News Archive
Licence Agreement with Cheminova
Eden Research plc, a leading UK agrochemical development company, is pleased to announce that it has entered into a licencing agreement with Cheminova for Europe (excluding the territories already under licence to Redestos) and the USA for its terpene based botrytis treatment. Cheminova is a leading Danish manufacturer of fine chemicals within the plant protection sector, and is the principal subsidiary of Auriga Industries A/S, listed on the Copenhagen Stock Exchange.
This is a significant development in Eden's strategy to develop natural solutions for worldwide applications for the treatment for plant botrytis. The licence agreement provides for Cheminova to pay upfront and milestone payments of up to Euros 2.2 million plus royalty payments once marketing of the product commences.
Eden and Cheminova will work in partnership to develop the botrytis application products gaining approval for EU registration. Cheminova will take over responsibility for the individual national filings for each country under the licence. Data will be provided by Eden to facilitate this process.
The fungus Botrytis cinerea is very common in nature, and causes diseases on a wide variety of high value crops most notably botrytis grey mould on grapes. Grey mould can cause serious losses on susceptible grape varieties. Losses result from the rotting of berries in the field or in storage, such that infected fresh grapes are unpalatable to the consumer and produce inferior juice and wine.
Tim Griffiths, Chief Executive of Eden Research said:
"This is an exciting agreement and a significant step on our way towards commercialising our product portfolio across the world. We look forward to working with such an industry leading partner in Cheminova and this deal will enable us to speed up the commercialisation process, which in turn will deliver value for our shareholders."
Jesper K. Hansen, Vice-President, Sales & Marketing of Cheminova said:
"Eden Research's terpene technology offers an exciting opportunity to develop novel, proprietary products that will complement our product portfolio well. We look forward to working together with Eden Research to explore commercial opportunities for their technology in other plant protection segments beyond botrytis control."
For further information:
| Tim Griffiths, Chief Executive | Eden Research plc | Tel: 01993 868844 |
| Jonathon Brill /Caroline Stewart | Financial Dynamics | Tel: 020 7831 3113 |
ABOUT EDEN RESEARCH PLC
Eden Research plc is a UK publicly listed company on the PLUS Market, specialising in the development of agrochemical products and intellectual property through licensing and marketing agreements.
Eden is focused on developing products for the agricultural sector through the application of terpene chemistry and other patented environmentally friendly technologies. Eden is currently working alongside universities and partner companies in developing its product portfolio towards commercialisation.
For further information please visit www.edenresearch.com.
ABOUT CHEMINOVA
Cheminova is a manufacturer of fine chemicals, with its main business area within plant protection products. Cheminova has developed a wide range of plant protection products by in-house process and formulation development, and markets its products globally through subsidiaries in 17 key countries and through distribution partners in most other countries.
The annual turnover is approximately 4 billion Danish Kroner (DKK). Cheminova employs 800 people in Denmark and 750 abroad. Cheminova is 100% owned by Auriga Industries A/S, a publicly traded company on the Copenhagen Stock Exchange, which owns three subsidiaries: Cheminova A/S, Hardi International A/S, one of the world's leading manufacturers of sprayers and spraying equipment for efficient plant protection, and Skamol A/S, which offers thermal insulation materials in the temperature range up to 1150°C.
For further information, please visit www.cheminova.com.