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Peak potential revenue for both products is estimated in excess of $100 million
DAVIS, Calif., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (NASDAQ: MBII), an international leader in sustainable bioprotection and plant health solutions, has submitted the regulatory packages for MBI-306 to the U.S. Environmental Protection Agency (EPA) and for MBI-206 to all three Brazilian regulatory authorities – the National Health Surveillance Agency (ANVISA), the Ministry of Agriculture (MAPA) and the Institute of Environment and Renewable Natural Resources (IBAMA) – paving the way for commercialization of its novel nematicides/insecticides.
Pending EPA approval, MBI-306 will compete in the $15.7 billion global insecticide market1 and provide specialty and row crop growers with a next-generation technology to control a broad spectrum of yield-robbing insects and nematodes, including corn rootworm larvae.
“Our submissions are on track, as we committed, and thus begins the regulatory review process that will allow us to bring two differentiated products with favorable environmental benefits to the world’s largest soybean and corn-growing regions,” said Chief Executive Officer Kevin Helash. “With estimated peak potential revenue in excess of $100 million for both products, MBI-306 and its variants and MBI-206 will be important contributors to advancing Marrone Bio’s growth and leadership in crop bioprotection.”
MBI-206 has been submitted for approval in Brazil for two uses: as a seed treatment and as a foliar/in-furrow product. Upon approval, the seed treatment will be used to control nematodes on soybeans and corn, which are estimated to be on a record-setting 148 million acres for the 2021/2022 growing season.2
“The expected approval of MBI-206 in Brazil is a significant step forward for MBI as we look to grow our global footprint with strategic partners in South America. The seed treatment and foliar product are great examples of how we are aggressively building a global portfolio of biological products and positioning them in markets that will provide the greatest impact for growers and MBI alike,” added Helash.
MBI-306 and MBI-206 are built on a proprietary microbe (Burkholderia rinojensis strain A396) that has been the active ingredient in MBI’s Venerate® bioinsecticide and Majestene® bionematicide products. Commercial launches for both products are expected in 2023/2024.
1. IHS Markit
2. Grant, Daniel. “Brazilian soybean, corn production forecast to set records.” September 30, 2021. Online: FarmWeekNow.com
About Marrone Bio Innovations
Marrone Bio Innovations Inc. (NASDAQ: MBII) is a growth-oriented agricultural company leading the movement to environmentally sustainable farming practices through the discovery, development and sale of innovative biological products for crop protection, crop health and crop nutrition. Our portfolio of 18 products helps customers operate more sustainably while increasing their return on investment. The company’s commercial products are sold globally and supported by a robust portfolio of more than 500 issued and pending patents. Our end markets include row crops; fruits and vegetables; trees, nuts and vines; and greenhouse production. Marrone Bio’s research and development program uses proprietary technologies to isolate and screen naturally occurring microorganisms and plant extracts to create new, environmentally sound solutions in agriculture.
Learn more about Marrone Bio Innovations at www.marronebio.com. We also use our investor relations website, https://investors.marronebio.com, as well as our corporate Twitter account, @Marronebio, as means of disclosing material non-public information, and encourage our investors and others to monitor and review the information we make public in these locations. Follow us on social media: Twitter, LinkedIn and Instagram.
Marrone Bio Innovations Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements 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 the company’s views as of any subsequent date. Examples of such statements include financial guidance and other statements regarding the company’s future revenue growth, margins, operating expenses, and other financial results; adoption of the company’s products; and the potential benefits and value of the company’s products. 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 the recent uncertainty in the global economy and industry-specific economy caused by the COVID-19 pandemic, consumer, regulatory and other factors affecting demand for the company’s products, any difficulty in expanding the company’s sales and marketing infrastructure or marketing the company’s products in global markets, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers, adverse actions by distributors, manufacturers, regulatory agencies and other relevant third parties and costs associated with any strategic acquisitions or other business opportunities we elect to pursue. Additional information that could lead to material changes in the company’s performance is contained in its filings with the Securities and Exchange Commission. The company 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.
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Vice President of Business Development & Investor Relations