Eden Research Plc
("Eden" or "Company")
First shipment of Mevalone™ (3AEY) to Greece
· First commercial scale order for Mevalone from Redestos Group, Eden's partner in Greece and the Balkans
· Mevalone (a trading name used for 3AEY) combats botrytis (grape rot) in table and wine grapes
· Delivery is planned for the end of March 2016
· Eden will derive revenue from product sales and royalties from this first order for the European market
Eden Research plc (AIM: EDEN), the AIM-listed company that provides breakthrough natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, announces that its partner, K&N Efthymiadis (KNE), part of the Redestos Group, has placed its first order for Mevalone™ for the prevention and cure of botrytis on table and wine grapes in Greece. Mevalone is the trade name used in several countries for Eden's fungicidal agrochemical product, 3AEY, and this order follows the national approval for commercial sale in Greece received in August 2015.
Plans are also underway in Greece to submit label extensions to allow the use of Mevalone across a wider range of crops in which the fungal disease botrytis is a problem, such as kiwi, aubergine, green onion and pomegranate. Label extensions can be achieved with a much shorter regulatory timetable and are expected to be received in 2016. These will help KNE realise greater penetration of the larger Greek fungicide market with Mevalone.
Under the existing agreement between Eden and Redestos Group, Eden will receive royalties based on net sales of Mevalone. Eden will also supply KNE with Mevalone from its network of toll manufacturers and suppliers.
Sean Smith, Chief Executive Officer of Eden, said: "As we have stated previously, this year represents one of tremendous progress for Eden and its partners as we transition into commercial sales from our development and registration phase. Our licensees and distributors are now able to realise the initial potential of Eden's product pipeline, and with further label extensions and partnerships to come, we are pleased with the prospects for the future.
"KNE are now executing a comprehensive commercialisation plan across their territories, and we look forward to working with them to support their ambitions. Furthermore, we are also actively collaborating to expand commercialisation activities beyond Mevalone thereby building future growth into our relationship."
K&N Efthymiadis Chief Executive Officer, Vassos Efthymiadis, commented: "After years of hard effort from all parties involved, the time has finally come for the commercialisation of one of the first terpene-based products in the agricultural market. We are all very excited about the potential of this novel technology and feel certain it will be rapidly embraced by the Greek vine growers. At the same time, with the process for label expansion of Mevalone already under way and a number of promising projects existing in Eden's pipeline, we feel confident this new product platform will soon find its way into a number of other agricultural applications."
Eden Research plc |
www.edenresearch.com |
Sean Smith, Chief Executive Officer |
Tel: 01993 862 761 |
Alex Abrey, Chief Financial Officer |
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Shore Capital and Corporate Limited |
www.shorecap.com |
Stephane Auton/Patrick Castle |
Tel: 0207 408 4090 |
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Walbrook PR Ltd |
Tel: 020 7933 8780 or [email protected] |
Paul McManus |
Mob: 07980 541 893 |
Notes:
Eden is an early stage revenue company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions to the global agrochemicals industry, the animal health industry, and consumer products.
Eden's encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with both natural and synthetic hydrophobic compounds. The technology uses yeast cells that are a by-product of numerous commercial production processes to deliver a slow release of natural compounds for agricultural and non-agricultural uses. 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.
With leading consultants in their respective fields, the Company 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 £12m 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 licence agreements.
In May of 2013, the three actives that comprise Eden's first commercial product, 3AEY, were approved as new ingredients for use in plant protection products. This represents 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 all of 2013, Eden's approvals represented 3 of only 10 new active ingredients approved by the EC.
Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN.
For more information about Eden, please visit www.edenresearch.com
