Marrone Bio Innovations Inc. (NASDAQ: MBII) (MBI), an international leader in smart biopesticide and plant health solutions, today announced that two of its products have been approved for sale in Canada by the appropriate government agencies.
Marrone Bio Innovations Inc. (NASDAQ: MBII) (MBI), an international leader in smart biopesticide and plant health solutions, today announced that two of its products have been approved for sale in Canada by the appropriate government agencies. MBI-110 Biofungicide, (marketed in the U.S. as Stargus® for specialty crops) was approved by the Pest Management Regulatory Authority (PMRA). Haven® Sunprotectant was approved by the Canadian Food Inspection Agency (CFIA).
According to Phillips McDougall, the Canadian pesticide market totaled $1.7 billion in 2016 and is expected to grow at a CAGR of 2.3% to $1.9 billion in 2021. While market figures for the $2-3 billion global biostimulant market do not break out Canada, growth of biostimulants in Canada, which includes products like Haven, in Canada follows the growth trends of the rest of the world at a 10-12% CAGR.
The active ingredient in Stargus is a new strain of Bacillus amyloliquefaciens, a bacterium isolated by MBI scientists from a soil sample in northern California. While this type of Bacillus is common in soil, and other biological products contain the same species, MBI’s discovery is unique in its high performance on downy mildews, white molds, Fusarium and Botrytis gray mold, which are particularly difficult to control with both biologicals and chemicals. The bacteria in Stargus work by colonizing plant root hairs, leaves and other plant surfaces, thereby preventing establishment of fungal and bacterial pathogens. The Stargus bacteria also produce natural compounds that inhibit bacterial and fungal growth and spore germination. Further, the bacteria trigger immune responses in the plant to ward off diseases and increase growth and yield, creating a healthier and stronger plant. In Canada, the approved label for Stargus is for the control or suppression of various diseases on cucurbits, legume vegetables, potatoes, grapevines, canola and sunflowers. MBI holds two U.S. patents on the novel strain in the biofungicide product.
The active ingredient in Haven is an extract derived from coconut. Use of Haven helps treated plants maintain lower leaf temperatures and reduces heat stress on the crops, resulting in higher yields and quality. When two-to-four applications are sprayed on crops – generally starting at bloom, shortly after bloom, or at early fruit/nut set – In commercial usage, grower demos and third-party trials, Haven has shown to reduce sun damage and increase yields and quality for certain apple varieties, almonds, walnuts, soft berries, citrus, grapes and tomatoes. Haven also has increased yields of corn, wheat and turf grass. The Canadian label is approved for tree crops such as apples pears, cherries, plums and peaches, nuts including filberts and walnuts, fruiting vegetables such as tomato and pepper. One of the most promising uses for Haven in Canada is apples, because Haven helps to reduce bitter pit, which causes dark, ugly spots.
Both products will be available in Canada in time for the growing season through selected distributors.
About Marrone Bio Innovations
Marrone Bio Innovations Inc. (NASDAQ: MBII) strives to lead the movement to more a sustainable world through the discovery, development and sale of innovative biological products for crop protection, plant health and waterway systems treatment that support a better tomorrow for farmers, turf managers and consumers around the globe. MBI has screened more than 18,000 microorganisms and 350 plant extracts, leveraging its in-depth knowledge of plant and soil microbiomes, enhanced by advanced molecular technologies, to rapidly develop seven effective and environmentally responsible pest management products to help customers operate more sustainably while uniquely improving plant health and increasing crop yields. Supported by a robust portfolio of more than 400 issued and pending patents around its superior natural product chemistry, MBI’s currently available commercial products are Regalia®, Grandevo®, Venerate®, Majestene®, Haven® Stargus®, Amplitude™, Zelto® and Zequanox®. TerraConnect™ is MBI’s new seed treatment and soil-applied platform.
Marrone Bio Innovations Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing MBI’s views as of any subsequent date. Examples of such statements include the potential of the Haven and MBI-110 (Stargus) in Canada and the Canadian market potential. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including weather, regulatory and other factors affecting demand for the MBI’s products, any difficulty in marketing MBI’s products in its target markets, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers. Additional information that could lead to material changes in MBI’s performance is contained in its filings with the SEC. MBI is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of current information, future events or otherwise.
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