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(Sharecast News) - Biopesticides developer Eden Research has signed an agreement with Corteva France, it announced on Thursday, allowing Corteva to market, distribute and sell Eden's fungicide product 'Mevalone' in France on an exclusive basis.
The AIM-traded firm described Mevalone as its flagship, sustainable, foliar biofungicide, used to treat botrytis cinerea on grapes and various other crops - a fungal disease commonly found in crops exposed to humid conditions.
It also recently received authorisation for the use of Mevalone on pome fruits, including apples and pears, in France to help treat post-harvest diseases that arise during storage, thus significantly reducing food waste.
Eden said there was "significant" future potential to expand the use of Mevalone for the treatment of powdery and downy mildews, adding that field trials for the applications on grapes were currently underway, with the potential to expand further to include crops such as berries and stone fruits.
All expanded uses of Mevalone remained subject to regulatory approval, which was expected in the coming years.
The company said the agreement with Corteva would be implemented "immediately", with commercial progress expected over the course of the next year as Eden transitioned from its current distribution arrangements.
"Expanding our partnership with agriscience powerhouse Corteva reflects the further execution and acceleration of Eden's commercial strategy," said chief executive officer Sean Smith.
"Eden has a strong existing partnership with Corteva with our ongoing collaboration around the development of seed treatments, and this agreement marks the expansion of our relationship with the focus of this agreement being to increase Eden's commercial presence in the all-important French grape and pome fruits markets."
Smith said Corteva's "vast presence" in France would enable Eden to capitalise on the commercial opportunities that exist within the market, adding that it had "strong potential" to increase its product sales revenue.
"Coupled with our recently received EPA approval in the US, this agreement highlights the global demand for sustainable biopesticides and the strides Eden is making to broaden its global footprint and accelerate commercial growth."
At 1516 GMT, shares in Eden Research were down 2.3% at 5.52p.
Reporting by Josh White for Sharecast.com.
