Eden Research fungicide wins Spain approval

Eden Research took its vineyard-saving fungicide to another of the world's largest wine producers on Monday, with authorisation from Spanish authorities for the use of 3AEY in the country.

The AIM-traded microencapsulation technology company said 3AEY would be sold in Spain by partner Sipcam Iberia, under the trade name ARAW, with Eden receiving royalties from sales.

Directors described the deal as another significant milestone, allowing it to access the third largest wine producer in the world. The approval came in time for the 2016 growing season, and followed hot on the heels of approval in Italy, announced on 11 February.

3AEY is now approved for sale in Kenya, Malta, Greece, Bulgaria, Italy and Spain.

"Sipcam has already initiated pre-marketing efforts and is now able to pursue full product launch for ARAW in time for this year's growing season," said Eden chief executive Sean Smith.

"Going forward, we will continue to work with Sipcam to support the further development of 3AEY for non-grape crops through the label extension process. Furthermore, we are also working together to explore the potential to develop 3AEY for the treatment of other fungal pathogens on grapes and other high-value fruits and vegetables," he added.

3AEY was a terpene-based fungicide specifically targeting botrytis, a fungal disease that caused grey mould on a number of fruits and vegatabled. Botrytis can destroy up to 30% of a vineyard in a matter of days if left untreated, the company said.

Shares in Eden were 15% higher at 14.06p by noon on Monday.