TIDMEDEN
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(R) , 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 eden@hawthornadvisors.com
Johanna Pemberton
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(R) 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(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 Sustaine(R) 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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