News Archive
First Quarter Results
Eden Research plc, the agrochemical and pharmaceutical company, announces its quarterly results for the three months to 31 March 2004.
CHAIRMAN'S STATEMENT
The results for the period are in line with budget. The Company recorded a pre-tax loss of £533,686 for the three months to 31 March 2004. The loss is primarily due to the inclusion of additional Intellectual Property amortisation of £229,549 relating to the acquisition of Eden Research Inc in 2003. No amortisation was charged in the 2003 accounts in respect of this.
We continue to make significant progress developing our products. In order to utilise our resources to create value for the Company and its shareholders, we have focused our research primarily on terpene chemistry. Terpenes are compounds produced by plants as a natural defence mechanism. Our products may be used in a number of applications but we are initially targeting a few key areas, namely:
- Nematodes - plant parasitic worms that are considered
one of the most significant soil pathogens in the agricultural
sector, with the annual US market for eradication, estimated
to be in excess of $1 billion. We recently received positive
preliminary results from field trials undertaken in California
for our natural soil fumigation product, which have shown
up to a 98% success rate in the eradication of nematodes.
These results have significant implications as they place
our natural product in line with the effectiveness of the
highly toxic methyl bromide, soon to be phased out by US
governmental legislation.
- Pierce’s Disease – the debilitating vine
infection which causes millions of dollars of damage every
year to the US wine industry alone. Following initial tests
which were positive, we are conducting further extensive
trials, which again look encouraging. We hope to report
on these in the near future. Californian based Arista Biologics
Inc. is now marketing our solution for the disease.
- Eutypa, Petri Disease and Measles, which infect mature vines world wide, and Bacterial Canker, a disease particularly affecting almonds and stone fruit trees. Research is ongoing.
We have been granted a licence for the use of an innovative technology which allows terpenes to be delivered as a slow-release powder formulation. This opens a new market for us in the treatment of worldwide agricultural problems such as powdery and downy mildew.
We also continue to look at antimicrobial technologies, which suppress the growth of bacteria and fungi. Some of these products are close to commercialisation. We also expect our microbicide technology for healthcare applications (such as wound care and in the area of medical devices), to be available for commercialisation in 2005.
As reported on 24 May, the Company has signed a joint venture agreement with Soyad Brothers Textile Corporation for the supply of anti-microbial compounds for the treatment of fibres used in textiles. Eden will receive a 10% royalty on anti-microbial compound sales and an additional 5% commission on business introduced by Eden to the joint venture.
We continue to make progress. With the support of our new Scientific Advisory Board as well as positive research results and advancement towards commercialisation, we are satisfied with the direction the Group is taking.
Chairman
Craig Herron
Issued on behalf of Eden Research plc by St Brides Media & Finance Ltd, 46 Bedford Row, London, WC1R 4LR.
CONTACTS
| Tim Griffiths Eden Research plc | Tel: 01993 868844 |
| Hugo de Salis St Brides Media & Finance Ltd | Tel: 020 7242 4477 |
NOTES TO EDITORS
Terpenes are compounds produced by plants from isoprene, a hydrocarbon that has five carbon atoms arranged in a branched chain. In a natural environment it is terpenes that prevent most insects and animals from eating conifer foliage.