TIDMEDEN
RNS Number : 9990N
Eden Research plc
27 May 2020
27 May 2020
Eden Research Plc
("Eden" or "Company")
Update on Bayer Animal Health Agreement
Eden Research plc (AIM: EDEN), the AIM-quoted company focused on
sustainable biopesticides and plastic-free encapsulation technology
for use in global crop protection, animal health and consumer
products industries, today announces that it has agreed to an
amendment to its existing license agreement with Bayer Animal
Health (or "Bayer") for animal health products.
To progress the final development of a portfolio of Bayer
products based upon Eden's technology and know-how, both parties
have agreed to amend the existing license agreement to reflect
several key changes. There will be an increased investment in the
project, which has been facilitated in part by Eden's successful
fundraise in March 2020. The amended agreement will allow Eden to
contribute to the formulation development process by deploying its
expertise with bio-active substances and formulations developed
over a number of years.
The Company has previously communicated that there have been
some challenges relating to one important formulation. The amended
agreement is designed to overcome these challenges and better meet
Bayer's stringent product profile requirements through an expanded
collaborative approach.
Bayer remains committed to the commercialisation of up to four
formulations, subject to Eden reformulation and testing, and Bayer
evaluation and acceptance of reformulation and testing results. If
for any reason Bayer does not advance the project, both parties
have agreed that all elements of the intellectual property and
know-how will transfer to Eden, including formulations, clinical
and marketing data, market research, business plans, the associated
brands and trademarks, and other information relating to the
project.
The amended agreement also specifically references the intention
of the parties to enter into a supply agreement upon successful
completion of the development work. The anticipated commercial
launch of these products is a part of Eden's strategic priority for
business line diversification and demonstrates the scope for
further exploitation of the Company's core technologies and
know-how beyond biopesticides and crop protection.
This announcement contains information which, prior to its
disclosure, was considered inside information for the purposes of
Article 7 of Regulation (EU) No 596/2014 (MAR)
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 / Cameron MacRitchie (corporate
finance)
Michael Johnson (sales) 020 7397 8900
Hawthorn Advisors (Financial PR)
Jana Tsiligiannis eden@hawthornadvisors.com
Ed Curtis
Notes:
Eden Research is an AIM quoted company that develops and
supplies breakthrough biopesticide products and natural,
plastic-free microencapsulation technologies to the global crop
protection, animal health and consumer products industries
Eden's Sustaine 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 14m 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.
Mevalone is a foliar fungicide which has been authorised for
sale in Kenya, Malta, Greece, Bulgaria, Spain, Italy, France,
Cyprus, Albania, Portugal and Macedonia.
Cedroz 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.
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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