Eden BioSolutions Wins US Fungicide Approval

Eden BioSolutions (LON: EDEN) shares jumped about 20% today after the US Environmental Protection Agency granted unconditional registration to Mevalone Delta, a new version of the company’s biofungicide. Eden develops natural, plant-derived crop protection products and is listed on AIM in London.

The shares traded at 3.733p at 13:52 London time, a delayed quote, against 3.1p at yesterday’s close. They opened at 3.255p and have ranged between 3.0p and 3.9p, on volume of 6,675,811 shares against 113,185 yesterday.

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Eden’s statement came at 7am, before the market opened, and the link between the news and the move rests on that timing. It said the EPA had granted registration under FIFRA, the federal approval needed to sell a pesticide in the US.

Mevalone Delta uses the same three natural active ingredients as Mevalone, eugenol, geraniol and thymol, in an optimised formulation that Eden says suits cost-sensitive buyers. It can be applied up to three days before harvest on grapes, almonds, strawberries and other berries, and leafy vegetables.

The crops on the label had a combined US farm-gate value, what farmers receive for crops sold, of about $33bn in 2024. Eden estimates its addressable US market for the product at about $144m and expects roughly 3% market share at peak. Those are company estimates, not analyst forecasts.

Sean Smith, Eden’s chief executive, described the registration as a step in a major market:

The registration of Mevalone Delta is another significant milestone for Eden in the United States, one of the world’s largest markets for crop protection products.

Sean Smith, Eden BioSolutions

Sipcam Agro USA, Eden’s existing US partner for Mevalone, will distribute the new product. Its chief executive, Brent Marek, said the company was delighted to add Mevalone Delta to its portfolio.

Sales cannot start until each state completes its own registration, which Eden expects to take one to 12 months depending on the state. The shares had already climbed from 2.45p on the 26th of October to a 3.85p close on the 2nd of November.