Marrone Bio Submits Regulatory Packages for Nematicides/Insecticides in United States and Brazil
November 01 2021 - 7:00AM
Marrone Bio Innovations, Inc. (NASDAQ: MBII), an
international leader in sustainable bioprotection and plant health
solutions, has submitted the regulatory packages for MBI-306 to the
U.S. Environmental Protection Agency (EPA) and for MBI-206 to all
three Brazilian regulatory authorities – the National Health
Surveillance Agency (ANVISA), the Ministry of Agriculture (MAPA)
and the Institute of Environment and Renewable Natural Resources
(IBAMA) – paving the way for commercialization of its novel
nematicides/insecticides.
Pending EPA approval, MBI-306 will compete in the $15.7 billion
global insecticide market1 and provide specialty and row crop
growers with a next-generation technology to control a broad
spectrum of yield-robbing insects and nematodes, including corn
rootworm larvae.
“Our submissions are on track, as we committed, and thus begins
the regulatory review process that will allow us to bring two
differentiated products with favorable environmental benefits to
the world’s largest soybean and corn-growing regions,” said Chief
Executive Officer Kevin Helash. “With estimated peak potential
revenue in excess of $100 million for both products, MBI-306 and
its variants and MBI-206 will be important contributors to
advancing Marrone Bio’s growth and leadership in crop
bioprotection.”
MBI-206 has been submitted for approval in Brazil for two uses:
as a seed treatment and as a foliar/in-furrow product. Upon
approval, the seed treatment will be used to control nematodes on
soybeans and corn, which are estimated to be on a record-setting
148 million acres for the 2021/2022 growing season.2
“The expected approval of MBI-206 in Brazil is a significant
step forward for MBI as we look to grow our global footprint with
strategic partners in South America. The seed treatment and foliar
product are great examples of how we are aggressively building a
global portfolio of biological products and positioning them in
markets that will provide the greatest impact for growers and MBI
alike,” added Helash.
MBI-306 and MBI-206 are built on a proprietary
microbe (Burkholderia rinojensis strain A396) that has been the
active ingredient in MBI’s Venerate® bioinsecticide and Majestene®
bionematicide products. Commercial launches for both products are
expected in 2023/2024.
Sources
1. IHS Markit
2. Grant, Daniel. “Brazilian soybean, corn production forecast
to set records.” September 30, 2021. Online: FarmWeekNow.com
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
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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, margins, operating expenses, and other financial
results; adoption of the company’s products; and the potential
benefits and value of the company’s products. Such forward-looking
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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, 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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