Marrone Bio Prepares to Submit Registration for Next-Generation Crop Protection Product in North America
DAVIS, Calif., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (NASDAQ: MBII), an international leader in sustainable bioprotection and plant health solutions, is on track to submit MBI-306, its next generation nematicide/insecticide, to regulatory authorities in the United States within the coming weeks. Destined for row and specialty crop markets globally, MBI-306 and its variants have been proven to perform as well as synthetic counterparts both in terms of efficacy and return on investment (ROI) to growers. The product is well positioned to be an important component of the $15.7 billion global insecticide market1, and is expected to generate peak potential incremental revenue for MBI in excess of $100 million.
“The regulatory submission of MBI-306 underscores our position as the differentiated leader to meet consumer and grower demand for sustainable agricultural solutions,” said Chief Executive Officer, Kevin Helash. “We have always believed biologicals have the potential, from both an efficacy and ROI standpoint, to compete directly with traditional products. MBI-306 is a result of our relentless R&D efforts to achieve that vision. I believe this product will be a true gamechanger for MBI,” Helash added.
MBI-306 and its variants are built on a proprietary microbe (Burkholderia rinojensis strain A396) that has been the foundation of the company’s Venerate® Bioinsecticide and Majestene® Bionematicide crop protection products. MBI-306 is proven to be efficacious against a broad spectrum of yield-robbing insects and nematodes, including corn rootworm larvae, often referred to as the billion-dollar pest in the United States.
In addition to the regulatory submission of MBI-306, MBI is in the final stages of preparing to submit MBI-206 -- a popular bionematicide seed treatment used on more than 10 million acres in the United States -- to Brazilian regulatory authorities. This will serve to further expand the company’s geographic footprint in one of the world’s largest corn and soybean markets with an estimated insecticide value of $2 billion in 2020.2
In addition to its impressive commercial performance, MBI-206 has also been evaluated for climate impact by a third-party, Boundless Impact Research and Analytics, and received an ‘outstanding’ score of 9.8 out of 10. Given the similarities in both products, MBI-306 is expected to receive an equally advantageous score and will be evaluated in the coming months.
Once approved, current plans are to produce both products at MBI’s dedicated manufacturing facility in Bangor, Michigan. The plant is on track to complete a more than $1 million capital investment in early 2022 where, once complete, it will shift to a 24-hour production cycle.
“MBI-206 and MBI-306 are two examples of how MBI continues to expand globally as the leader in sustainable plant health and protection tools for our grower customers. These products demonstrate our ability to ake innovation from the lab and make it work in the field,” said Helash.
Commercial launch for both products is expected in 2023/2024.
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Helash will be addressing investors in one-on-one virtual meetings as part of the Lake Street Capital 5th Annual Best Ideas Growth Conference on Wednesday, September 15, 2021. Conference participation is by registration only, and interested participants should contact their Lake Street Capital representative at www.lakestreetcapitalmarkets.com.
1, 2 HIS Markit
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, adoption of the company’s seed treatment, anticipated new product launches in the United States, South America, and Europe and further global expansion of the company’s business; the size of the global market for the 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, including MBI-206 and MBI-306, 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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