Eden Research plc
("Eden" or "Company")
Key milestone achieved with EU approval for active substances
Approval paves the way for final product approvals and sales
Eden Research plc (AIM: EDEN), the AIM listed agrochemical and encapsulation development company, announces that the three active substances ("actives") that are used in the Company's lead product, 3AEY, have been approved for use in plant protection products by the European Commission ("EC") under Regulation (EC) No. 1107/2009 within the European Union ("EU").
These approvals are the successful outcome of a process which has taken over seven years to complete and into which the Company has invested considerable time and resources. This is the key regulatory milestone for the business and allows the actives to be used with Eden's encapsulation technology in any combination to create a range of agrochemical products for a variety of applications. These approvals will also trigger decisions by other regulators outside of the EU, particularly in Africa, who monitor European regulatory approvals and where sales are expected in a much shorter timeframe.
In Europe, individual products, such 3AEY, require separate national approvals. The Company's lead agrochemical product, 3AEY, isa very effective and naturally derived Botryticide. Botrytis is a widespread fungal disease that causes grey mould on most fruits and vegetables often leading to the rapid loss of commercially viable crops. The average losses from affected crops account for around 20% of the total harvest, costing in the region of 10-100 billion euros worldwide. The market size for Botryticides is around $300m per annum.
Clive Newitt, Managing Director of Eden comments: "The regulatory process that exists for new actives in plant protection products is becoming increasingly onerous and so to receive approval for three new actives is a great achievement.
"The inherent value of owning the registration for three actives is significant. It enables Eden to commercialise products in Europe and helps in the rest of the world as regulators in other continents, such as Africa, closely monitor what happens in Europe where the regulatory framework is highly regarded.
"Now that we have passed this key milestone, we will be able to concentrate our efforts on getting products in
to the market and maximising returns on the investment that we have made to date. I believe that this will not only be possible through the sale of agrochemicals using our actives, for which we will receive royalties, but also through sharing with third parties the wealth of data that we have generated for the approvals.
"Also, using our encapsulation technologies and know-how, we will now be able to expedite development and commercialisation in non-agrochemical sectors, such as human and animal health, where we know there is demand for effective, environmentally friendly products backed up by sound intellectual property protection, such as ours."
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Eden has developed a terpene-based encapsulation technology which uses yeast cells to deliver a slow release of natural compounds for agricultural and non-agricultural uses.
Terpenes are natural compounds which function as defence mechanisms in many plant groups and are released in response to infection, attack by pests, stress or mechanical injury. Terpenes are already widely used in the food flavouring, cosmetic 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.
The next-generation encapsulation technology, licensed from University of Massachusetts Medical School ("UMMS") recently, provides significant additional benefits to the original system as it allows release to be controlled by environmental factors rather than relying solely upon the chemistry of the substances used. This means that there is more control over the timing of the release of the active compound being carried allowing for further reduction in chemicals applied whilst ensuring maximum effectiveness.
The UMMS license also significantly expands the potential use of the Eden technology in non-agricultural applications such as health and beauty, cosmetics and animal health.
For more information about Eden, please visit www.edenresearch.com
