Business
Regulatory approvals in California and Florida
Regulatory approvals in California and Florida.
About this update from Eden Research Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n12 May 2023\n \n\n \nEden Research Plc\n(\"Eden\" or \"Company\")\n \nRegulatory approvals in California and Florida\n \nEden Research plc (AIM: EDEN; OTCQB: EDNSF), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, announces that it has received regulatory approvals for its formulated products Cedroz™ in California and Mevalone® and Cedroz in Florida.\n \nThese approvals follow regulatory authorisation from the United States Environmental Protection Agency (EPA) in September 2022 for all six petitions submitted by Eden (three active ingredients, two formulated products and Eden's Sustaine® polymer-free encapsulation technology; making up the building blocks of current and future products), opening up significant revenue opportunities for the company with a market potential in the US of approximately €94 million for Mevalone and €189 million for Cedroz.\n \nIt is expected that meaningful product sales will begin in time for the 2024 growing season and estimated that peak market penetration will be reached after three years. Potential sales in the US, as a whole, are estimated to be c.€2.8m for Mevalone and €5.7m for Cedroz, based on peak sales and a full label of all key target diseases and crops.\n \nCalifornia and Florida are key areas of focus given the prevalence of high value horticultural crops where Eden's products are highly effective - including tomatoes, cucumbers, strawberries, oranges and grapes.\n \nMevalone® has been approved in Florida for use on botrytis on table and wine grapes.\n \nCedroz™ has been approved in California and Florida for use on all relevant species of \"nematodes\" on fruits and vegetables including egg...