TIDMEDEN
RNS Number : 5494B
Eden Research plc
11 January 2018
Eden Research Plc
("Eden" or "Company")
Year-end trading update
Eden Research plc (AIM: EDEN), the AIM listed company that
develops and supplies breakthrough biopesticide products and
natural microencapsulation technologies to the global
agrochemicals, animal health and consumer products industries,
provides the following trading update for the year ended 31
December 2017.
The Group has delivered a robust performance for the year with
revenue expected to be in the region of GBP1.9m, significantly up
from GBP0.4m in 2016, with a loss before tax of approximately
GBP0.9m (2016: loss of GBP1.9m). Cash at bank at 31 December 2017
was c. GBP3.7m (2016: GBP1.5m). This was a good performance since
the 2017 growing season was challenging for fungicidal products in
many southern European countries due to hard frosts in April
followed by high heat and drought in the summer. These
well-documented conditions resulted in the smallest harvests in 60
years in key markets such as France and Italy.
During the year, regulatory approval was granted for Eden's
first agrochemical fungicide product, 3AEY, and first commercial
sales were achieved in France with further approvals received in
Cyprus, Albania and Portugal. The Company extended its 3AEY patent
protection in Spain, Greece, Bulgaria and Cyprus and its nematicide
patent was granted in the US. Overall, the Company is encouraged by
the level of sales of 3AEY and its continued acceptance into the
market.
Eden's patent portfolio grew to 78 granted patents during the
year (2016: 74) with a further 52 pending patents (2016: 38).
Multiple commercial agreements were signed with Sipcam SpA
("Sipcam") during the year, including an Evaluation and Option
Agreement, for which a fee of EUR0.6m (GBP0.5m) was paid to Eden,
and a Collaboration Agreement establishing a long-term
collaborative partnership.
As reported on 12 December 2016, Eden's distribution partner,
Eastman Chemical, announced the submission of the regulatory
dossiers for its new nematicide, Cedroz(TM) , which was developed
by Eden. Cedroz will be a new tool for farmers to control a wide
range of economically important nematodes with the first sales
expected in advance of the 2020 growing season. Eastman made
significant progress during the year with the submission of
applications for the far-reaching registration of Cedroz across a
number of territories and are building an impressive platform for
the commercialisation of Cedroz as an important solution to the
challenges that nematodes create for farmers globally.
Sean Smith, Chief Executive Officer of Eden, said: "2017 was a
good year for the Company with a number of significant advancements
made. We remain focussed on execution under our recent agreements
with Sipcam and Eastman Chemical, as these partnerships provide us
with resources and capabilities to achieve strong future growth.
For the first time since launching 3AEY in 2015, Eden will benefit
from a full season of sales in 2018 in the world's top three wine
producing countries of Italy, France and Spain. Additionally, sales
will continue to develop in Albania, Bulgaria, Cyprus, Greece,
Kenya and Portugal.
"Despite challenging growing conditions in key territories and a
shortened marketing campaign in France, we are pleased with the
progress made in 2017 and we look forward to providing a further
update when we report our full year results for the year ended 31
December 2017 in March."
For further information, please contact:
Eden Research plc www.edenresearch.com
Sean Smith, CEO
Alex Abrey, CFO 01285 359 555
Shore Capital (Nomad) 020 7408 4090
Stephane Auton / Patrick
Castle
Powerscourt 020 7250 1446
Nick Dibden
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 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 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, Albania and Portugal.
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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