Eden Research reports strong progress and future prospects in sustainable biopesticides

Eden Research plc (AIM: EDEN), a leader in sustainable biopesticide and biocontrol technology, held its Annual General Meeting.

At the meeting, Eden's Chairman, Lykele van der Broek, made the following statement:

"Over the past year, Eden has made tremendous strides in its journey towards becoming a leader in the biological crop protection industry.

With revenues up 34% year on year, we are confident in the trajectory we are setting for the Company, which is supported by the growing demand for our innovative products in a changing agricultural landscape. We have experienced a year of key regulatory milestones and product development advancements, which will help continue to drive revenue in the short and medium term and support us in reaching the point of cashflow positivity, which will be a significant milestone for the business.

One of the major highlights of the year was the regulatory authorisation of Mevalone^® for Botrytis and powdery mildew in California, the largest wine-producing region in the US, by far. The state's agricultural sector has a strong focus on sustainability, and the approval of our biofungicide product has opened up substantial commercial opportunities for Eden in the region.  We anticipate a meaningful increase in sales in the coming years as a result, once certain label restrictions have been removed.

In addition, the authorisation of Mevalone^® for use on a significant number of new crops and fungal pathogens in Spain further expands its addressable market, commercial potential, and overall appeal to growers. This approval is already yielding results, with our team seeing early benefits in 2025.

We were also excited to receive regulatory approval for Novellus+ in Mexico. This new formulation of Mevalone^® represents an enhanced version of our flagship fungicide, offering stronger appeal in certain important markets. The approval opens new revenue opportunities for Eden, particularly in horticulture, where we see strong demand for sustainable crop protection solutions.

Another key achievement in 2024 was the continuation of the emergency use authorisation for Ecovelex in Italy. This product has been a key driver of revenue for Eden, with meaningful sales recorded towards the end of the year. The ongoing regulatory progress towards full authorisation in the foreseeable future is a major step in unlocking the product's full potential across Europe. With full approval, Ecovelex will be able to address the European market, as a whole, and we expect it to become an even more significant contributor to Eden's revenue growth in the years ahead.

Our wider product pipeline remains robust, with several exciting products under development, including our first bioinsecticide, which targets key pests such as aphids, spider mites, and whiteflies.

Eden and its partners completed over 140 field trials for our insecticide in 2024, a testament to the growing interest in Eden's innovative products. As we approach the commercialisation phase, we are engaging with several potential distribution partners and expect to conclude negotiations as soon as practicable. The insecticide market holds tremendous potential for Eden, especially as traditional chemical products come under increasing regulatory scrutiny due to environmental and health concerns. Eden's insecticide represents an exciting opportunity to fill this gap with a sustainable and effective solution for farmers. We anticipate regulatory submissions in the US and Europe in due course, with the potential for first sales in the US within the next two years, subject to regulatory approvals.

We are also working on two additional product candidates: a second biofungicide targeting late blight and a bioinsecticide aimed at controlling Lepidoptera pests. These products represent significant commercial opportunities for Eden and will help to further diversify our product offering and revenue streams.

The growth of our team in 2024 has been an important part of our progress. We have made several key hires in strategic areas, including sales, regulatory affairs, supply chain, and marketing and product management. These additions will help us scale our business and accelerate the commercialisation of our pipeline as we expand into new markets, products and applications.

At the Board level, we were also pleased to welcome Derek McAllan as a new Non-Executive Director and Chairman of the Audit Committee, who brings valuable experience in advising growth companies, particularly in the life sciences sector. We look forward to his contributions as we continue to grow our business.

The agricultural industry continues to evolve, and Eden is at the forefront of this transformation. Biopesticides are increasingly seen as a key solution to the environmental and health challenges posed by some conventional pesticides. As a result, we are witnessing a surge of interest in Eden's products from growers seeking effective and sustainable alternatives. Despite the ongoing challenges in the industry, such as the slow pace of regulatory approval, supply chain disruptions, and price volatility of agricultural produce, we are optimistic about the future. The continued demand for biopesticides and the increasing regulatory support for sustainable farming practices provide a strong tailwind for Eden's growth.

Looking ahead, we remain optimistic about Eden's prospects. Our revenue growth, regulatory achievements, product development progress, and commercial partnerships position us well for the future. I would like to take this opportunity to thank our shareholders for their continued support and the entire Eden team for their tireless efforts. Together, we are building a sustainable future for Eden and for the agricultural industry."

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