Eden Research surges as botrytis grape product authorised in Malta

Shares in Eden Research surged on Tuesday as it announced that 3AEY, its first product, has been authorised to treat botrytis in table and wine grapes by Malta's regulator.

Malta is acting as the Southern EU agricultural zone's zonal rapporteur, by which it is the first EU country to assess the product, although Eden is confident that remaining member states in the zone will grant similar approval for the sale and use of 3EY within the next four months.

"As our licensees, partners and shareholders well know, we have been pursuing the authorisation to sell 3AEY in the EU Southern Zone for nearly eight years," said chief executive officer Sean Smith in a statement. "This is not only excellent news for our licensees, but also for Eden."

As of 12:15 BST, shares in Eden Research were trading 31.88% higher at 14.62p.