Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) shares rose 20% on Tuesday after the company announced that its flagship biopesticide, Mevalone, has been approved for use against powdery mildew in Californian grape production.
The green light from US regulators expands the product’s existing authorisation in California, where it is already approved for use against Botrytis cinerea.
Mevalone, a plant-based fungicide offering residue-free protection, will now be promoted by Eden’s US partner, Sipcam Agro USA, for use against both major fungal threats in grapes. Powdery mildew is the most prevalent fungal disease in California’s vineyards, which dominate US grape output.
While Eden does not expect a material change to near-term revenues, the label extension increases the product’s appeal and potential market share. The company estimates the total addressable US market for Mevalone at €94 million, with California representing the lion’s share.
The update reinforces Eden’s position in sustainable crop protection and strengthens its foothold in the crucial US market.
The shares rose 0.55p to 3.3p.