Eden Research PLC’s (LON:EDEN) chairman, Lykele van der Broek will highlight the key milestones and good progress made with the commercialisation and regulatory clearance of its products at the biopesticides firm’s annual general meeting, to be held on Tuesday, as the group moves to benefit from changes to the agchem industry.
In a statement to be delivered at the meeting, van der Broek said: “It is clear that the world of agchem, whilst inherently conservative, is swiftly undergoing major disruption due to external drivers such as regulatory issues, resistance problems with conventional pesticides, and the ever-increasing cost of the registration of new products.”
“In this environment of turmoil and disruption caused by the removal of important conventional pesticides from global markets at a rate that is troubling for farmers, Eden is well-placed to sustainably and effectively meet many of the current and future needs of growers.”
He added: “Eden's products align perfectly with the course set for the industry by changing public policy and increasingly challenging regulations, and we aim to ensure that the Company, our shareholders, growers and our commercial partners benefit from the success that this alignment will bring."
Already this year, Eden's commercial partner, Eastman Chemical has received authorisation for Eden's nematicide formulation, marketed as Cedroz, from the Regulatory Affairs Directorate in Malta.
Additionally, an emergency authorisation has recently been granted in Italy by the Italian Ministry of Agriculture which gives an indication as to the need for this type of product in the market and has resulted in the first commercial sales of Cedroz.
At the end of last calendar year, Eden's commercial partner, Sipcam Oxon SpA, paid €0.9mln for the exclusive right to sell Mevalone in ten additional countries, including the US, China and Brazil.
During 2018, sales of Mevalone more than doubled to £1.6mln helping Eden to achieve overall revenue of £2.8mln.
Eden’s chairman said: “This growth was generated by essentially the same commercial ‘footprint’ that was in place in 2017, which is a good like-for-like comparison reflecting a growing market share and strong product adoption of our first product.”