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Eden Research plc - New authorisation for bio-fungicide in Australia

RNS Number : 0117X
Eden Research plc
25 August 2020
 

25 August 2020

 

 

Eden Research Plc

("Eden" or "Company")

New authorisation for bio-fungicide in Australia

Eden Research plc (AIM: EDEN), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in global crop protection, animal health and consumer products industries, announces that it has received authorisation for the sale of its bio-fungicide in Australia, for use on wine and table grapes. The product is authorised and marketed under the trade name "Novellus™".

 

Novellus is used as a sustainable and residue-free solution for the common disease Botrytis cinerea, a fungal pathogen affecting many plant species, which causes an annual economic loss of more than $10 billion worldwide. It is a particularly prominent disease in grapes, significantly impacting crop yield and quality. The product, which is marketed as "Mevalone®" in Europe and Africa, has been approved by 11 other countries, including the top 3 wine producing countries worldwide.

 

Australia is a key market for Eden and its commercial partner Sipcam, who will distribute the product. Wine grapes make up an estimated 60.3% of Australian grape crop revenue, and in 2019, the country produced circa 12 million hectolitres of wine. This output makes Australia the 6th largest wine producer worldwide. The wider wine industry, including downstream operations and tourism activities, contributed $45.5 billion to the Australian economy in the same year.

 

The authorisation is yet another link between the UK and Australia in the wine supply chain. Australia is the second largest source of wine imports into the UK by volume and third largest by value. Of the Australian wine imported by the UK, 80% is shipped in bulk for bottling in the market. Australia is the top country of origin in the UK off-trade market, with twice the market share of its nearest competitors, France and Italy.

 

Australian grape growers have been faced with a declining choice when it comes to protecting against botrytis due to the phasing out of conventional chemical solutions. In June 2019, the EU maximum residue limit (MRL) for iprodione, a conventional synthetic chemical treatment for botrytis, reverted to 0.01mg/kg, which is effectively zero.  As a result, wine producers in Australia that export to the EU have been forced to avoid the use of iprodione. Novellus will therefore provide Australian growers with a much-needed sustainable solution to the disease. The bio-fungicide is well-placed to meet the needs of growers within its authorised markets as it is highly efficacious and MRL-exempt, helping them to address consumer demand for quality produce free from chemical residues.

 

Sean Smith, Chief Executive Officer of Eden, said: "We are pleased to add another major wine producing country to the list of authorisations for our bio-fungicide. Australia's grape growing industry is sizeable and well-regarded, and Novellus will provide farmers with an efficacious solution to protect against botrytis, contributing to the industry's sustainable growth. The approval also represents a geographical expansion for our business, and we look forward to continuing our work with Sipcam to increase our activities in the region."

 

 

For further information contact:

Eden Research plc

www.edenresearch.com

Sean Smith
Alex Abrey

01285 359 555



Cenkos Securities plc (Nominated advisor and broker)


Giles Balleny / Cameron MacRitchie (corporate finance)
Michael Johnson (sales)

020 7397 8900



Hawthorn Advisors (Financial PR)


Jana Tsiligiannis
Ed Curtis

[email protected]

 

 

Notes:

Eden Research is an AIM quoted company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries

Eden's Sustaine encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can be used with both natural and synthetic compounds to enhance their performance and ease-of-use.

Sustaine microcapsules are naturally derived, plastic-free, biodegradable micro-spheres derived from yeast extract. They produce stabilised aqueous suspensions which, are easy to mix and apply, have phased release patterns, are safer for the environment and the crops themselves.

The European Chemicals Agency (ECHA) has proposed an EU-wide restriction on the placing on the market or use of "intentionally-added" microplastic particles. The proposed restriction includes the use of microplastics for agricultural and horticultural purposes, including polymers utilized for controlled-release fertilizers, encapsulated plant protection products (PPPs), seed coatings, and biocides.

By 2025 in the EU, pesticides containing synthetic polymer microplastics are likely to be banned and removed from the market. The only acceptable alternative is the substitution with biodegradable formulations. Reformulated products will need to be evaluated and registered within the five-year transition period.

Sustaine is one of the only viable, proven and immediately registerable solutions to the microplastics problem in formulations requiring encapsulation.

Historically, terpenes have had limited commercial use in the agrochemical sector due to their volatility, phytotoxicity and poor solubility. Sustaine 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 by the European Commission ("EC"). 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 2013, Eden's approvals represented 3 of only 10 new active ingredients approved by the EC.

Mevalone is a foliar fungicide which has been authorised for sale in KenyaMaltaGreeceBulgaria, SpainItalyFranceCyprusAlbaniaPortugal and Macedonia.

Cedroz is a nematicide which has been authorised for sale in Malta, Belgium and Mexico.

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

 

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Quick facts: Eden Research PLC

Price: 8.375

Market: AIM
Market Cap: £31.85 m
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