Eden Research plc – Financial Results for Year Ended 31 December 2018

Eden Research plc – Financial Results for Year Ended 31 December 2018

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.”

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