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Eden Research says commercial partner gets EU product authorisation from Malta for its biopesticide Cedroz

Last updated: 07:20 20 Feb 2019 EST, First published: 04:01 20 Feb 2019 EST

Tomatoes
Malta has authorised the use of Cedroz on a wide range of crops, including cucumbers, courgettes, melons, aubergine, peppers, tomatoes and strawberries

Eden Research PLC (LON:EDEN) has said its nematicide biopesticide formulation, which is marketed as Cedroz by its commercial partner, Eastman Chemical Company has received EU product authorisation from the Regulatory Affairs Directorate in Malta.

The AIM-listed company noted that, following the authorisation by Malta, the concerned Member States must grant their individual approvals for the sale and use of Cedroz within their jurisdictions.

WATCH: Eden Research partner gets EU product authorisation from Malta for biopesticide Cedroz

It added that the pending approvals will cover Spain and Italy, for outdoor uses and will also cover France, Belgium, the Netherlands and the United Kingdom, as well as Spain and Italy, for professional greenhouse uses. 

Cedroz is designed to fight nematodes, a species that is known to cause severe damage to crops globally for both open field and greenhouse growers, resulting in yield losses and increasing farmers costs.

Malta has authorised the use of Cedroz on a wide range of crops, including cucumbers, courgettes, melons, aubergine, peppers, tomatoes and strawberries.

Once approved, the company added, Cedroz will be the first of Eden Research's formulations to be sold and used in the United Kingdom, where the firm is headquartered.

Efforts coming to fruition

Eden Research’s chief executive officer, Sean Smith, commented: "The UK imported £5.4bn worth of its fruit and vegetables in the first six months of 2018 and has a heavy reliance on the EU for produce. 

“Almost a fifth (19%) of imports come from Spain, and 11% from the Netherlands.  Within the UK, the application of Cedroz would help to increase the yield of home-grown products, such as cucumbers and tomatoes, for every day produce."

Smith added: "Following Eden's initial investment in the formulation of this important product, Eastman has invested significant resource over the past three years in the further development of Cedroz, and it is pleasing to see our collective efforts coming to fruition.”

In early afternoon trading, shares in Eden Research were 4.3% higher at 9.65p.

In a note to clients, analysts at ‘house’ broker Shore Capital commented: “Overall, we believe this announcement highlights the further progress by Eden’s management and potentially gives them greater exposure to the EU market which we see as key with regards to its second product once they have been granted approval in each jurisdiction.”

 -- Adds analyst comment, updates share price --

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