LONDON (ShareCast) - (Sharecast News) - Biopesticides and biocontrol products developer Eden Research announced on Friday that it has received regulatory approval in Mexico for 'Novellus+', an enhanced version of its flagship fungicide 'Mevalone'.
The AIM-traded firm said the product was approved for use against botrytis on a wide range of horticultural crops, including grapes, tomatoes, strawberries, and peppers, among other high-value fruits and vegetables.

It said the distribution of Novellus+ in Mexico would be managed exclusively by Advan Mexico, a subsidiary of Sipcam Oxon and one of the country's largest agrochemical input providers.

Advan's network of farmers would reportedly position Novellus+ to gain significant market traction in Mexico's diverse agricultural sector.

The approval was Eden's second regulatory success in Mexico, following the approval of its bionematicide 'Cedroz' in 2019.

Eden said the addition of Novellus+ was expected to contribute meaningfully to its revenue in the coming seasons, reflecting growing demand for sustainable agricultural solutions.

The company noted that Mexico, one of the world's top 15 economies, is a major exporter of agricultural products, particularly to the United States.

Its agricultural sector faced stringent cross-border standards, emphasising the need for residue-free produce.

Exports of berries, tomatoes, and peppers to the US alone totaled about $7.6bn in 2022.

"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," said chief executive officer Sean Smith.

"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."

Smith said registration efforts were also "well underway" in several additional countries, with the company "looking forward" to providing further updates on the growth of Novellus+ within its 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."

At 0937 GMT, shares in Eden Research were up 0.13% at 3.86p.

Reporting by Josh White for Sharecast.com.

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