Marrone Bio Prepares to Submit Registration for Next-Generation Crop Protection Product in North America
September 09 2021 - 8:00AM
Marrone Bio Innovations, Inc. (NASDAQ: MBII), an
international leader in sustainable bioprotection and plant health
solutions, is on track to submit MBI-306, its next generation
nematicide/insecticide, to regulatory authorities in the United
States within the coming weeks. Destined for row and specialty crop
markets globally, MBI-306 and its variants have been proven to
perform as well as synthetic counterparts both in terms of efficacy
and return on investment (ROI) to growers. The product is well
positioned to be an important component of the $15.7 billion global
insecticide market1, and is expected to generate peak potential
incremental revenue for MBI in excess of $100 million.
“The regulatory submission of MBI-306 underscores our position
as the differentiated leader to meet consumer and grower demand for
sustainable agricultural solutions,” said Chief Executive Officer,
Kevin Helash. “We have always believed biologicals have the
potential, from both an efficacy and ROI standpoint, to compete
directly with traditional products. MBI-306 is a result of our
relentless R&D efforts to achieve that vision. I believe this
product will be a true gamechanger for MBI,” Helash added.
MBI-306 and its variants are built on a proprietary microbe
(Burkholderia rinojensis strain A396) that has been the foundation
of the company’s Venerate® Bioinsecticide and Majestene®
Bionematicide crop protection products. MBI-306 is proven to be
efficacious against a broad spectrum of yield-robbing insects and
nematodes, including corn rootworm larvae, often referred to as the
billion-dollar pest in the United States.
In addition to the regulatory submission of MBI-306, MBI is in
the final stages of preparing to submit MBI-206 -- a popular
bionematicide seed treatment used on more than 10 million acres in
the United States -- to Brazilian regulatory authorities. This will
serve to further expand the company’s geographic footprint in one
of the world’s largest corn and soybean markets with an estimated
insecticide value of $2 billion in 2020.2
In addition to its impressive commercial performance, MBI-206
has also been evaluated for climate impact by a third-party,
Boundless Impact Research and Analytics, and received an
‘outstanding’ score of 9.8 out of 10. Given the similarities in
both products, MBI-306 is expected to receive an equally
advantageous score and will be evaluated in the coming months.
Once approved, current plans are to produce both products at
MBI’s dedicated manufacturing facility in Bangor, Michigan. The
plant is on track to complete a more than $1 million capital
investment in early 2022 where, once complete, it will shift to a
24-hour production cycle.
“MBI-206 and MBI-306 are two examples of how MBI continues to
expand globally as the leader in sustainable plant health and
protection tools for our grower customers. These products
demonstrate our ability to take innovation from the lab and make it
work in the field,” said Helash.
Commercial launch for both products is expected in
2023/2024.
Lake Street Capital 5th
Annual Best Ideas Growth Conference
Helash will be addressing investors in one-on-one virtual
meetings as part of the Lake Street Capital 5th Annual Best Ideas
Growth Conference on Wednesday, September 15, 2021. Conference
participation is by registration only, and interested participants
should contact their Lake Street Capital representative at
www.lakestreetcapitalmarkets.com.
Sources:
1, 2 HIS Markit
About Marrone Bio
Innovations
Marrone Bio Innovations Inc. (NASDAQ: MBII) is a
growth-oriented agricultural company leading the movement to
environmentally sustainable farming practices through the
discovery, development and sale of innovative biological products
for crop protection, crop health and crop nutrition. Our portfolio
of 18 products helps customers operate more sustainably while
increasing their return on investment. The company’s commercial
products are sold globally and supported by a robust portfolio of
more than 500 issued and pending patents. Our end markets
include row crops; fruits and vegetables; trees, nuts and vines;
and greenhouse production. Marrone Bio’s research and development
program uses proprietary technologies to isolate and screen
naturally occurring microorganisms and plant extracts to create
new, environmentally sound solutions in agriculture.
Learn more about Marrone Bio Innovations at
www.marronebio.com. We also use our investor relations website,
https://investors.marronebio.com, as well as our corporate Twitter
account, @Marronebio, as means of disclosing material non-public
information, and encourage our investors and others to monitor and
review the information we make public in these locations. Follow us
on social media: Twitter, LinkedIn and Instagram.
Marrone Bio Innovations Forward Looking
Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve substantial risks and
uncertainties. All statements, other than statements of historical
facts, included in this press release regarding strategy, future
operations and plans, including assumptions underlying such
statements, are forward-looking statements, and should not be
relied upon as representing the company’s views as of any
subsequent date. Examples of such statements include financial
guidance and other statements regarding the company’s future
revenue growth, adoption of the company’s seed treatment,
anticipated new product launches in the United States, South
America, and Europe and further global expansion of the company’s
business; the size of the global market for the products; and the
potential benefits and value of the company’s products. Such
forward-looking statements are based on information available to
the company as of the date of this release and involve a number of
risks and uncertainties, some beyond the company’s control, that
could cause actual results to differ materially from those
anticipated by these forward-looking statements, including the
recent uncertainty in the global economy and industry-specific
economy caused by the COVID-19 pandemic, consumer, regulatory and
other factors affecting demand for the company’s products,
including MBI-206 and MBI-306, any difficulty in expanding the
company’s sales and marketing infrastructure or marketing the
company’s products in global markets, competition in the market for
pest management products, lack of understanding of bio-based pest
management products by customers and growers, adverse actions by
distributors, manufacturers, regulatory agencies and other relevant
third parties and costs associated with any strategic acquisitions
or other business opportunities we elect to pursue. Additional
information that could lead to material changes in the company’s
performance is contained in its filings with the Securities and
Exchange Commission. The company is under no obligation to, and
expressly disclaims any responsibility to, update or alter
forward-looking statements contained in this release, whether as a
result of new information, future events or otherwise.
Marrone Bio Innovations Contact:Clyde
MontevirgenVice President of Business Development & Investor
RelationsTelephone: 530-750-2800info@marronebio.com
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