News Archive

24 May 2016

Final results

Eden Research plc (AIM: EDEN), the AIM-listed company that provides breakthrough natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, announces its preliminary results for the year ended 31 December 2015.

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Financial highlights

  • Revenue of £0.9m (2014: £0.1m)
  • Operating loss of £1.1m (2014: £1.7m)
  • Operating loss (excl. share based payment charge and amortisation) of £0.2m (2014: £0.9m)
  • Loss before tax of £1.2m (2014: £3.0m)
  • Loss per share of 0.68p (2014: 2.36p)
  • Debt free, and cash in bank of £0.15m (2014: £0.41m)

Operational highlights

  • First EU approval of 3AEY in Malta, followed by further approvals in Greece and Bulgaria and first commercial product launches
  • Approval and first commercial scale order of 3AEY in Kenya
  • Agreement with Taminco to exclusively test nematicide product for one year
  • Maximum Residue Limit exemption for Eden's active substances
  • Acquired a 29.9% stake in TerpeneTech Limited
  • New evaluation agreement with Sipcam Italia and Sipcam Iberia to evaluate 2EY
  • Collaboration and licence agreement with Intellectual Ventures

Post Period end

  • Successful placing of £2.6m in March 2016
  • First commercial scale order of 3AEY from, and subsequent delivery to, Redestos Group
  • Further approvals for 3AEY for Spain and Italy - Portugal and France to follow
  • Application made in early 2016 for regulatory clearance in Switzerland

Board changes

  • Robin Cridland appointed to the Board as Non-Executive Director

Commenting on outlook, Tom Lupton, Chairman said: "2015 saw a number of breakthrough moments for the Company focused around the financial, commercial and regulatory aspects of the business. Eden is well placed to exploit its patents, know-how, technologies and products and drive commercialisation on apace. It is satisfying to know that in 2016 Eden products are being used around the world, though we are really only at the start of this journey with further exciting product and market opportunities to come."

With effect from 23 May 2016, the Company has changed its Registered Office to Suite 3, 15 Gosditch Street, Cirencester, Gloucestershire, GL7 2AG.

 

Eden Research plc www.edenresearch.com
Sean Smith, Chief Executive Officer Tel: 01285 359 555
Alex Abrey, Chief Financial Officer
   
Shore Capital and Corporate Limited  
Stephane Auton / Patrick Castle Tel: 0207 408 4090
   
Walbrook PR Ltd Tel: 020 7933 8780 or eden@walbrookpr.com
Paul McManus Mob: 07980 541 893

 

Notes:

Eden is an early stage revenue company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions to the global agrochemicals industry, the animal health industry, and consumer products.

Eden's encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with both natural and synthetic hydrophobic compounds. The technology uses yeast cells that are a by-product of numerous commercial production processes to deliver a slow release of natural compounds for agricultural and non-agricultural uses. Terpenes are already widely used in the food flavouring, cosmetic and pharmaceutical industries.

Historically, terpenes have had limited commercial use in the agrochemical sector due to their volatility, phytotoxicity and poor solubility. Eden's platform encapsulation technology provides a unique, environmentally friendly solution to these problems and enables terpenes to be used as effective, low-risk agrochemicals.

With leading consultants in their respective fields, the Company is developing these technologies through innovative research and a series of commercial production, marketing and distribution partnerships.

The Company has a number of patents and a pipeline of products at differing stages of development targeting specific areas of the global agrochemicals industry. To date, the Company has invested in the region of £12m in developing and protecting its intellectual property and seeking regulatory approval for products that rely upon the Company's technologies. Revenues earned by the Company have been modest whilst the Company has concentrated on securing patent protection for its intellectual property, gaining regulatory approvals, identifying suitable industrial partners, and entering into licence agreements.

In May 2013, the three actives that comprise Eden's first commercial product, 3AEY, were approved as new ingredients for use in plant protection products. This represents a major milestone in the commercialisation of Eden's technology and is a significant accomplishment for any company. To illustrate this point, one should note that in all of 2013, Eden's approvals represented 3 of only 10 new active ingredients approved by the EC.

3AEY has been authorised for sale in Kenya, Malta, Greece, Bulgaria, Spain and Italy.

Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN.

For more information about Eden, please visit: www.edenresearch.com

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