Eden News

Eden proposes to raise, subject to certain conditions (i) £10.1 million (before expenses) by the conditional Placing and Subscription of 168,333,334 new Ordinary Shares at the Issue Price to certain institutional and other investors including Sipcam; and (ii) up to approximately £0.5 million (before expenses) by way of an Open Offer made to Qualifying Shareholders of up to 8,287,573 new Ordinary Shares at the Issue Price.

The net proceeds of the Placing, Subscription and Open Offer will be used to advance the development, registration and commercialisation of new product categories, including new insecticide formulations and seed treatments, as well as to provide additional working capital for the Group associated with the new development areas.

A General Meeting will be held at DAC Beachcroft LLP, 25 Walbrook, London EC4N 8AF at 11.00 a.m. on 18 March 2020.

Further details can be found here.

Today Eden announces a one year exclusive evaluation agreement with Corteva Agriscience.

Corteva will evaluate Eden's Sustaine^TM technology and terpenes in seed treatment applications. The multi-billion dollar seed treatment sector is forecast to grow at 9.8% CAGR to 2024 and biological solutions in particular are in demand. 

For full details of the announcement, please click here.

Eden's three terpene active ingredients - thymol, eugenol and geraniol - have been granted organic approval in the EU.

This news starts the new year with a bang as the organic sector is experiencing continued strong growth. In the last 10 years the area under organic production has increased by 70% in the EU alone. Globally, the EU is the second largest consumer of organic products, with the annual value reaching over €34billion. 

For full details of the announcement, please click here.

Eden's commercial partner Sipcam will now distribute and sell Mevalone in Portugal and Benelux (subject to regulatory approval in Benelux). 

Growers will benefit from both strong product performance and the considerable expertise to support it, which Sipcam has developed in Italy and Spain (where Mevalone is branded as 3logy and ARAW).

Portugal ranks 9th in the world for area under vines and is a key market for Eden's Mevalone bio-fungicide.

For full details of the announcement, please click here.

Mexico has authorised the use of Cedroz on a wide range of crops, including tomatoes, potatoes, peppers, eggplants, melons, chili peppers, pepinos and squash. Significantly, Mexico is the largest exporter of tomatoes globally, as well as being the largest supplier of agricultural products to the U.S.

This first entry into the Americas is a positive development for Cedroz and Eden's Sustaine^TM encapsulation technology and represents increasing demand for more sustainable solutions in agriculture.

For full details of the announcement, please click here.

Eden is pleased to announce a new distribution agreement with SumiAgro Europe which allows SAE the exclusive right to sell Eden's fungicide product, Mevalone, in five new markets across central Europe, including Germany and Poland.

The agreements includes treatment of grapes against Botrytis and treatment of apples against post-harvest storage diseases.

For full details of the announcement, please click here.

Eden is pleased to announce that it has been highly commended in two categories in the 2019 Agrow Awards.

Sustaine™ was highly commended in the Best New Formulation Category. 

Sustaine™ is a novel, patented encapsulation solution for a wide range of currently registered agrochemicals. Sustaine™ capsules are naturally sourced biodegradable micro-spheres producing stablished aqueous emulsions which, are easy to mix and apply, safer to the environment and have reduced phytotoxicity. It is one of the only viable, proven and immediately registerable solutions to the microplastics problem.

Mevalone™ was highly commended in the Best New Biopesticide category. 

Mevalone™ is a unique biofungicide based on natural plant chemistry, successfully utilised by growers as a valuable part of their crop protection programmes. Developed by Eden Research plc and distributed via commercial partners across Europe and Kenya, Mevalone provides an invaluable tool to tackle Botrytis cinerea. The antifungal activity of a combination of three plant terpenes is harnessed by Eden’s patented microencapsulation technology, Sustaine™. Solvent free, residue exempt, efficacious and price competitive, Mevalone represents a significant step forward in the development of new and reliable, biological crop protection technology.

https://agribusinessintelligence.informa.com/events-and-webinars/events/crop-science-forum-and-awards

Eden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural, plastic- free microencapsulation technologies to the global crop protection, animal health and consumer products industries, announces that Sean Smith, CEO, has today purchased 114,313 ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") at a price of 8.3 pence.

Following this purchase, Mr Smith holds 547,706 Ordinary Shares representing approximately 0.26 per cent. of the Company's issued share capital.

For full details please click here.

Eden is pleased to announce that its commercial partner, Eastman Chemical Company ("Eastman"), has received full authorisation for Eden's nematicide formulation, marketed as Cedroz^TM by Eastman, from the Belgian Ministry of Agriculture.

Cedroz is an innovative and natural solution designed to fight nematodes, a pest that is known to cause severe damage to crops globally for both open field and greenhouse growers, resulting in potential yield losses and increasing farmers' costs. Belgium has authorised the use of Cedroz on a wide range of crops, including cucumbers, courgettes, melons, aubergine, peppers, tomatoes and strawberries.

Whilst the market opportunities for Cedroz in Belgium are smaller than in other markets such as Italy and Spain, this is the first full authorisation in the EU following the initial authorisation of Cedroz by the Rapporteur Member State, Malta, earlier this year. This is also the first authorisation of any Eden formulated product for use in greenhouse applications in Europe.

In line with consumer demand and a regulatory push for products that support sustainable agriculture and zero pesticide residues, Cedroz is an attractive alternative for farmers looking to fight nematodes in an environmentally friendly way. Unlike many other products, Cedroz is residue-free and has a zero-day pre-harvest interval, thereby allowing applications right up to harvest, if required.

Sean Smith, Chief Executive Officer of Eden, said: "There are multiple, significant opportunities for the use of Cedroz in greenhouse applications which means that the authorisation in Belgium, where the primary use will be in greenhouses, is a very good starting point for authorisations to come in other EU Member States.

In addition, authorisations which are due to follow in other Member States will also include outdoor application where the market opportunities are potentially even greater."

For further detail please click here.

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, announces its interim results for the six months ended 30 June 2019. 

Financial highlights

• Revenue for the period of £0.58m (H1 2018: £0.68m)
• Product sales £0.45m (H1 2018: £0.68m) 
• Upfront and milestone payments of £0.13m (H1 2018: £nil)
• Operating loss for the period reduced to £0.63m (H1 2018: £0.93m) 
• Cash and cash equivalents of £1.36m (H1 2018: £2.62m)

Business & Operational highlights  

• Eden's nematicide formulation, Cedroz, has been approved by the zonal rapporteur member state for use in the southern and indoor EU regulatory zones. Cedroz is an innovative and sustainable solution designed to fight plant parasitic nematodes, pests that are known to cause severe damage to crops globally in both open field and greenhouse growing environments, resulting in significant yield losses and increasing growers' costs. 
• Emergency use authorisation granted in Italy for the treatment of nematodes on tomatoes and a range of additional crops, leading to the first commercial sales of Cedroz.
• Emergency use authorisation has been granted for the use of Mevalone to combat post harvest storage disease on apples in France.  Mevalone is a terpene-based fungicide that initially targeted Botrytis, a widespread fungal disease that causes grey mould on many fruits and vegetables, leading to the rapid loss of commercially valuable crops.  Treatment of apples for post harvest diseases represents an entirely new market for Mevalone.
• Appointment of Rob Cannings as Commercial Director and Felicity Lenyk as Product and Market Manager.

The full report can be downloaded here.