Milestone Agreement signed with Corteva

12 May 2021

Eden Research Plc

("Eden" or "Company")

Milestone Agreement signed with Corteva Agriscience for seed treatment product

Eden Research plc (AIM: EDEN), the AIM-quoted company focused on sustainable bio-control solutions for the global crop protection, animal health and consumer products industries, announces the signing of an exclusive Commercialisation, Supply and Distribution Agreement ("Agreement") with Corteva Agriscience ("Corteva"), for Eden's first seed treatment product ("Product").

Commercial highlights:

-     Follows successful evaluations of Eden's products and technology by Corteva for select seed treatment applications since late 2019

-     The Agreement grants exclusive rights to Corteva for the development, commercialisation, and distribution of Eden's first seed treatment product for use in the European Union, United Kingdom and Serbia

-     The Product is based on Eden's registered active ingredients delivered using its novel, patented Sustaine® encapsulation technology based upon natural, plastic-free, biodegradable micro-spheres

-     Eden and Corteva intend to collaborate on the evaluation of additional uses of Eden's products and technology in the seed treatment market, which is worth approximately US$6.5 billion annually with an estimated annual growth rate of between 10 and 12 percent

-     Significant corporate milestone for Eden marking its first foray into the use of its active ingredients and Sustaine® technology in seed treatments and the first use of its products and technology on broad acre crops, with promising future revenue potential.

-     This announcement does not change management expectations in the short term.

Eden and Corteva will continue to collaborate to further develop and optimise Eden's seed treatment product. The companies are committed to working together to register the final product candidate with the aim of initially launching the Product in the European Union, the UK and Serbia in time for the 2024 growing season, although both companies acknowledge that this is an estimate and is open to revision, dependent on development and product registration.

During the initial evaluation period, Corteva and Eden performed several field trials in Europe which validated the efficacy of the Product. Corteva and Eden have defined a joint regulatory strategy to register the Product and enable entry into the market in the shortest time possible.

Corteva is global pure-play agriculture company, and a leading supplier of seeds for a wide range of crops. It was formed from the merger of Dow Agrosciences, DuPont Crop Protection and DuPont Pioneer.

Sean Smith, CEO of Eden Research, commented: "The agreement with Corteva is a defining moment for Eden and clearly demonstrates the next major step in the development of a new product in the significant seed treatment market, whilst also expanding our product coverage to broad acre crops. Corteva is one of the largest agriculture input companies in the world and has extensive expertise in the seed treatments field. We are delighted to be working with Corteva to help meet the needs of farmers who are increasingly aware of the need to source sustainable farming inputs to ensure a greener future.

"Against a backdrop of the growing consumer sustainability agenda, we are excited about what our products and technologies have to offer food producers. This is just one of the first steps in realising our ambitions within agriculture and beyond, and we are very pleased to support global efforts to bring sustainable chemistry to market for important, consumer-facing uses."

Andre Negreiros, Seed Applied Technologies Leader, Europe, for Corteva, said: "We have seen very impressive results from the field trials carried out since the launch of the agreement with Eden Research and are excited to fast-track the introduction of this innovative solution to the European markets.

"We know from our research that more sustainable agriculture is a top priority for both farmers and consumers in Europe. Corteva Agriscience is committed to meeting demand for high performing and complete seed treatment solutions with an environmentally favourable profile, as outlined in our 2030 Sustainability Goals.

"This collaboration also reflects our 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.

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Notes to Editors:

About Eden Research 

Eden Research is the only UK-listed company focused on biopesticides for sustainable agriculture. It develops and supplies innovative biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries. 

Eden's products are formulated with terpene active ingredients, based on natural plant defence metabolites. To date, they have been primarily used on high-value fruits and vegetables, improving crop yields and marketability, with equal or better performance when compared with conventional pesticides. Eden has two products currently on the market:

Mevalone® is a foliar biofungicide which initially targets a key disease affecting grapes and other high-value fruit and vegetable crops.  It is approved for sale in a number of key countries whilst Eden and its partners pursue regulatory clearance in new territories thereby growing Eden's addressable market globally.

Cedroz™ is a bionematicide that targets free living nematodes which are parasitic worms that affect a wide range of high-value fruit and vegetable crops globally.  Cedroz is registered for sale on two continents and Eden's commercial collaborator, Eastman Chemical, is pursuing registration and commercialisation of this important new product in numerous countries globally.

Eden's products are delivered using patented Sustaine® encapsulation technology, which 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. 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.

Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN. It was awarded the London Stock Exchange Green Economy Mark in January 2021, which recognises London-listed companies that derive over 50% of their total annual revenue from products and services that contribute to the global green economy. Eden derives 100% of its total annual revenues from sustainable products and services.