16th Jun 2020 10:21
(Alliance News) - Shares in Plant Health Care PLC rose on Tuesday after the US Environmental Protection Agency approved the company's application for the novel peptide product PHC398.
Shares in the AIM-listed provider of novel patent-protected biological products were 5.8% higher at 9.65 pence on Tuesday mid-morning in London, having initially risen 20% to 10.96.
PHC398 is the first active ingredient from Plant Health Care's PREtec technology platform approved for registration anywhere in the world. The approval will make it quicker and cheaper for future PREtec products to be registered in the US.
PREtec peptides are derived from natural proteins, and are used to protect crops and increase yields.
Looking ahead, Plant Health Care has submitted PHC279 for approval by the US EPA for use on several row crops, such as corn and soybeans, as well as fruit and vegetable crops.
"We are very pleased to have achieved this first registration of a PREtec peptide. The EPA's positive review on PHC398 greatly increases the probability that future peptides from the PREtec platform will be registered quickly and at low cost. The first commercial product in line for registration is PHC279 which has generated strong results from testing in 2019 in the US and Brazil," said Chief Executive Officer Chris Richards.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
PHC.L