TIDMEDEN
RNS Number : 3968X
Eden Research plc
19 December 2019
19 December 2019
Eden Research plc
("Eden" or "Company")
Approval of Cedroz in Mexico and access to the US agricultural
import market
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 its commercial partner, Eastman Chemical
Company ("Eastman"), has received full authorisation for Eden's
nematicide formulation, marketed as Cedroz(TM) by Eastman, in
Mexico.
Key highlights of the authorisation:
-- Access now gained into the all-important US agricultural import market
-- Approval is the first for Eden developed products in Mexico and a foothold into the Americas
-- US imports of agricultural products from Mexico totalled $26bn in 2018
-- Cedroz is formulated with Eden's Sustaineä encapsulation and
delivery technology for its improved bioactivity, controlling
volatility and advanced crop safety
Cedroz is an innovative and natural solution designed to fight
nematodes, a pest that is known to cause severe damage to crops
globally, in both open field and greenhouse production resulting in
yield losses and increasing farmers' costs. Mexico has authorised
the use of Cedroz on a wide range of crops, including tomatoes,
potatoes, peppers, eggplants, melons, chili peppers, pepinos and
squash.
The approval in Mexico represents the first for Cedroz, or any
Eden-developed product, in the Americas. U.S. imports of
agricultural products from Mexico totalled $26 billion in 2018,
with Mexico being the largest supplier of agricultural products to
the U.S. According to the U.S. Trade Representative, the leading
categories of agricultural products from Mexico in 2018 included
fresh vegetables ($5.9 billion), with the leading crops including
tomatoes and peppers, along with other fresh fruit ($5.8 billion).
Processed fruit and vegetables accounted for another $1.7
billion.
As Mexico is a large exporter of fresh produce to the U.S., this
is a commercially important territory for Eastman who registered
and will distribute Cedroz supplied by Eden.
Cedroz offers growers tremendous advantages by providing high
levels of efficacy against nematodes. The active ingredients in
Cedroz 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.
Cedroz is formulated with Eden's Sustaineä encapsulation and
delivery technology, a proven system derived from yeast. 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 very
pleased that Eastman has received authorisation for Cedroz as this
will ultimately allow Eden developed products to enter into the
Americas for the first time, where demand for more natural,
biopesticide solutions is rapidly increasing. The market
opportunity in Mexico is significant for Eden and Eastman thanks to
the demand for residue-free fruit and vegetables by U.S.
consumers.
Eastman will now embark on a roll-out of Cedroz in the coming
year, which includes extensive live trials under local conditions
to determine the best possible use of Cedroz in different scenarios
and for a range of crops. Experience has shown that an extensive
and controlled trial period is essential to the success of such a
product launch."
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 020 7250 1446
Courtney Sanford eden@powerscourt-group.com
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 GBP14m 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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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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