Mevalone Approval in the State of California

Eden Research plc

09 January 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.

9 January 2024

Eden Research Plc

("Eden" or "Company")

Eden granted regulatory approval in the State of California for Mevalone

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 received regulatory approval in the State of California for Mevalone ^®, a foliar biofungicide developed initially to target botrytis on grapes. 

California is a key area of focus given the prevalence of high value horticultural crops, including grapes, and is home to the nation's largest wine producing regions such as Napa Valley, Sonoma Valley and Monterey. According to the Wine Institute, California produced a total of 649,437,429 gallons of wine in 2021 accounting for 84% of the United States' total production. Marketing of the product has commenced for this year's growing season in partnership with Sipcam Agro USA, part of Sipcam Oxon Group.

Regulators around the world have banned a growing number of commonly used conventional chemical pesticide products in recent years. As a result, farmers need viable alternatives to maintain yields and keep up with growing demand for food. Biopesticides, such as Eden's Mevalone, are becoming an increasingly popular option for farmers looking to adopt more environmentally friendly practices. These products are based on naturally occurring substances without compromising efficacy, yield or production costs.

This development follows regulatory approval from the United States Environmental Protection Agency (EPA) in September 2022 for all five petitions submitted by Eden, presenting significant revenue opportunities for the company with an addressable market in the US of approximately €94 million for Mevalone and €189 million for Cedroz™, Eden's nematicide product.

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

"This development represents another step in Eden's expansion into the United States, the world's second largest food market.

As a small, innovative British business, we are proud of the impact that Eden can have on the global stage. Our pioneering products and technologies are receiving regulatory approval and being distributed by our partners across Europe, Africa and now North America, accelerating the adoption of more sustainable practices in agriculture globally."

Brent Marek, CEO of Sipcam Agro USA, commented: "Mevalone is a highly effective, sustainable biofungicide. Mevalone provides the perfect natural solution for farmers in California adopting more sustainable growing practices. Sipcam Oxon SpA has enjoyed several years of success with Mevalone in key European countries such as Italy and Spain, and we look forward to working with the Eden team to bring this product to California, which is a significant addressable market in the US considering its production of high value crops such as grapes."

For further information contact:

Eden Research plc
Sean Smith Alex Abrey	www.edenresearch.com 01285 359 555
Cavendish Capital Markets Limited (Nominated advisor and broker)
Giles Balleny / George Lawson (corporate finance) Michael Johnson (sales)	020 7220 0500
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 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 seed treatment product, Ecovelex 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, U.S. 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 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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