Approval of MevaloneT in Portugal

RNS Number : 6358R

Eden Research plc

25 September 2017

 

25 September 2017

Eden Research plc

("Eden" or "Company)

Approval of Mevalone™ in Portugal

Eden Research plc (AIM: EDEN), the AIM listed company that provides breakthrough natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, announces that it has received authorisation in Portugal for its first product, Mevalone (previously referred to as "3AEY").  The Portuguese authorities have issued "Authorisation for Sale" number 1012 covering the use of Mevalone for the control of botrytis (grey mould) on grapes.  Mevalone will be marketed in Portugal by Eden's partner, K. & N. Efthymiadis S.A. 

Mevalone is a terpene-based fungicide that targets Botrytis, a widespread fungal disease that causes grey mould on many fruits and vegetables leading to the rapid loss of commercially valuable crops.

The approval is a significant milestone for Eden and grants the Company access to another one of the top European grape producers. Mevalone, sold under varying trade names in different countries, has already gained approval in multiple countries including Spain, Italy, Kenya, Malta, Greece, Bulgaria and, mostly recently, France.  Furthermore, Mevalone has already had significant commercial success in many of these markets.

Sean Smith, Chief Executive Officer of Eden, commented: "We are delighted to announce that we have gained authorisation for the sale and use of Mevalone in Portugal, further-increasing Eden's geographic footprint. Together with Italy, France and Spain we now operate in the four largest grape producing countries in Europe, and we continue to expand into additional countries worldwide.

"Botrytis has the potential to destroy up to 30% of a vineyard in a matter of days. Consequently Mevalone plays a very important role in the treatment of this disease. This approval from the Portuguese authorities opens up significant opportunities for additional crops in Portugal through minor and/or emergency use label extensions.  Italy recently received emergency authorisation for the use of Mevalone on pomegranate, and we expect to realise further extensions in many current and new territories.

"Today's announcement is an important commercial opportunity for Eden and we are pleased to be working with our partner, K. & N. Efthymiadis S.A., to develop the Company's presence in Portugal. In addition, it is a positive indicator of the regulatory progress Eden is making and we look forward to further approvals in due course."

Eden will report its interim results for the six months ended 30 June 2017 on 29 September 2017.

For further information, please contact:

Eden Research plc		www.edenresearch.com
Sean Smith Alex Abrey		01285 359 555
Shore Capital (Nomad)		020 7408 4090
Stephane Auton / Patrick Castle
Powerscourt		020 7250 1446
Samantha Trillwood

Notes:

Eden Research is a technology development and commercialisation company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions for the global agrochemicals, animal health, and consumer product industries.

 Eden's encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with both natural and synthetic compounds to enhance their performance and ease-of-use. The technology uses yeast cells that are a by-product of numerous commercial production processes to deliver a slow release of natural compounds for agricultural and non-agricultural uses. Terpenes are already widely used in the food flavouring, cosmetics and pharmaceutical industries.

Historically, terpenes have had limited commercial use in the agrochemical sector due to their volatility, phytotoxicity and poor solubility. Eden's platform encapsulation technology provides a unique, environmentally friendly solution to these problems and enables terpenes to be used as effective, low-risk agrochemicals.

 Eden is developing these technologies through innovative research and a series of commercial production, marketing and distribution partnerships.

 The Company has a number of patents and a pipeline of products at differing stages of development targeting specific areas of the global agrochemicals industry. To date, the Company has invested in the region of £12m in developing and protecting its intellectual property and seeking regulatory approval for products that rely upon the Company's technologies. Revenues earned by the Company have been modest whilst the Company has concentrated on securing patent protection for its intellectual property, gaining regulatory approvals, identifying suitable industrial partners, and entering into commercial agreements. 

In May 2013, the three actives that comprise Eden's first commercial product, 3AEY, were approved as new ingredients for use in plant protection products. This represented a major milestone in the commercialisation of Eden's technology and is a significant accomplishment for any company.  To illustrate this point, one should note that in all of 2013, Eden's approvals represented 3 of only 10 new active ingredients approved by the EC.

3AEY has been authorised for sale in Kenya, Malta, Greece, Bulgaria, Spain, Italy, France, Cyprus, Albania and Portugal.

Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN.

For more information about Eden, please visit: www.edenresearch.com

 

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