News Archive

22 May 2017

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 2016.

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Financial highlights

  • Revenue of £0.4m (2015: £0.9m)
  • Operating loss of £1.9m (2015: £1.1m)
  • Operating loss, before non-cash share based payment charge and amortisation, of £1.1m (2015: £0.2m)
  • Loss before tax of £1.9m (2015: £1.3m)
  • Loss per share of 1.03p (2015: 0.74p)
  • Net cash of £1.5m (2015: £0.15m)
  • Equity accounting adopted in 2016 for Eden's investment in its associate, TerpeneTech, with prior period restated accordingly.
  • Successful placing of £2.6m in March 2016

Operational highlights

  • Lead agrochemical product 3AEY approvals granted for table and wine grape protection from botrytis in Spain, Italy and Bulgaria
  • First commercial sales of lead agrochemical product, 3AEY, in Greece, Spain and Italy
  • Exclusive commercialisation agreement with Eastman Chemical signed for Eden's nematicide product B2Y in nearly 30 countries representing a high percentage of the global nematicide demand
  • 3AEY label extensions in Greece, Spain and Kenya for new crops and disease targets
  • Appointment of Michel Villeneuve, as Senior Strategic Commercial Advisor, and Peter Watson, as Regulatory Strategy Advisor

Post Period end

  • 3AEY approval granted in France for table and wine grape protection from botrytis
  • First commercial scale order of 3AEY from SumiAgro in France
  • Ongoing 3AEY sales in Kenya, Greece, Spain and Italy
  • Extension of patent protection in Greece

 

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
Lianne Cawthorne Mob: 07584 391 303

 

Notes:


Eden Research is a technology development and commercialisation company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions for the global agrochemicals, animal health, and consumer product industries.

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 compounds to enhance their performance and ease-of-use. 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, cosmetics 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.

Eden 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 commercial 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 represented 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, Italy, France, Cyprus and Albania.

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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