Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) shares rose on Monday following news it has applied for the authorisation of seed-treatment product Ecovelex in the UK, following the recent application for authorisation in the European Union.
The company, which is focused on sustainable pesticides and plastic-free formulation technology for the global crop protection, animal health and consumer products industries, has developed Ecovelex in partnership with Corteva Agriscience over the past three years.
Ecovelex is intended to replace conventional chemicals banned in the EU and UK. It has been developed to tackle crop destruction caused by birds, a major cause of losses in maize and other crops.
It works by affecting the bird's olfactory system, creating an unpleasant taste or odour, leaving the seeds safely intact and the birds unaffected and free to find alternative food sources.
in a statement, Sean Smith, chief executive of Eden Research, said: "Following our three-year collaborative development efforts with Corteva, we are pleased to be pursuing regulatory clearance in our home country.
“I am particularly proud of our Oxfordshire-based team that led the technical development of Ecovelex, and we can truly say that this is a home-grown solution to a problem that impacts farmers in the UK and elsewhere every year.
“Eden's collaboration with Corteva Agriscience over the past several years has been highly productive, and I am pleased to see the first commercial benefits from these activities within reach.”
In early trading on Monday, Eden Research shares were up 4.8% to 9.85p.