Sales of Cedroz commence in Italy

RNS Number : 4415Y

Eden Research plc

09 May 2019

 

9 May 2019

Eden Research plc

("Eden" or "Company")

Sales of Cedroz™ commence in Italy

Eden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, is pleased to announce that its commercial partner, Eastman Chemical Company ("Eastman"), has made its first sales of Cedroz™ following the recent receipt of "emergency" authorisation by the Italian authorities. 

Cedroz, which was initially developed and patented by Eden, is an innovative and natural solution designed to combat plant parasitic nematodes, pests that are known to cause severe damage to crops globally in both open field and greenhouse horticulture, resulting in yield losses and increasing growers costs.  Eden produced and supplied Cedroz to Eastman in March this year in anticipation of regulatory clearance in Italy during the course of the 2019 growing season. 

Sean Smith, Chief Executive Officer of Eden, said: "We are pleased to see initial sales of Cedroz this early in the year following the derogation in Italy just a few weeks ago.  Eastman has seized upon this earlier-than-anticipated opportunity to launch Cedroz in order to fully develop the market for this important product, and Eden has been more than happy to support them in their efforts to move the product to commercial use as quickly as possible. 

We look forward to continuing our work with Eastman and working with growers to combat plant parasitic nematodes with an effective and sustainable solution."

For further information 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 (Financial PR)	020 7250 1446
Nick Dibden Jana Tsiligiannis	[e-mail]

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 £14m 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, Mevalone, 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.

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

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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