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Eden Research plc - Approval of Cedroz in Mexico

RNS Number : 3968X
Eden Research plc
19 December 2019
 

19 December 2019

 

 

 

 

Eden Research plc

 

("Eden" or "Company")

Approval of Cedroz in Mexico and access to the US agricultural import market

Eden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, is pleased to announce that its commercial partner, Eastman Chemical Company ("Eastman"), has received full authorisation for Eden's nematicide formulation, marketed as Cedroz™ by Eastman, in Mexico.

Key highlights of the authorisation:

·    Access now gained into the all-important US agricultural import market

·    Approval is the first for Eden developed products in Mexico and a foothold into the Americas

·    US imports of agricultural products from Mexico totalled $26bn in 2018

·    Cedroz is formulated with Eden's Sustaineä encapsulation and delivery technology for its improved bioactivity, controlling volatility and advanced crop safety

Cedroz is an innovative and natural solution designed to fight nematodes, a pest that is known to cause severe damage to crops globally, in both open field and greenhouse production resulting in yield losses and increasing farmers' costs. Mexico has authorised the use of Cedroz on a wide range of crops, including tomatoes, potatoes, peppers, eggplants, melons, chili peppers, pepinos and squash.

The approval in Mexico represents the first for Cedroz, or any Eden-developed product, in the Americas. U.S. imports of agricultural products from Mexico totalled $26 billion in 2018, with Mexico being the largest supplier of agricultural products to the U.S. According to the U.S. Trade Representative, the leading categories of agricultural products from Mexico in 2018 included fresh vegetables ($5.9 billion), with the leading crops including tomatoes and peppers, along with other fresh fruit ($5.8 billion).  Processed fruit and vegetables accounted for another $1.7 billion.

As Mexico is a large exporter of fresh produce to the U.S., this is a commercially important territory for Eastman who registered and will distribute Cedroz supplied by Eden.

Cedroz offers growers tremendous advantages by providing high levels of efficacy against nematodes.  The active ingredients in Cedroz are exempt from residue limits and have very low or no pre-harvest intervals, giving growers the ability to apply the product just prior to harvest, providing maximum benefits and flexibility. 

Cedroz is formulated with Eden's Sustaineä encapsulation and delivery technology, a proven system derived from yeast. Sustaine microcapsules are naturally sourced, plastic-free, biodegradable micro-spheres derived from yeast. The Sustaine technology has enabled the safe and effective use of Eden's registered active ingredients and those of third parties by improving bioactivity, controlling volatility and improving crop safety.

Sean Smith, Chief Executive Officer of Eden, said: "We are very pleased that Eastman has received authorisation for Cedroz as this will ultimately allow Eden developed products to enter into the Americas for the first time, where demand for more natural, biopesticide solutions is rapidly increasing. The market opportunity in Mexico is significant for Eden and Eastman thanks to the demand for residue-free fruit and vegetables by U.S. consumers.

Eastman will now embark on a roll-out of Cedroz in the coming year, which includes extensive live trials under local conditions to determine the best possible use of Cedroz in different scenarios and for a range of crops. Experience has shown that an extensive and controlled trial period is essential to the success of such a product launch."

 

For further information contact:

Eden Research plc

www.edenresearch.com

Sean Smith

Alex Abrey

01285 359 555



 

Cenkos Securities (Nominated advisor and broker)


Giles Balleny / Cameron MacRitchie (corporate finance)
Michael Johnson (sales)

020 7397 8900



 

Powerscourt (Financial PR)


Nick Dibden

Courtney Sanford

 

020 7250 1446

[email protected]

 

 

Notes:

 

Eden Research is an AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries

 

Eden's Sustaineä 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.

 

Mevaloneä is a foliar fungicide which has been authorised for sale in KenyaMaltaGreeceBulgaria,

SpainItalyFranceCyprusAlbania, Portugal and Macedonia.

 

Cedrozä 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.

 

For more information about Eden, please visit: www.edenresearch.com.

 


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 
[email protected] or visit www.rns.com.

 

END


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 [email protected] or visit www.rns.com.
 
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