Eden Research receives regulatory approval for Novellus^®+ in Mexico

Eden Research plc (AIM: EDEN), a leader in sustainable biopesticide and biocontrol products, announced that it has received regulatory approval in Mexico for Novellus^®+, a new, enhanced version of its flagship fungicide, Mevalone^®. The product's regulatory approval applies to its use against botrytis on a range of horticultural crops, comprising grapes, tomatoes, peppers, potatoes, strawberries, blueberries, raspberries, gooseberries, eggplant, okra, as well as several other high value fruit and vegetables.

Novellus+ will be exclusively distributed and sold by Sipcam Oxon's Mexican subsidiary, Advan Mexico SA de CV ("Advan"). Advan is one of Mexico's largest agrochemical input providers and supplies an extensively network of farmers across the nation.

This latest authorisation is Eden's second authorised product in Mexico, having previously obtained regulatory approval for its bionematicide, Cedroz™, in 2019.  The addition of Novellus+ is expected to meaningfully contribute to the Company's revenues in the coming seasons.

The Mexican agricultural sector is recognised for being a diverse market with its wide variety of crops in multiple categories. Mexico ranks with the world's largest 15 economies and is home to a number of leading international organisations, accompanied by world class universities and research centres specialised in crop science. A large share of Mexico's agricultural production is exported, with the US as its largest export market. Such exports demand high quality production standards and a strong pressure for residue-free harvests from the food chain to meet strict cross-border regulations. Mexican exports of berries to the US represented approximately $3.5 billion in 2022, with tomatoes and peppers constituting approximately $2.5 billion and $1.6 billion¹ respectively.

Sean Smith, Chief Executive Officer of Eden Research plc, commented:

"Given the significance of Mexico's agricultural exports, the approval for Novellus+ in Mexico marks an important milestone for the Company as we continue to grow our product sales across North America. Critically, this latest approval includes an extensive range of crops which means that we are able to take advantage of the diverse nature of Mexico's agricultural market as well as its standing as one of the world's largest crop producing nations.

This is also an exciting development as Novellus+ represents an evolution of Mevalone, allowing improved rates in the field, high levels of efficacy and a broader list of targets, all contributing to a larger addressable market in select territories. Registration efforts are also well underway in several additional countries, and we look forward to providing further updates on the growth of Novellus+ within our portfolio.

We believe that the sustainability and efficacy of Novellus+ will stand our product apart in a growing market, particularly as local regulations increasingly demand strict control of pesticide residues on fruit and vegetables in order to meet consumer expectations and international standards."

Giulio Testa, Product Manager Biorationals, Sipcam Oxon, commented:

"Sipcam Oxon is excited about the new registration of Novellus+ in Mexico. This milestone further strengthens the product development pipeline in key markets where Sipcam Oxon operates through its affiliates. With its high-value crops and vegetables, primarily grown for export, Mexico offers significant market potential for botanical products like Novellus+. The successful development of Novellus+ highlights the fruitful collaboration between Eden and Sipcam, combining their expertise to create an enhanced formulation that delivers consistent efficacy and versatility."

¹ SOURCE: https://www.ers.usda.gov/topics/international-markets-u-s-trade/countries-regions/usmca-canada-mexico/mexico-trade-fdi/