TIDMEDEN
RNS Number : 2948Y
Eden Research plc
12 May 2021
12 May 2021
Eden Research Plc
("Eden" or "Company")
Milestone Agreement signed with Corteva Agriscience for seed
treatment product
Eden Research plc (AIM: EDEN), the AIM-quoted company focused on
sustainable bio-control solutions for the global crop protection,
animal health and consumer products industries, announces the
signing of an exclusive Commercialisation, Supply and Distribution
Agreement ("Agreement") with Corteva Agriscience ("Corteva"), for
Eden's first seed treatment product ("Product").
Commercial highlights:
- Follows successful evaluations of Eden's products and
technology by Corteva for select seed treatment applications since
late 2019
- The Agreement grants exclusive rights to Corteva for the
development, commercialisation, and distribution of Eden's first
seed treatment product for use in the European Union, United
Kingdom and Serbia
- The Product is based on Eden's registered active ingredients
delivered using its novel, patented Sustaine(R) encapsulation
technology based upon natural, plastic-free, biodegradable
micro-spheres
- Eden and Corteva intend to collaborate on the evaluation of
additional uses of Eden's products and technology in the seed
treatment market, which is worth approximately US$6.5 billion
annually with an estimated annual growth rate of between 10 and 12
percent
- Significant corporate milestone for Eden marking its first
foray into the use of its active ingredients and Sustaine(R)
technology in seed treatments and the first use of its products and
technology on broad acre crops, with promising future revenue
potential.
- This announcement does not change management expectations in the short term.
Eden and Corteva will continue to collaborate to further develop
and optimise Eden's seed treatment product. The companies are
committed to working together to register the final product
candidate with the aim of initially launching the Product in the
European Union, the UK and Serbia in time for the 2024 growing
season, although both companies acknowledge that this is an
estimate and is open to revision, dependent on development and
product registration.
During the initial evaluation period, Corteva and Eden performed
several field trials in Europe which validated the efficacy of the
Product. Corteva and Eden have defined a joint regulatory strategy
to register the Product and enable entry into the market in the
shortest time possible .
Corteva is global pure-play agriculture company, and a leading
supplier of seeds for a wide range of crops. It was formed from the
merger of Dow Agrosciences, DuPont Crop Protection and DuPont
Pioneer.
Sean Smith, CEO of Eden Research, commented: "The agreement with
Corteva is a defining moment for Eden and clearly demonstrates the
next major step in the development of a new product in the
significant seed treatment market, whilst also expanding our
product coverage to broad acre crops. Corteva is one of the largest
agriculture input companies in the world and has extensive
expertise in the seed treatments field. We are delighted to be
working with Corteva to help meet the needs of farmers who are
increasingly aware of the need to source sustainable farming inputs
to ensure a greener future.
"Against a backdrop of the growing consumer sustainability
agenda, we are excited about what our products and technologies
have to offer food producers. This is just one of the first steps
in realising our ambitions within agriculture and beyond, and we
are very pleased to support global efforts to bring sustainable
chemistry to market for important, consumer-facing uses."
Andre Negreiros, Seed Applied Technologies Leader, Europe, for
Corteva, said: "We have seen very impressive results from the field
trials carried out since the launch of the agreement with Eden
Research and are excited to fast-track the introduction of this
innovative solution to the European markets.
"We know from our research that more sustainable agriculture is
a top priority for both farmers and consumers in Europe. Corteva
Agriscience is committed to meeting demand for high performing and
complete seed treatment solutions with an environmentally
favourable profile , as outlined in our 2030 Sustainability Goals
.
"This collaboration also reflects our approach to open
innovation, leveraging collaborations around the world to pursue
innovations that enhance growers' productivity, environmental
sustainability, and keep growing what matters - now and for
generations to come."
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) 020 7397 8900
Giles Balleny (corporate finance)
Michael Johnson (sales)
Hawthorn Advisors
Victoria Ainsworth +44 (0)7732 604 370
Johanna Pemberton eden@hawthornadvisors.com
Notes to Editors:
About Eden Research
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:
Mevalone(R) is a foliar biofungicide which initially targets a
key disease affecting grapes and other high-value fruit and
vegetable crops. 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(TM) 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 products are delivered using patented Sustaine(R)
encapsulation technology , which 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. 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.
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.
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END
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