News Archive
Issue of Equity / Directorate Change, etc.
Eden Research Plc (previously traded as XiMed Group Plc), the agrochemical and pharmaceutical company, raised GBP330,000 through placing of 825,000 new ordinary shares at 40p per share. The money raised will be used to fund working capital.
In addition, the 20,404,371 new ordinary shares issued in payment for the company's acquisition of Eden Research Inc began trading on OFEX today. The directors believe that the acquisition of Michigan-based Eden Research Inc, which has an intellectual property portfolio of antimicrobial products, complements its own products. It believes the merger will increase the enlarged group's overall potential by utilising both companies' scientific knowledge, jointly developing new products and maximising new opportunities which may arise.
The company is predominantly focused on researching terpene chemistry which can be used in a number of applications. In conjunction with California-based Arista Biologics, it has developed a terpene-based product to fight the debilitating vine infection Pierce's disease. It is currently conducting further extensive trials which it hopes to publish shortly.
The company has also developed a microbicide technology for healthcare applications such as wound care and in the area of medical devices, which it hopes to make available for commercialisation in 2004.
To lead the company forward, we have appointed Timothy Griffiths as the new Chief Executive Officer. He was actively involved in the original formation of the group, and we are delighted he has decided to return to help take the new group forward. The appointment was made at the AGM on 26 November 2003.
The directors of Eden Research plc accept responsibility for this announcement.
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Issued on behalf of Eden Research Plc by St Brides Media
& Finance Ltd, 46 Bedford Row, London WC1R 4LR
Contacts:
| Timothy Griffiths Eden Research Plc |
Tel: 01993 702 491 |
| Hugo de Salis St Brides |
Tel: 020 7242 4477 |
Notes to Editors:
Terpenes are compounds produced by plants and contain isoprene, a
hydrocarbon that has five carbon atoms arranged in a branched
chain. In a natural environment, terpenes prevent
most insects and animals from eating conifer foliage.