Eden Research plc (AIM: EDEN; OTCQB: EDNSF), an AIM-quoted company specializing in sustainable biopesticides and plastic-free formulation technology, has announced receiving regulatory approvals for its formulated products Cedroz™ in California and Mevalone® and Cedroz in Florida.
These approvals follow a September 2022 regulatory authorization from the United States Environmental Protection Agency (EPA) for all six petitions submitted by Eden. The approval paves the way for significant revenue opportunities for the company in the US, with a market potential of approximately €94 million for Mevalone and €189 million for Cedroz.
The company expects substantial product sales to begin by the 2024 growing season, with peak market penetration anticipated after three years. Potential sales across the US are estimated to be around €2.8m for Mevalone and €5.7m for Cedroz, based on peak sales and an entire label of all critical target diseases and crops.
California and Florida are of particular importance given the prevalence of high-value horticultural crops, such as tomatoes, cucumbers, strawberries, oranges, and grapes, where Eden’s products have shown high effectiveness.
Florida has approved Mevalone® for use on botrytis on table and wine grapes. In contrast, Cedroz™ has been approved in California and Florida for use on various species of “nematodes” affecting a variety of fruits and vegetables.
Eden’s application for regulatory approval in California is still in progress, with clearance expected shortly.
Amidst a global rise in bans on conventional chemical pesticide products, farmers require effective alternatives to maintain yields and meet the growing demand for safe, sustainable food production. Biopesticides like Cedroz and Mevalone quickly become the go-to solution for farmers seeking more eco-friendly practices. Eden’s products, free of intentionally added microplastics, are based on naturally occurring compounds that form part of a plant’s defense system.
“California and Florida are amongst the most significant addressable markets in the US, considering their production of high-value crops. These approvals represent another important step in Eden’s expansion into the United States, the world’s second-largest food market,” commented Sean Smith, Chief Executive Officer of Eden Research plc. He added, “As a small but innovative British business, we are proud of the impact that Eden can have on the global stage. Our pioneering products and technologies are receiving regulatory approval and being distributed by our partners across Europe, Africa, and North America, accelerating global change in the sustainable agricultural space.”