LONDON (ShareCast) - (Sharecast News) - Biopesticide developer Eden Research reached several key milestones and made good progress with the commercialisation and regulatory clearance of its products over the last twelve months.
Eden's chairman Lykele van der Broek told investors at the group's annual general meeting on Tuesday that sales of its botrytis treatment, Mevalone, had more than doubled to £1.6m, helping it achieve overall revenues of £2.8m.

Van der Broek attributed the growth to the same commercial "footprint" that was in place in 2017, which he said was "a good like-for-like comparison reflecting a growing market share and strong product adoption of our first product."

Elsewhere, Eden's commercial partner, Eastman Chemical, received authorisation for the AIM-listed group's nematicide formulation, marketed as Cedroz, from the Regulatory Affairs Directorate in Malta and has also been issued an emergency authorisation from the Italian Ministry of Agriculture.

"The granting of this type of authorisation gives an indication as to the need for this type of product in the market and has resulted in the first commercial sales of Cedroz," said van der Broek.

Looking forward, the chairman warned: "It is clear that the world of agchem, whilst inherently conservative, is swiftly undergoing major disruption due to external drivers such as regulatory issues, resistance problems with conventional pesticides, and the ever-increasing cost of the registration of new products.

"In this environment of turmoil and disruption caused by the removal of important conventional pesticides from global markets at a rate that is troubling for farmers, Eden is well-placed to sustainably and effectively meet many of the current and future needs of growers."

Van der Broek concluded by saying Eden's products aligned "perfectly" with the course set for the industry by changing public policy and increasingly challenging regulations.

As of 1130 BST, Eden shares had picked up 2.12% to 11.54p.

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