Plant Impact expects to secure US registration for BugOil in April
Plant Impact (LON:PIM) expects to secure a US registration for its BugOil insect control product in April after American regulators announced their intention to register its main component, tagetes oil.
The United States Environmental Protection Agency (EPA) has made available for public comment its proposed registration decision, including risk assessment and proposed product label, for Plant Impact's BugOil.
The EPA intends to register tagetes oil as a new active ingredient in the United States for use on all food crops.
The 30-day public comment period will end on March 21 this year, which means that a final registration decision could be issued as soon as on April 4.
"Today's news from the EPA means we are in the final stages of our US registration effort, and that a US registration is very likely to be received by early April," said director of product development at Plant Impact Steve Adams.
"We are delighted to see that our many years of effort on the BugOil EPA registration will deliver a registered product into the market."
The BugOil product, which targets "economically impactful" insect and mite species, was submitted to the EPA for registration in late 2009 and has since been under review.
Earlier this week, Plant Impact revealed changes to its agreement with Arysta LifeScience Corporation over BugOil, which it said would markedly improve its cash outlook.
The geographic scope of Arysta's exclusive licence of the product has been narrowed and the repayment date of a £750,000 development loan from Arysta which had been due on February 22 this year has now been extended to May 31 in 2013.
The original agreement in 2009 gave Arysta an exclusive worldwide licence to manufacture and sell BugOil.
Investors cheered the news, sending shares in the crop health specialist up ten percent to trade at 19 pence by 8:40 am, giving it a market cap of £9.6 million.
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