Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) shares climbed on Wednesday, after it revealed that French authorities have approved Mevalone, a biofungicide, for use on grapes to control downy and powdery mildew.
The company highlighted that France is one of the world’s largest markets for grape downy mildew, with more than 780,000 hectares of vines. It added that climate-driven mildew pressure, regulatory pressure on copper and synthetic chemistry and growth in organic viticulture are influencing demand across conventional fungicides and biopesticides.
Eden Research said the French biopesticides sector is estimated at more than $200 million in 2025 and is projected to grow to 2030, with grapes a key segment. It said potential peak revenue from the label extension could be “in the region of up to €8 million per annum,” while adding it is not changing market guidance at this stage.
“With France recently having tightened rules on copper fungicides, revoking approval for many formulations and leaving only a small number of authorised copper products under stricter conditions, the approval of this label extension for Mevalone is timely, creating a significant opportunity for Eden in the coming years," said chief executive Sean Smith.
The company said about one-fifth of French vineyard land is now farmed organically, and Mevalone is certified as organic.
In London, Eden shares were up 14.8% changing hands at 3.1p.