TIDMEDEN
RNS Number : 8845Y
Eden Research plc
14 May 2019
Eden Research Plc
("Eden" or "Company")
AGM Statement
Eden Research plc (AIM: EDEN), the AIM-listed company that
develops and supplies breakthrough biopesticide products and
natural microencapsulation technologies to the global crop
protection, animal health and consumer products industries, will
hold its AGM today at 1.30pm at the Institute of Directors, 116
Pall Mall, London SW1Y 5ED.
At the meeting, Eden's Chairman, Lykele van der Broek, will make
the following statement:
"Since last year's AGM Eden has reached some key milestones and
made good progress with the commercialisation and regulatory
clearance of its products.
At the end of last calendar year, Eden's commercial partner,
Sipcam Oxon SpA ('Sipcam'), paid EUR0.9m for the exclusive right to
sell Mevalone in ten additional countries, including the US, China
and Brazil.
During 2018, sales of Mevalone more than doubled to GBP1.6m
helping Eden to achieve overall revenue of GBP2.8m. This growth was
generated by essentially the same commercial "footprint" that was
in place in 2017, which is a good like-for-like comparison
reflecting a growing market share and strong product adoption of
our first product.
Already this year, Eden's commercial partner, Eastman Chemical
('Eastman'), has received authorisation for Eden's nematicide
formulation, marketed as Cedroz by Eastman, from the Regulatory
Affairs Directorate in Malta. Malta is acting as the zonal
rapporteur Member State for the Southern EU agricultural zone and
on behalf of a number of EU countries for indoor uses.
Additionally, an emergency authorisation has recently been granted
in Italy by the Italian Ministry of Agriculture. The granting of
this type of authorisation gives an indication as to the need for
this type of product in the market and has resulted in the first
commercial sales of Cedroz.
It is clear that the world of agchem, whilst inherently
conservative, is swiftly undergoing major disruption due to
external drivers such as regulatory issues, resistance problems
with conventional pesticides, and the ever-increasing cost of the
registration of new products. In this environment of turmoil and
disruption caused by the removal of important conventional
pesticides from global markets at a rate that is troubling for
farmers, Eden is well-placed to sustainably and effectively meet
many of the current and future needs of growers. Eden's products
align perfectly with the course set for the industry by changing
public policy and increasingly challenging regulations, and we aim
to ensure that the Company, our shareholders, growers and our
commercial partners benefit from the success that this alignment
will bring."
Company presentation
After the conclusion of the formal business of the AGM, Sean
Smith, Eden's Chief Executive Officer will provide a short
presentation to investors with an overview of Company progress and
strategy. No new material information will be disclosed in the
presentation and it will be available on the Company's website
later today.
Eden Research plc www.edenresearch.com
Sean Smith
Alex Abrey 01285 359 555
Shore Capital (Nomad) 020 7408 4090
Stephane Auton / Patrick Castle
Powerscourt (Financial PR) 020 7250 1446
Nick Dibden
Jana Tsiligiannis
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 crop protection,
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 GBP13m 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, Portugal and
Macedonia.
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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END
AGMAJMRTMBMBBIL
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