Eden Research plc (LON:EDEN; OTCQB: EDNSF), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, has announced today that it has to date received regulatory approval in 17 US states for its formulated product Mevalone®, and 8 US states for its formulated product Cedroz™.
These approvals follow regulatory authorisation from the United States Environmental Protection Agency (EPA) in September 2022 for all six petitions submitted by Eden (three active ingredients, two formulated products and Eden’s Sustaine® polymer-free encapsulation technology; making up the building blocks of current and future products), opening up significant revenue opportunities for the Company with a market potential in the United States of approximately €94 million for Mevalone and €189 million for Cedroz.
Mevalone has been approved for use on botrytis on table and wine grapes in the following states: Alabama, Arizona, Florida, Georgia, Idaho, Illinois, Michigan, Mississippi, Missouri, New York, North Carolina, Oregon, Pennsylvania, Texas, Virginia, Washington, and West Virginia.
Eden Research has also received approval for its second commercial product, Cedroz, which can now be applied to fruits and vegetables to defend against destructive parasitic nematodes that affect crops grown both indoors and outdoors. Cedroz approvals have been granted for a wide range of crops, including eggplant, peppers, tomatoes, cantaloupes, cucumbers, pumpkins, squash, zucchini, carrots, strawberries, and grapes; in the following states: Florida, Georgia, Michigan, New York, Oregon, Texas, Washington, and Wisconsin.
Eden’s application for regulatory approval in California is still in progress, but the Company expects approval will be received in the coming months.
Regulators around the world have banned a rapidly growing number of commonly used conventional chemical pesticide products in recent years and, as a result, farmers need effective alternatives to maintain yields and keep up with the growing demand for safe, sustainable food production. Biopesticides, such as Cedroz and Mevalone, are rapidly becoming the standard for farmers looking adopt more environmentally friendly practices. Eden’s products are based on naturally occurring compounds that make up part of a plant’s own defence system and are effective, sustainable, and safe without contributing to pesticide residues in food or persistence in the environment. They are also free of intentionally added microplastics.
Sean Smith, Chief Executive Officer of Eden Research plc, commented:
“Since achieving EPA approval in September 2022, Eden has continued to accelerate change in sustainable agriculture. These state authorisations mark further milestones on this journey and directly expand our addressable market in the US. Further efforts are underway to continually grow our footprint across the US with a primary focus on obtaining regulatory clearance in California and several additional states. We look forward to updating the market on our progress in due course.”
