Eden Research PLC (LON:EDEN) has said its commercial partner, Sipcam Oxon SpA will be appointed exclusive distributor of its grape fungicide product, known as Mevalone, in the USA, Brazil, Mexico, China, Argentina, Chile, Japan, and South Africa.
The AIM-listed biopesticides company said Sipcam has exercised the option it holds in all of the territories covered under the evaluation and option agreement announced on 30 June 2017, leading to its appointment following receipt by Eden of the €0.9mln option exercise fee.
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Mevalone, which is Eden's first fungicide product, is currently sold throughout Europe and in Kenya and will be marketed by Sipcam in the new regions following receipt of the requisite approvals in each country.
Eden recently announced the appointment of Sipcam as the exclusive distributor of Mevalone in Australia and New Zealand, thereby bringing the total number of countries in which Sipcam is Eden's distributor to twelve.
The group noted that Sipcam is already the exclusive distributor of Mevalone in Italy and Spain - where it is sold as 3logy and Araw, respectively - and therefore has good product knowledge and insight into the grape fungicide market, making it well-positioned to commercialise Mevalone in new markets.
First entry into the Far East
The new distribution agreements covering China and Japan will mark Eden's first entry into the Far East and presents a significant opportunity as China is the largest grower of grapes in the world.
In addition to the new distribution agreements to be signed by the two parties, Eden said collaboration work continues with Sipcam in respect of Eden's natural microencapsulation technology, Sustaine, which is being assessed for synergy with a number of active ingredients used in crop protection.
Sean Smith, Eden’s chief executive officer commented: "We are pleased that Sipcam wishes to expand the footprint it has to sell Mevalone in a number of additional territories which shows the confidence and belief that Sipcam has in 3logy and Eden's Sustaine technology.”
He added: "We are pleased to be partnering with Sipcam to tackle the US market, as Sipcam has an experienced team in the US and is well-placed to commercialise Mevalone following receipt of regulatory approval.
“We anticipate authorisation at the national level in 2019 for our first two products, including Mevalone and our nematicide."