Half Yearly Report

15 September 2015

Eden Research plc (AIM: EDEN), the AIM listed natural micro-encapsulation company, announces its interim results for the six months ended 30 June 2015.

Business highlights

Regulatory:

• EU approval received for Eden's first agrochemical, fungicide product, 3AEY, in Southern Europe in Malta and, after the period end, in Greece
• Further national-level authorisations expected to follow soon after the 120 day period following Malta's approval which ends today. Eden's advisors and licensees are now able to interact directly with the regulating authorities in order to formalise national approvals as quickly as possible.
• Maximum Residue Limit ("MRL") exemption gained for Eden's active substances

Commercial:

• Exclusive option agreement signed with Eastman Chemical's agrochemical division for Eden's nematicide product
• Evaluation agreement signed with Sipcam for new products
• Licence agreement signed with TerpeneTech for head-lice product, after the period end
• Robin Cridland appointed as Non-Executive Director

Financial highlights

• Revenue for the period of £0.16m (H1 2014: £0.02m)
• Operating Loss for the period was £0.70m (H1 2014: loss of £0.88m), £0.31m excluding amortization and share based payments (H1 2014: loss of £0.55m). Administrative expenses of £0.47m (H1 2014: £0.57m)
• Cash and cash equivalents of £0.1m (H1 2014: £0.1m), before the receipt of an upfront sum of £0.6m in connection with the TerpeneTech agreement after the period end

Tom Lupton, Non-Executive Chairman, said: 
"The first half of 2015 has seen continued progress and development in both the commercial and corporate activities of the Company. The much-anticipated EU approval of 3AEY has enabled continued commercialisation, with first sales of 3AEY expected in due course. The MRL exemption in itself is valuable and allows our products to be used close to harvest, which is a useful selling point for our licensees to use with their customers.

"In addition, partnering with Eastman Chemical is a further signal that Eden and its technologies are of interest to the global players in the agrochemical sector.

"Rob Cridland has joined the team as an independent Non-Executive Director, which helps to expand the Company's experience and knowledge base and we are pleased to have him on board.

"I look forward to continued commercial progress in the second half of 2015 and beyond."

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