Eden Research plc New terms agreed with UMMS (5728J)
June 29 2017 - 4:43AM
UK Regulatory
TIDMEDEN
RNS Number : 5728J
Eden Research plc
29 June 2017
Eden Research Plc
("Eden" or "Company")
New terms agreed with UMMS for licence to next-generation
technology
Eden Research plc (AIM: EDEN), the AIM-listed company that
provides breakthrough biocontrol products and natural
microencapsulation technologies to the global agrochemicals, animal
health and consumer products industries, announces that it has
agreed new terms covering its licence agreement with University of
Massachusetts Medical School ("UMMS").
In Eden's 2016 Report and Accounts it was noted that an amount
of GBP570,462, (USD$700,000) had been accrued to UMMS for minimum
royalties payable under the licence agreement which Eden signed
with UMMS in 2011. Eden has now agreed with UMMS to revise the
minimum royalties from October 2017, resulting in a net reduction
in Eden's short-term financial obligations to UMMS, with the amount
accrued being written off in its entirety.
Eden has achieved this by signing an Amendment with UMMS, for
which Eden has agreed to pay a fee of USD$250,000. A portion of
this fee is payable upon signature of the Amendment, and the
balance is payable in one year's time.
Sean Smith, Chief Executive of Eden, said: "We are pleased to
announce the re-setting of some of the key commercial terms of our
licence agreement with UMMS. We believe that the new terms reflect
both the long term potential of our next-generation encapsulation
technology whilst also reflecting the current stage of technology
development. We look forward to the ongoing collaboration with UMMS
which is, in part, focussed on the further development of this
technology with the objective of creating a next-generation
encapsulation system to help us solve a broader set of challenges
for our partners."
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 www.shorecap.com
Stephane Auton/Patrick Castle Tel: 020 7408 4090
Walbrook PR Ltd Tel: 020 7933 8780 or eden@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
This Announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR"). Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
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.
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 GBP12m 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 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, Italy and France.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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