Preliminary results
20 March 2018
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Eden Research plc (AIM: EDEN), the AIM listed company that provides breakthrough biopesticides and natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, announces its preliminary results for the year ended 31 December 2017.
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Financial highlights
- Revenue of £1.9m (2016: £0.4m)
- Operating loss of £0.8m (2016: £1.9m)
- Loss before tax of £0.8m (2016: £1.9m)
- Loss before tax, excluding exceptional royalties refund, of £1.3m (2016: £1.9m)
- Loss per share of 0.33p (2016: 1.03p)
- Net cash of £3.7m (2016: £1.5m)
- Strategic investment of £2.2m by Sipcam and placing of £0.2m (gross) to institutional investors
- Expanding investment in regulatory clearances unlocking commercial potential in new, important territories
Business highlights
Commercial, Regulatory and IP:
- Multiple commercial agreements signed with Sipcam SpA (“Sipcam”) including an Evaluation and Option Agreement for which a fee of €0.6m (£0.5m) was paid to Eden, establishing a long-term collaborative partnership
- EU approval of Eden’s first agrochemical, fungicide product, Mevalone (formerly 3AEY), gained in France and first commercial sales achieved
- Mevalone now achieving commercial sales in the world’s top three wine producing countries
- Further EU approvals for Mevalone received in Cyprus, Albania and Portugal
- Extension of Mevalone patent protection in Spain, Greece and Cyprus and nematicide patent granted in US
- Label extensions received in Kenya now include authorisation for the treatment of roses
- New terms agreed with University of Massachusetts Medical School (“UMMS”) for licence to next-generation technology
- Eden’s portfolio of granted and pending patents grew to 130 in 2017 from 112 in the previous year
Board changes:
- Lykele van der Broek, former COO of Bayer Crop Science and former Head of the Animal Health division of Bayer Health Care, appointed as a Non-Executive Director and Chairman Designate of the Company from 1 October 2017 and Chairman with effect from 1 January 2018
- Tom Lupton retired as Chairman and Non-Executive Director on 31 December 2017
Lykele van der Broek, Chairman commented: “Significant progress was made in 2017 and it is particularly pleasing that our first fungicide product, Mevalone, is now in the top three wine producing countries in the world. This is a major milestone for the company and sets a good platform from which we can build.
“The strong growth achieved in 2017, driven by new regulatory approvals, is expected to continue in the current year and consequently the Board remains confident that 2018 will be another year of strategic and financial progress.”
For further information contact:
| Eden Research plc |
www.edenresearch.com |
| Sean Smith |
Tel: 01285 359 555 |
| Alex Abrey |
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| Shore Capital (Nomad) |
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| Stephane Auton/Patrick Castle |
Tel: 020 7408 4090 |
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| Powerscourt (Financial PR) |
eden@powerscourt-group.com |
| Nick Dibden |
Tel: 020 7250 1446 |
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 £12m 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
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