Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) said it has received regulatory approval in 17 US states for its formulated biofungicide Mevalone.
Cedroz, its post-planting nematicide, has received regulatory approval in eight US states, it added.
Eden received regulatory authorisation from the United States Environmental Protection Agency (EPA) in September 2022 for all six petitions it submitted: three active ingredients, two formulated products and its Sustaine polymer-free encapsulation technology.
The move opens “significant revenue opportunities,” Eden said. The firm estimates that the market potential in the US for Mevalone is approximately €94 million and €189 million for Cedroz.
"Since achieving EPA approval in September 2022, Eden has continued to accelerate change in sustainable agriculture. These state authorisations mark further milestones on this journey and directly expand our addressable market in the US,” Eden chief executive Sean Smith said in a statement.
“Further efforts are underway to continually grow our footprint across the US with a primary focus on obtaining regulatory clearance in California and several additional states," he added.
Eden said it expects approval for its application in California in the coming months.
The company is focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries.