8 January 2020
Eden Research plc
("Eden" or "Company")
Agreement with Corteva Agriscience for seed treatments
Eden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, is pleased to announce that it has signed a one year exclusive Evaluation Agreement ("Agreement") with Corteva Agriscience ("Corteva").
This agreement will allow Corteva time to evaluate Eden's Sustaineä encapsulation technology and several formulations in specific biological seed treatment applications in certain major territories and, if successful, will lead to Corteva being granted exclusive distribution rights.
Agreement highlights:
· One year exclusive Evaluation Agreement signed with Corteva (NYSE: CTVA), the fourth largest agriculture input company in the world.
· This will be the first use of Eden's products and technology in the treatment of seeds.
· Corteva will have until the end of 2020 for the exclusive evaluation of products which use SustaineTM in select seed treatment applications.
· If successful, the agreement will then lead to Corteva being granted exclusive distribution rights in the EU, Russia, Ukraine and Turkey.
Corteva (NYSE: CTVA) is the fourth largest agriculture input company in the world and is a publicly traded, pure-play agriculture company. It was created by combining the best of DuPont Crop Protection, DuPont Pioneer seeds and Dow AgroSciences. Pioneer is a global leader in seeds for a wide range of crops.
Corteva will have until the end of 2020 for the exclusive evaluation of products which use SustaineTM in select seed treatment applications. Following this Corteva may enter into an exclusive agreement for the distribution of products in the EU, Russia, Ukraine and Turkey. This represents a major milestone for Eden as it will be the first use of Eden's products and technology in the treatment of seeds and is an initial step into this area across a range of functional uses and seed types.
SustaineTM microcapsules are naturally sourced, plastic-free, biodegradable micro-spheres derived from yeast. The Sustaine technology has enabled the safe and effective use of Eden's registered active ingredients and those of third parties by improving bioactivity, controlling volatility and improving crop safety.
Sean Smith, Chief Executive Officer of Eden, said: "The potential use of Eden's active ingredents and Sustaine formulation technology in seed treatments has been understood by Eden for some time, but this is the first opportunity on a major scale where we have partnered with a company to develop fully and commercialise a product using Sustaine in this new application area.
"We are very pleased to be partnering with Corteva who, aside from being one of the largest agriculture input companies in the world, is particularly well known for its expertise in the area of seeds and seed treatments. This Agreement follows positive initial field trials which Corteva undertook during 2019 and so this next stage represents a great step forward in our working partnership."
Andre Negreiros, Seed Applied Technologies Leader, Europe, for Corteva Agriscience, said: "We are excited to be working with Eden to offer farmers complete solutions with an environmentally favourable profile. As a company committed to sustainability, we are pleased to be using the Sustaine™ formulation technology to help solve the microplastics problem in line with consumer expectations.
"This collaboration reflects Corteva Agriscience's approach to open innovation, leveraging collaborations around the world to pursue innovations that enhance growers' productivity, environmental sustainability, and keep growing what matters - now and for generations to come."
The information contained within this announcement (the "Announcement") is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this Announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information contact:
Eden Research plc |
www.edenresearch.com |
Sean Smith Alex Abrey |
01285 359 555 |
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Cenkos Securities (Nominated advisor and broker) |
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Giles Balleny / Cameron MacRitchie (corporate finance)
Michael Johnson (sales) |
020 7397 8900 |
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Powerscourt (Financial PR) |
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Nick Dibden Courtney Sanford |
020 7250 1446 [email protected] |
Notes:
Eden Research is an AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries
Eden's Sustaineä encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can be used with both natural and synthetic compounds to enhance their performance and ease-of-use.
Sustaine microcapsules are naturally derived, plastic-free, biodegradable micro-spheres derived from yeast extract. They produce stabilised aqueous suspensions which, are easy to mix and apply, have phased release patterns, are safer for the environment and the crops themselves.
The European Chemicals Agency (ECHA) has proposed an EU-wide restriction on the placing on the market or use of "intentionally-added" microplastic particles. The proposed restriction includes the use of microplastics for agricultural and horticultural purposes, including polymers utilized for controlled-release fertilizers, encapsulated plant protection products (PPPs), seed coatings, and biocides.
By 2025 in the EU, pesticides containing synthetic polymer microplastics are likely to be banned and removed from the market. The only acceptable alternative is the substitution with biodegradable formulations. Reformulated products will need to be evaluated and registered within the five-year transition period.
Sustaine is one of the only viable, proven and immediately registerable solutions to the microplastics problem in formulations requiring encapsulation.
Historically, terpenes have had limited commercial use in the agrochemical sector due to their volatility, phytotoxicity and poor solubility. Sustaine 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 £14m 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, Mevalone, were approved as new ingredients for use in plant protection products by the European Commission ("EC"). 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 2013, Eden's approvals represented 3 of only 10 new active ingredients approved by the EC.
Mevaloneä is a foliar fungicide which has been authorised for sale in Kenya, Malta, Greece, Bulgaria,
Spain, Italy, France, Cyprus, Albania, Portugal and Macedonia.
Cedrozä is a nematicide which has been authorised for sale in Malta, Belgium and Mexico.
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.
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