Cleared to launch BMK08 / Ectosan Vet in Norway
Norway’s Medicines Agency (NoMA) has approved Benchmark Holdings’ parasiticide BMK08 (imidacloprid) - to be branded Ectosan Vet - for the treatment of sea lice in farmed salmon when used with its CleanTreat water treatment system. Norway is the largest producer of farmed salmon globally and will be the initial focus of Benchmark’s commercialisation efforts. Ectosan Vet can only be sold with the CleanTreat water purification system, which has been developed in parallel to prevent environmental contamination of the ocean. Two CleanTreat units are ready for the launch and up to five may be required to service the Norwegian salmon farming industry. Each CleanTreat unit may generate sales of c £10m/year at full utilisation, so this new technology potentially represents a major contributor to revenue and EBITDA.We have updated our financial model to reflect guidance on margins and speed of ramp up in sales, together with a more general review with the transfer of coverage to a new analyst. Benchmark will announce its Q3 results on 24 August and is likely to provide further financial guidance at that point.
Benchmark Holdings is principally engaged in the provision of technical services, products and knowledge that support the development of sustainable food and farming industries. Co.'s reportable segments include: Animal Health Division, which provides veterinary services, environmental services diagnostics and animal health products to aquaculture, and manufactures licenced veterinary vaccines and vaccine components; Genetics Division, which harnesses salmon breeding technologies combined with production facilities to provide a range of high genetic merit ova; and Advanced Animal Nutrition, which manufactures and provides nutrition and health products to the aquaculture industry.
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