12 December 2017
Eden Research plc
("Eden" or "Company)
Regulatory progress update
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 distribution partner, Eastman Chemical ("Eastman"), has announced the submission of the regulatory dossiers for its new nematicide, CedrozTM. Cedroz will be a new tool for farmers to control a wide range of economically important nematodes.
The first product dossiers were submitted to the authorities in Israel, Europe, and Mexico for the use in fruit and vegetable farming against root knot nematodes. The first sales are expected towards the end of 2019.
Cedroz is an innovative formulation based on specific nature-identical terpenes and based on an encapsulation technology which was developed and patented by Eden Research plc ("Eden"). Eastman is Eden's exclusive partner for the development and distribution of this product in more than 25 key countries around the world. The favourable toxicological regulatory profile of Cedroz will provide a high level of flexibility on the timing of application for farmers and comfort for the workers. In all regulatory trials completed, no residues were found in the crops at harvest.
Sean Smith, Chief Executive Officer of Eden, said: "We are very pleased with the progress that Eastman has made with the far-reaching registration of Cedroz in their territories. They have proven themselves to be a dedicated and efficient partner, and in tackling such a large undertaking, they are building an impressive platform for the commercialization of Cedroz as an important solution to the challenges that nematodes create for farmers globally".
Guy Van Den Bossche, General Manager of Eastman's Crop Protection business, said: "Eastman is a leading supplier in soil disinfection for high value crops, and extending our portfolio worldwide with this new post-planting nematicide is an exciting step for our customers. The sustainable profile and the agronomical performance of Cedroz offers a solution to the challenges in the soil treatment market and broader societal need for increasing sustainability in crop protection."
Save as set out in the additional information section below there are no further disclosures required to be made in respect of the appointments under Schedule 2(g) of the AIM Rules for Companies.
For further information contact:
Eden Research plc |
www.edenresearch.com |
Sean Smith Alex Abrey |
01285 359 555 |
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Shore Capital (Nomad) |
020 7408 4090 |
Stephane Auton / Patrick Castle |
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Powerscourt (Financial PR) |
020 7250 1446 |
Samantha Trillwood |
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Notes:
Eden Research is a technology development and commercialisation company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions for the global agrochemicals, animal health, and consumer product industries.
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 compounds to enhance their performance and ease-of-use. 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, cosmetics 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.
Eden 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 commercial agreements.
In May 2013, the three actives that comprise Eden's first commercial product, 3AEY, were approved as new ingredients for use in plant protection products. This represented 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.
3AEY has been authorised for sale in Kenya, Malta, Greece, Bulgaria, Spain, Italy, France, Cyprus, Albania and Portugal.
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.
Eastman is a global advanced materials and specialty additives company that produces a broad range of products found in items people use every day.
With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction, and consumables.
Eastman focuses on creating consistent, superior value for all stakeholders.
As a globally diverse company, Eastman serves customers in more than 100 countries and had 2016 revenues of approximately $9.0 billion.
The company is headquartered in Kingsport, Tennessee, USA and employs approximately 14,000 people around the world.
For more information, please visit: www.eastman.com.
