Regulatory approval for Novellus+ in Mexico

Eden Research plc

20 December 2024

 

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.

20 December 2024

Eden Research plc

("Eden" or "the Company")

Regulatory approval for Novellus+ in Mexico

Eden Research plc (AIM: EDEN), a leader in sustainable biopesticide and biocontrol products, is pleased to announce that it has received regulatory approval in Mexico for Novellus®+, a new, enhanced version of its flagship fungicide, MevaloneÒ. The product's regulatory approval applies to its use against botrytis on a range of horticultural crops, comprising grapes, tomatoes, peppers, potatoes, strawberries, blueberries, raspberries, gooseberries, eggplant, okra, as well as several other high value fruit and vegetables.

Novellus+ will be exclusively distributed and sold by Sipcam Oxon's Mexican subsidiary, Advan Mexico SA de CV ("Advan"). Advan is one of Mexico's largest agrochemical input providers and supplies an extensively network of farmers across the nation.

This latest authorisation is Eden's second authorised product in Mexico, having previously obtained regulatory approval for its bionematicide, Cedroz™, in 2019.  The addition of Novellus+ is expected to meaningfully contribute to the Company's revenues in the coming seasons.

The Mexican agricultural sector is recognised for being a diverse market with its wide variety of crops in multiple categories. Mexico ranks with the world's largest 15 economies and is home to a number of leading international organisations, accompanied by world class universities and research centres specialised in crop science. A large share of Mexico's agricultural production is exported, with the US as its largest export market. Such exports demand high quality production standards and a strong pressure for residue-free harvests from the food chain to meet strict cross-border regulations. Mexican exports of berries to the US represented approximately $3.5 billion in 2022, with tomatoes and peppers constituting approximately $2.5 billion and $1.6 billion¹ respectively.

Sean Smith, Chief Executive Officer of Eden Research plc, commented:

"Given the significance of Mexico's agricultural exports, the approval for Novellus+ in Mexico marks an important milestone for the Company as we continue to grow our product sales across North America. Critically, this latest approval includes an extensive range of crops which means that we are able to take advantage of the diverse nature of Mexico's agricultural market as well as its standing as one of the world's largest crop producing nations.

This is also an exciting development as Novellus+ represents an evolution of Mevalone, allowing improved rates in the field, high levels of efficacy and a broader list of targets, all contributing to a larger addressable market in select territories. Registration efforts are also well underway in several additional countries, and we look forward to providing further updates on the growth of Novellus+ within our portfolio.

We believe that the sustainability and efficacy of Novellus+ will stand our product apart in a growing market, particularly as local regulations increasingly demand strict control of pesticide residues on fruit and vegetables in order to meet consumer expectations and international standards."

Giulio Testa, Product Manager Biorationals, Sipcam Oxon, commented:

"Sipcam Oxon is excited about the new registration of Novellus+ in Mexico. This milestone further strengthens the product development pipeline in key markets where Sipcam Oxon operates through its affiliates. With its high-value crops and vegetables, primarily grown for export, Mexico offers significant market potential for botanical products like Novellus+. The successful development of Novellus+ highlights the fruitful collaboration between Eden and Sipcam, combining their expertise to create an enhanced formulation that delivers consistent efficacy and versatility."

¹ SOURCE: https://www.ers.usda.gov/topics/international-markets-u-s-trade/countries-regions/usmca-canada-mexico/mexico-trade-fdi/  

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For further information contact:

Eden Research plc	www.edenresearch.com
Sean Smith Alex Abrey	01285 359 555
Cavendish Capital Markets Limited (Nominated advisor and broker)
Giles Balleny / George Lawson (Corporate Finance) Charlie Combe (Broking) Michael Johnson (Sales)	020 7397 8900
Hawthorn Advisors (Financial PR)
Victoria Ainsworth	[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 three products currently on the market:

Based on plant-derived active ingredients, Mevalone® is a foliar biofungicide which targets fungal diseases, such as Botyrtis cinerea, powdery mildew, and downy mildew, affecting 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 seed treatment product, EcovelexÔ was developed to safely tackle crop destruction caused by birds - a major cause of losses in maize and other crops. Ecovelex works by creating an unpleasant taste or odour that repels birds, leaving the seeds safely intact and the birds unaffected and free to find alternative food sources. The product is based on Eden's plant-derived chemistry, registered in the EU, US and elsewhere, and formulated using Eden's Sustaine® microencapsulation system.

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. It was awarded the London Stock Exchange Green Economy Mark in January 2021, which the Company still holds to date. The Green Economy Mark 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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