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(Corrects that Eden Research did not win approval in the US but passed a milestone for approval.)
Eden Research PLC - Oxfordshire-based sustainable crop protection and animal health firm - Passes a key milestone on the way to approval for use of its biofungicide Mevalone and its nematode-formulation Cedroz in the US. The US Environmental Protection Agency grants Eden's plastic-free, microencapsulation technology, Sustaine, an exemption from the requirement of a tolerance for residues in pesticide formulations in pre-harvest applications to crops. Eden expects to receive US authorisations later in 2022.
Eden also wins approval to use Mevalone in Italy to control Botrytis cinerea, which is a fungal pathogen. Mevalone also wins authorisation for use against fungal pathogens Powdery Mildew and Sclerotinia in Italy. Mevalone is sold exclusively in Italy by Eden's commercial partner, Sipcam Oxon SpA, under the brand name '3logy', Eden adds.
The addressable markets in the US are about €94 million for Mevalone and €189 million for Cedroz, the firm says. ‘With the demand for biopesticides such as these increasing significantly in the US due to rising regulatory restrictions for conventional chemicals, the tolerance exemption and subsequent approvals will present a significant opportunity for Eden,’ the company adds.
Current stock price: 4.70 pence
12-month change: down 66%
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