Eden News 2019

Eden Research plc (AIM: EDEN), the AIM-listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, will hold its AGM today at 1.30pm at the Institute of Directors, 116 Pall Mall, London SW1Y 5ED.

At the meeting, Eden's Chairman, Lykele van der Broek, will make the following statement:

“Since last year’s AGM Eden has reached some key milestones and made good progress with the commercialisation and regulatory clearance of its products.

At the end of last calendar year, Eden’s commercial partner, Sipcam Oxon SpA (‘Sipcam’), paid €0.9m for the exclusive right to sell Mevalone in ten additional countries, including the US, China and Brazil.

During 2018, sales of Mevalone more than doubled to £1.6m helping Eden to achieve overall revenue of £2.8m. This growth was generated by essentially the same commercial “footprint” that was in place in 2017, which is a good like-for-like comparison reflecting a growing market share and strong product adoption of our first product.

Already this year, Eden’s commercial partner, Eastman Chemical (‘Eastman’), has received authorisation for Eden's nematicide formulation, marketed as Cedroz by Eastman, from the Regulatory Affairs Directorate in Malta. Malta is acting as the zonal rapporteur Member State for the Southern EU agricultural zone and on behalf of a number of EU countries for indoor uses. Additionally, an emergency authorisation has recently been granted in Italy by the Italian Ministry of Agriculture. The granting of this type of authorisation gives an indication as to the need for this type of product in the market and has resulted in the first commercial sales of Cedroz.

It is clear that the world of agchem, whilst inherently conservative, is swiftly undergoing major disruption due to external drivers such as regulatory issues, resistance problems with conventional pesticides, and the ever-increasing cost of the registration of new products. In this environment of turmoil and disruption caused by the removal of important conventional pesticides from global markets at a rate that is troubling for farmers, Eden is well-placed to sustainably and effectively meet many of the current and future needs of growers. Eden’s products align perfectly with the course set for the industry by changing public policy and increasingly challenging regulations, and we aim to ensure that the Company, our shareholders, growers and our commercial partners benefit from the success that this alignment will bring.”

Company presentation

After the conclusion of the formal business of the AGM, Sean Smith, Eden’s Chief Executive Officer will provide a short presentation to investors with an overview of Company progress and strategy. No new material information will be disclosed in the presentation and it will be available on the Company’s website later today.

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 crop protection, 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 £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, Portugal and Macedonia.

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.

Eden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, is pleased to announce that its commercial partner, Eastman Chemical Company (“Eastman”), has made its first sales of Cedroz™ following the recent receipt of “emergency” authorisation by the Italian authorities.

Cedroz, which was initially developed and patented by Eden, is an innovative and natural solution designed to combat plant parasitic nematodes, pests that are known to cause severe damage to crops globally in both open field and greenhouse horticulture, resulting in yield losses and increasing growers costs. Eden produced and supplied Cedroz to Eastman in March this year in anticipation of regulatory clearance in Italy during the course of the 2019 growing season.

Sean Smith, Chief Executive Officer of Eden, said: “We are pleased to see initial sales of Cedroz this early in the year following the derogation in Italy just a few weeks ago. Eastman has seized upon this earlier-than-anticipated opportunity to launch Cedroz in order to fully develop the market for this important product, and Eden has been more than happy to support them in their efforts to move the product to commercial use as quickly as possible.

We look forward to continuing our work with Eastman and to working with growers to combat plant parasitic nematodes with an effective and sustainable solution.”

For further information contact:

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 £14m 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, Mevalone, 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.

Mevalone has been authorised for sale in Kenya, Malta, Greece, Bulgaria, Spain, Italy, France, Cyprus, Albania, Portugal and Macedonia.

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.

Eden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, is pleased to announce that its commercial partner, Eastman Chemical Company (“Eastman”), has received a 120 day “emergency use” authorisation for Eden’s nematicide formulation, marketed as Cedroz™ by Eastman, from the Italian Ministry of Agriculture.  Such “emergency” authorisations are allowed by EU member states when local regulatory authorities judge that they are needed in the local market in order to meet the requirements of growers in the absence of suitable commercially-available alternatives.  During this period, Italy and other member states will continue to process Eastman’s request for the authorised use and sale of Cedroz following Malta’s earlier authorisation.

Cedroz is an innovative and sustainable solution designed to fight plant parasitic nematodes, pests that are known to cause severe damage to crops globally in both open field and greenhouse horticulture, resulting in significant yield losses and increasing growers’ costs.

In line with consumer demand and a policy push for products that support sustainable agriculture with greatly reduced or no pesticide residues, Cedroz is an attractive alternative for farmers looking to fight plant parasitic nematodes in a safer and more sustainable way. Unlike many other products, Cedroz will have no set maximum residue level and a zero-day pre-harvest interval, thereby allowing applications right up to harvest, when required.

As previously announced, Malta has recently authorised the use of Cedroz on a wide range of crops, including cucumbers, courgettes, melons, aubergine, peppers, tomatoes and strawberries marking the initial authorisation for Cedroz in the EU.  Following the authorisation by Malta, the concerned Member States (“cMS”) must grant their individual approvals for the sale and use of Cedroz within their jurisdictions.  The pending approvals will cover Spain and Italy, for outdoor uses and will also cover France, Belgium, the Netherlands and the United Kingdom, as well as Spain and Italy, for professional greenhouse uses.  Once approved, Cedroz will be the first of Eden’s formulations to be sold and used in the United Kingdom, where the company is headquartered.

Sean Smith, Chief Executive Officer of Eden, said: "Following Eden’s initial investment in the formulation and patent protection of this important product, Eastman has invested significant resource over the past three years in the further development of Cedroz, and it is pleasing to see our collective efforts coming to fruition.

“Traditional crop protection products are increasingly coming under threat from global regulatory pressures based upon the potential impact these products may have on the environment. There is significant and increasing demand for biopesticides as alternatives to conventional pesticide treatments due to their health and environmental safety profiles.  We are looking forward to working with Eastman to capitalise on this growing demand and helping them to launch Cedroz in a number of new territories, including the UK.

“The Italian market represents a significant opportunity for Cedroz and, as such, it is great to see the regulatory authorities respond positively by granting this emergency authorisation. This also verifies that  there is a limited number of alternative products available to tackle nematodes in the Italian market and consequently growers need new tools to help control this damaging pest on a range of important high value crops.”

Guy Van Den Bossche, General Manager Crop Protection at Eastman, said: “This 120 day “emergency use” authorisation is a great early opportunity that allows growers to upscale Cedroz in real growing conditions and confirm the numerous successful trials done during the development of the product in Italy as a bigger market looking for alternative sustainable solutions to cope with the growing nematode issue.”

For further information contact:

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 £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, Mevalone, 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.

Mevalone 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.

This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).

Eden Research plc (AIM: EDEN), the AIM listed company that provides breakthrough natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, announces its preliminary results for the year ended 31 December 2018.

Financial highlights:

• Revenue of £2.8m (2017: £1.9m)
• Operating loss of £0.5m (2017: £0.8m)
• Loss before tax of £0.5m (2017: £0.8m)
• Loss per share of 0.16p (2017: 0.33p)
• Net cash of £2.5m (2017: £3.7m)
• Operating profit, before non-cash items (share-based payment charge and amortisation), and one-time items (licence renewal fee and royalties refund) of £0.02m (2017: loss £0.4m)
• Product sales increased 112% to £1.6m (2017: £0.8m)
• Upfront and milestone payments of £1.2m (2017: £1.1m)

Commercial highlights:

• Multiple distribution agreements signed with Sipcam SpA (“Sipcam”) for Mevalone in ten new territories, for which a fee of €0.9m (£0.8m) was paid to Eden
• Exclusive distribution agreement signed with Sipcam for its fungicide product Novellus to be sold in Australia and New Zealand
• Successful positioning of Mevalone as an early-season treatment contributing to product sales growth of 112%
• A healthy pipeline of collaborations progressing with majors in Eden’s distributor network

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 with effect from 1 January 2018
• Regulatory applications submitted in new countries for Mevalone and Cedroz, including the US which is currently undergoing scientific review by the United States Environmental Protection Agency (“EPA”)
• Regulatory clearance received for head lice treatment product by TerpeneTech to be sold in the European Economic Area

Lykele van der Broek, Chairman commented: “We have undergone a year of significant growth at Eden in 2018, with a boost to revenue from product sales and the contribution of Sipcam SpA exercising it’s option for new distribution agreements in ten additional territories.

“Behind the scenes, significant regulatory activity has been progressing with promising potential to unlock future product sales expansion for the business. The Board is currently prioritising the long-term viability and growth potential of the Company and is looking forward to making further commercial progress in 2019.”

For further information contact:

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 £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 to date 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, it should be noted 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, Portugal and the Republic of Macedonia.

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.

Eden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, is pleased to provide the following unaudited trading update for the year ended 31 December 2018.

The Company has delivered a pleasing year of growth with revenue for the year expected to be in the region of £2.8m, up 48% from £1.9m in 2017, with a loss before tax of approximately £1.0m (2017: loss of £0.8m).  Statutory operating loss is expected to be c.£0.9m (2017: loss of £0.6m). Operating profit, excluding share-based payment charges, exceptional royalties refund and amortisation, is expected to be c.£0.02m (2017: loss of £0.6m). The majority of revenue was product sales which doubled in 2018 to c.£1.6m from £0.8m in 2017.  The balance of the revenue in 2018, being c.£1.2m, was made up of upfront, milestone and other payments and royalties (2017: £1.1m). The Group’s cash position remains strong with cash at the year-end of c.£2.5m (2017: £3.7m).

In December, the Company’s commercial partner, Sipcam Oxon SpA (“Sipcam”), exercised its option over the exclusive distribution rights in all ten countries covered under the 2017 Evaluation and Option Agreement, for which a fee of €0.9m (£0.8m) has been paid to Eden. As a result, Sipcam will be the exclusive distributor of Eden’s fungicide product, known as Mevalone, in twelve countries including Italy, Spain, USA, China, Brazil and Japan.

During the year, Eden made an application to the US Environmental Protection Agency (EPA) for the regulatory approval of Mevalone, Cedroz (a nematicide product being marketed by our partner, Eastman Chemical) and three active ingredients in the USA. The EPA’s scientific reviews are expected to be completed before the end of 2019. The USA is the largest market in the world for crop protection products and is a major producer of grapes, and the addition of this important country to our commercial footprint is expected to contribute meaningfully to the Company’s revenue in the years to come. Now, with commercial partners in place, we only await the regulatory clearance before sales can commence.  Additional product commercialisation opportunities for new products are expected to be possible once approval of the three active ingredients is granted.

Given the considerable importance of regulatory approvals to the growth of the Company’s business, Eden submitted its application for authorisation of Mevalone in Australia and received approval for authorisation in the Republic of Macedonia.  Furthermore, Eden’s partner, Eastman, is actively pursuing registration of Eden’s second product, Cedroz, in a total of 29 countries.  Initial authorisations are anticipated in 2019, but the precise timing is subject to the successful completion of the regulatory review process in each country.

On 10 October 2018, the Company announced that TerpeneTech, Eden’s associate company, had received regulatory clearance to sell its head-lice product in the European Economic Area. TerpeneTech is now working with its distribution partner to launch that product in the U.K. in 2019.  TerpeneTech is also actively working to establish distribution partners in new territories including elsewhere in Europe and also the United States.

The launch of animal health products in the USA by Eden’s partner, Bayer Animal Health (“Bayer”), has been delayed due to a recently-identified need for additional formulation work on one of the three initial products Bayer has developed. It is now anticipated that the launch of these products will take place in 2019, subject to successful completion of the additional formulation work.  Bayer and Eden are working closely together to expedite matters.

Sean Smith, Chief Executive Officer of Eden, said: “2018 showed continued growth in the sale of Mevalone in southern Europe despite low disease pressure attributed to another hot, dry summer. We are encouraged by the doubling of Mevalone sales during the year as this reflects the increasing acceptance of Mevalone in the market, the optimised product positioning initiated by our partners and its adoption and continued use by growers.

The opportunities in Eden’s core crop protection business are growing well. In addition to the products that Eden has developed and is commercialising through its partners, there are a number of pipeline products which are in the process of being tested by potential partners including several candidate insecticide products which would represent our first entry into the insecticide segment.  Whilst it is early in the development of these formulations, initial results have been encouraging.

Sustaine, Eden’s patented, natural micro-encapsulation technology, is being evaluated by an increasing number of parties, including Sipcam, on a large and growing number of active ingredients used in crop protection.  This technology represents significant medium-term potential for the Company, and we are pleased with the attention it is receiving in the hands of current and new collaborators.

We are pleased with the overall performance of the business in 2018 and believe that we have established an excellent platform from which we can continue to grow both in 2019 and, importantly, the medium and long term.”

For further information, please contact:

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 £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, Portugal and the Republic of Macedonia.

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.

The 2018 results reported above are unaudited, pending completion of the annual audit by KPMG.