TIDMEDEN
RNS Number : 5110X
Eden Research plc
01 September 2020
1 September 2020
Eden Research Plc
("Eden" or "Company")
Regulatory approval for Cedroz (TM) in Spain
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 Spain.
The approval in Spain covers both glasshouse and open field uses
on tomatoes, cucumbers, zucchini, pumpkins, strawberries and
melons, as well as glasshouse use on peppers and aubergine. This is
Eden's second product to be authorised in Spain with Eden selling
the botryticide 'Araw(TM)' for several years. Both Cedroz and Araw
are based on terpene active ingredients and encapsulated by Eden's
patented Sustaine â technology.
Spain boasts both the largest area of organic farmland in EU and
is the largest producer of fruit and vegetables in the EU, making
it an exciting market for Eden to participate in. The country
produces circa 12.9million tonnes of vegetables and 14.4million
tonnes of fruit annually to cater to the highest per-capita
consumption of fresh fruit and vegetables in the EU. In the last
decade Spanish fruit and vegetable exports have also increased by a
third, with the UK a common destination for its produce.
Eden's product, Cedroz, will play a role in solving the issue of
large crop losses due to nematode infestation, which globally cost
the agriculture industry $80-100 billion each year . Many vegetable
species are affected by nematodes and as a result, the use of
nematicides on vegetable crops accounts for over 33% of global
nematicide sales. As Eden has already identified in other markets,
changing regulation in Spain and restriction of traditional
nematicides is making way for bio-nematicides to take market share.
Cedroz is a bio-nematicide that tackles root knot nematodes, a pest
that causes severe damage to crops globally, both in open field and
greenhouse situations. It will provide growers in Spain with a
safer product with reliable efficacy and a much-needed sustainable
alternative to incorporate into their crop protection
programmes.
Sean Smith, Chief Executive Officer of Eden, commented: "For
various reasons, including the volume of fruit and vegetables
produced and the size of the organic area, Spain represents an
important market in the EU for Eden. The authorisation today
presents a substantial opportunity to further address the Spanish
market, with our existing terpene based bio-fungicide already being
sold. The country is well known around the world for its
horticultural produce and is a major exporter to a number of
countries, including the UK, and we look forward to working with
Eastman to grow our presence in the region."
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, Macedonia and Australia.
Cedroz is a nematicide which has been authorised for sale in
Malta, Belgium, the Netherlands, Greece and Mexico.
Eden was admitted to trading on AIM on 11 May 2012 and trades
under the symbol EDEN.
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