Agreement with Sipcam Oxon in Portugal and Benelux

RNS Number : 7454X

Eden Research plc

23 December 2019

 

23 December 2019

Eden Research plc

("Eden" or "Company")

Distribution Agreements with Sipcam Oxon in Portugal and Benelux

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 an agreement ("Agreement") with Sipcam Oxon ("Sipcam") which allows Sipcam to market, distribute and sell, on an exclusive basis, Eden's fungicide product, Mevaloneä, in Portugal and the Benelux region.

Agreement highights

·      Under the Agreement, Eden will supply and Sipcam will distribute Mevalone for use as a fungicide for grapes and minor crops in Portugal and the Benelux region (subject to regulatory clearance in the Benelux region)

·      It is expected that sales of Mevalone will commence in Portugal in the 2020 season (marketing authorisation has already been received there)

·      Commercial activities will begin in the Benelux region following the receipt of regulatory clearance in these countries

Mevalone offers growers tremendous advantages by providing high levels of efficacy against important crop diseases.  The active ingredients in Mevalone are exempt from residue limits and have very low or no pre-harvest intervals, giving growers the ability to apply the product just prior to harvest, providing maximum benefits and flexibility. 

Mevalone is formulated with Eden's Sustaineä encapsulation and delivery technology, a proven formulation solution for active ingredients that are challenging to use. Sustaine 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: "We are pleased to appoint Sipcam as our partner for Mevalone in Portugal and the Benelux region. Portugal in particular is a significant grape-growing country, and a key market for our product.

"Sipcam has excellent knowledge of Mevalone, having acted as our commercial partner for the product in Italy and Spain. Sipcam currently sells Mevalone under the brands 3logy® in Italy and ARAW® in Spain, and their expertise in these countries is directly transferrable to growers in Portugal and the Benelux region.

"It is expected that sales of Mevalone will commence in Portugal in the 2020 season, as marketing authorisation has already been received there. This is, therefore, a meaningful improvement in our commercial footprint. We are working with an established and experienced commercial partner to accelerate market penetration.  Commercial activities will begin in the Benelux region following the receipt of regulatory clearance in these countries."

Stefano Cartacci, Director of Sipcam Oxon in Europe, said "We are pleased to extend to Sipcam Portugal and Sipcam BENELUX the cooperation with  Eden on such a high performing product, taking advantage of the strong experience developed in Italy and Spain. Growers' lives get more complicated each day due to the rise of new pests and the reduction of effective solutions. Mevalone is a perfect fit to our strategy of bringing innovative solutions to the market, supporting growers in their modern challenges."

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 Courtney Sanford	020 7250 1446 [e-mail]

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 £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.

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.

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