Distribution Agreement for Mevalone in France

RNS Number : 7566J

Eden Research plc

15 December 2022

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

15 December 2022

Eden Research Plc

("Eden" or "Company")

Distribution Agreement for Mevalone in France

Eden Research plc (AIM: EDEN), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, announces that it has signed an agreement ("Agreement") with Corteva France ("Corteva") which allows Corteva to market, distribute and sell Eden's fungicide product, Mevalone^®, in France on an exclusive basis.  

Mevalone is Eden's flagship, sustainable, foliar biofungicide, which is used to treat Botrytis cinerea on grapes and various other crops, a fungal disease commonly found in crops exposed to humid conditions. Eden also recently received authorisation for the use of Mevalone on pome fruits, including apples and pears, in France to help treat post-harvest diseases that arise during storage, thereby significantly reducing food waste.

There is significant future potential to expand the use of Mevalone for the treatment of powdery and downy mildews and field trials for these applications on grapes are currently underway, with the potential to expand further to include crops such as berries and stone fruits. All expanded uses of Mevalone are, as always, subject to regulatory approval, which is anticipated in the coming years.

France is widely recognised for its agricultural output, which is well-known for its high quality. France's vineyards are the country's biggest consumers of plant protection products, which include fungicides, insecticides, and herbicides. Although viticulture represents just 3% of France's agricultural land, the sector consumes 20% of the country's fungicides. It also represents 15% of French agricultural produce in value terms; an exciting landscape in which Eden's biopesticides will play an expanded role.

The Agreement with Corteva will be implemented immediately with commercial progress expected over the course of the next year as Eden transitions from its current distribution arrangements.

Sean Smith, CEO of Eden Research plc, commented:

"Expanding our partnership with agriscience powerhouse Corteva reflects the further execution and acceleration of Eden's commercial strategy. Eden has a strong existing partnership with Corteva with our ongoing collaboration around the development of seed treatments, and this Agreement marks the expansion of our relationship with the focus of this Agreement being to increase Eden's commercial presence in the all-important French grape and pome fruits markets.

"Corteva's vast presence in France will enable Eden to capitalise on the significant commercial opportunities that exist within this expansive market and has strong potential to increase Eden's product sales revenue. Coupled with our recently received EPA approval in the US, this Agreement highlights the global demand for sustainable biopesticides and the strides Eden is making to broaden its global footprint and accelerate commercial growth."

Sylvain Bedel, Managing Director of Corteva France said:

"We are pleased to be expanding our working relationship with Eden by supplying to farmers Eden's innovative bio-solutions in the French market. There is a strong demand for more sustainable growing practices in France and farmers are paying increasing attention to consumer demand for such practices. Eden's unique technology helps provide a much-needed solution."

  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 / Max Gould (corporate finance) Michael Johnson (sales)	020 7397 8900
Hawthorn Advisors (Financial PR)
Felix Meston Johanna Pemberton	[e-mail]

Notes to Editors:

Eden Research is the only UK-listed company focused on biopesticides for sustainable agriculture. It develops and supplies innovative biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries.

Eden's products are formulated with terpene active ingredients, based on natural plant defence metabolites. To date, they have been primarily used on high-value fruits and vegetables, improving crop yields and marketability, with equal or better performance when compared with conventional pesticides. Eden has two products currently on the market:

Based on plant-derived active ingredients, Mevalone® is a foliar biofungicide which initially targets a key disease affecting grapes and other high-value fruit and vegetable crops.  It is a useful tool in crop defence programmes and is aligned with the requirements of integrated pest management programmes. It is approved for sale in a number of key countries whilst Eden and its partners pursue regulatory clearance in new territories thereby growing Eden's addressable market globally.

Cedroz™ is a bionematicide that targets free living nematodes which are parasitic worms that affect a wide range of high-value fruit and vegetable crops globally.  Cedroz is registered for sale on two continents and Eden's commercial collaborator, Eastman Chemical, is pursuing registration and commercialisation of this important new product in numerous countries globally.

Eden's Sustaine® encapsulation technology is used to harness 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. Sustaine microcapsules are naturally-derived, plastic-free, biodegradable micro-spheres derived from yeast. It is one of the only viable, proven and immediately registerable solutions to the microplastics problem in formulations requiring encapsulation.

Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN, as well as in the United States on OTC under the symbol EDNSF. It was awarded the London Stock Exchange Green Economy Mark in January 2021, which recognises London-listed companies that derive over 50% of their total annual revenue from products and services that contribute to the global green economy. Eden derives 100% of its total annual revenues from sustainable products and services.

For more information about Eden, please visit:  www.edenresearch.com.

 

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