DAVIS, CA – November 28, 2016 – Marrone Bio Innovations, Inc. (MBI), (NASDAQ: MBII), a leading global provider of bio-based pest management and plant health products for the agriculture and water treatment markets, announced today that the Company has received registration of MBI-601 EP, a biofumigant, from the United States Environmental Protection Agency (EPA) Biopesticide Pollution Prevention Division (BPPD).
This new product controls and suppresses plant parasitic nematodes, insect pests and soil-borne plant diseases in agricultural and horticultural soils. The active ingredient, a strain of Muscodor albus, produces volatile compounds that either kill or inhibit the growth of certain destructive nematodes, pest insects, and also plant diseases such as Fusarium root rot, damping off, southern blight and Verticillium wilt. In addition to soil applications, MBI believes this novel microbe will have further use for turf, forestry seedlings, post-harvest application and in the seed treatment market.
Field trials using this novel biofumigant show increased yields in treated strawberries, lettuce and other crops. MBI’s initial focus for the product will be for California strawberry crops for which there is a critical need for additional solutions to control soil disease, nematodes and insects.
Soil fumigants have been valuable, economically beneficial tools in protecting crops worldwide. However, many fumigants have been restricted or removed from the market due to environmental concerns as well as their risk to the health of farmworkers and the general public. According to marketsandmarkets, the global fumigant market is approximately $1.4 billion and the U.S. fumigant market was estimated at $625 million in 2016.
Pam Marrone, MBI’s Chief Executive Officer and Founder, said “We are excited to again have harnessed novel technology to fill a costly gap that leaves growers of high value fruits, nuts, vines, vegetables, and ornamentals with few solutions. The opportunities for this new biofumigant further validate our strategy to develop a broad suite of products that addresses a wide range of unmet market needs. We believe MBI-601 can enable growers to avoid the losses they endure because of unfortunately necessary restrictions on chemical fumigants.”
The Company noted that MBI-601 EP has also been determined by the US EPA to be USDA National Organic Program compliant. Concurrent with the US EPA registration, the Organic Materials Research Institute (OMRI) has listed MBI-601 EP for use in organic farming.
The new genus and species, Muscodor albus, and many of its strains, were discovered by Dr. Gary Strobel, Professor Emeritus at Montana State University.
About Marrone Bio Innovations
Marrone Bio Innovations, Inc. (NASDAQ: MBII) strives to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health. Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. We have four products for agriculture on the market (Regalia®, Grandevo®, Venerate® and Majestene®), and also distribute Bio-tam 2.0® for Isagro USA in the western U.S. We market Zequanox® for invasive mussels for water markets. We also have a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations, we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe. For more information, please visit www.marronebio.com.
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 statements regarding the potential of and market for MBI’s biofumigant product and its use and value to growers. 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 risks associated with marketing MBI’s biofumigant with MBI’s principal customers, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers, adverse decisions by regulatory agencies and other relevant third parties and the impact of weather conditions and other factors affecting use of crop protection products. 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 new information, future events or otherwise.
Marrone Bio Innovations Contacts:
Nancy M. Hood, VP Marketing
MBI Investor Contact:
James Palczynski, ICR
Telephone: +1 (203) 682-8229