Interim Results

24 September 2018

Eden Research plc (AIM: EDEN), the AIM-listed company that provides breakthrough biocontrol products and natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, announces its interim results for the six months ended 30 June 2018.

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Financial highlights

Revenue for the period of £0.68m (H1 2017: £1.03m)
Product sales £0.68m (H1 2017: £0.43m)
Upfront and milestone payments of £nil (H1 2017: £0.59m)
Operating loss for the period of £0.93m (H1 2017: profit of £0.21m)
Cash and cash equivalents of £2.62m (H1 2017: £3.66m)

Business highlights

Commercial, Regulatory and IP:

Execution of the commercial agreements signed with Sipcam SpA in 2017
Expanding investment in regulatory clearances unlocking commercial potential in new, important territories
United States Environmental Protection Agency (“EPA”) has commenced its scientific review of Eden’s two formulated products and their respective three active ingredients as pesticides for use in the United States of America. These reviews are expected to complete before the end of 2019
Post period end, Eden’s nematicide formulation, marketed as “Cedroz™” by Eden’s partner, Eastman Chemical, announced as a finalist for “Best New Biological Product” at the prestigious AGROW Awards

Operational highlights:

Lykele van der Broek, former COO of Bayer Crop Science and former Head of the Animal Health division of Bayer Health Care, appointed as Chairman of the Company from 1 January 2018

Lykele van der Broek, Chairman, commented:

“It is my pleasure to report to you on the good progress the Company has made during the first six months of this year.

“The Board’s focus at the start of 2018 was on increasing sales of Mevalone (Eden’s proprietary fungicide formulation), registering existing products in new territories, evaluating new products and evolving our Sustaine encapsulation technology in order to expand our offering in disease and crop protection.

“Significant progress has been made in the areas of production, formulation, regulatory, packaging and supply-chain security during the period. These are important activities which support the growth of the business.

“As we announced on 14 June, the United States Environmental Protection Agency ("EPA") commenced its scientific review of two of Eden's formulated products and their respective three active ingredients as crop protection products for use in the United States. We expect the outcome of these reviews to be announced before the end of 2019.

“I am sure that the remainder of 2018 will be another significant step-forward towards long-term success for Eden and I would like to thank you for your continued support.”

A presentation for analysts will be held at 12.30pm at Powerscourt’s offices, 1 Tudor Street, EC4Y 0AH.

Enquiries:

Eden Research plc	www.edenresearch.com
Sean Smith, Chief Executive Officer	Tel: 01285 359 555
Alex Abrey, Chief Financial Officer

Shore Capital and Corporate Limited	www.shorecap.co.uk
Stephane Auton	Tel: 020 7408 4090
Patrick Castle

Powerscourt	eden@powerscourt-group.com
Nick Dibden	Tel: 020 7250 1446
Jana Tsilligiannis

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 products 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 £13m 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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