Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) shares jumped 20% as Ecovelex, a bird repellent developed with partner Corteva Agriscience, was granted temporary approval in Italy for the 2024 growing season.
This marks the first approval for Ecovelex, noted house broker Cavendish, and allows the product to be used in Italy ahead of a full EU approval (applied for in Austria), generating early revenues.
The submission was made in May and with approval taking between18-24 months, Ecovelex could receive full authorisation for local use for the 2026 growing season, allowing for individual state approvals.
Eden announced the receipt of its first commercial order for Ecovelex in August 2023 and Cavendish expects £1.6 million of revenues from sales in fiscal year 2024, though some of this might now be pulled forward into this year, the broker speculates.
Sizable markets are being targeted by Eden with effective products and Cavendish expects further newsflow to support the share price.
The broker's share price target is unchanged at 20p.