12th May 2023 11:04
(Alliance News) Eden Research PLC said on Friday it has received regulatory approval in the US for its formulated sustainable biopesticides products, with Cedroz cleared in California and both Mevalona and Cedroz cleared in Florida.
Abingdon, Oxfordshire-based Eden is focussed on sustainable biopesticides and plastic-free formulation technology for use in global crop protection, animal health, and consumer products industry.
Eden received regulatory approval from the US Environmental Protection Agency last September for all six of its petitions, and said this has opened up revenue opportunities for the company of an estimated EUR94 million for Mevalone and EUR189 million for Cedroz.
Eden said that meaningful products sales will begin during the 2024 growing season, and will reach a peak market penetration in the subsequent three years. The company predicts potential US sales at EUR2.8 million for Mevalone and EUR5.7 million for Cedroz.
"California and Florida are amongst the most significant addressable markets in the US considering their production of high value crops," Chief Executive Officer Sean Smith said.
Eden said its product are effective on tomatoes, cucumbers, strawberries, oranges and grapes, all grown in the two states.
"These approvals represent another important step in Eden's expansion into the United States, the world's second largest food market," Smith said. "As a small but innovative British business, we are proud of the impact that Eden can have on the global stage."
Eden Research were trading at 6.0% higher at 4.50 pence on Friday morning.
By Will Neill, Alliance News reporter
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