5% in cucumbers. Tomatoes are Greece's main
vegetable export, shipping to 40 countries around the world,
primarily in Europe, Middle East and USA. Over the past three
years, the UK has spent approximately EUR 22.5 million on average
for supplies of Greek tomato products accounting for more than 36%
of the total Greek turnover of tomato paste, canned tomatoes, and
tomato sauces.
The demand for Cedroz stems from it being residue-free and
having a zero-day pre-harvest interval, which allows for
applications right up to harvest. This stands Eden's product in
good stead for inclusion in crop protection programmes that meet
consumer demand for quality produce that is free from pesticide
residues and intentionally added plastics. Heightened consumer
awareness about the origins and standards of the food they purchase
and the presence of microplastics in the environment are clear
drivers for increasing regulatory scrutiny of crop protection
products in today's market and in future years. Both active
ingredients used in Cedroz, geraniol and thymol, also received
approval as organic inputs across the EU earlier this year.
Sean Smith, Chief Executive Officer of Eden, said: "The
authorisation of Cedroz in Greece marks the entry into the first of
our key markets in the EU. The annual production for tomatoes in
Greece alone is approx.600,000 tonnes, making it an attractive
proposition for regional distributor, K&N Efthymiadis, to
market and sell Cedroz. The country also exhibits a wide range of
other crops for which Cedroz is a suitable crop protection
solution. Eden already has a presence in the region with its
fungicide product, which is also distributed by KNE, and has
recently received a label extension for Mevalone(R) for use on
olives and tomatoes for the treatment of botrytis. We look forward
to working with our partners to introduce and sell our sustainable
solutions to Greek farmers across the country."
For further information contact:
Eden Research plc www.edenresearch.com
Sean Smith
Alex Abrey 01285 359 555
Cenkos Securities plc (Nominated advisor
and broker)
Giles Balleny / Cameron MacRitchie (corporate
finance)
Michael Johnson (sales) 020 7397 8900
Hawthorn Advisors (Financial PR)
Jana Tsiligiannis eden@hawthornadvisors.com
Ed Curtis
Notes:
Eden Research is an AIM quoted 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 Sustaine(R) 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 14m 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.
Mevalone is a foliar fungicide which has been authorised for
sale in Kenya, Malta, Greece, Bulgaria, Spain, Italy, France,
Cyprus, Albania, Portugal and Macedonia.
Cedroz 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.
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END
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