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, announces its interim results for the six months ended 30 June 2019.
· Revenue for the period of £0.58m (H1 2018: £0.68m)
· Product sales £0.45m (H1 2018: £0.68m)
· Upfront and milestone payments of £0.13m (H1 2018: £nil)
· Operating loss for the period reduced to £0.63m (H1 2018: £0.93m)
· Cash and cash equivalents of £1.36m (H1 2018: £2.62m)
Business & Operational highlights
· Eden's nematicide formulation, Cedroz, has been approved by the zonal rapporteur member state for use in the southern and indoor EU regulatory zones. 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 growing environments, resulting in significant yield losses and increasing growers' costs.
· Emergency use authorisation granted in Italy for the treatment of nematodes on tomatoes and a range of additional crops, leading to the first commercial sales of Cedroz.
· Emergency use authorisation has been granted for the use of Mevalone to combat post harvest storage disease on apples in France. Mevalone is a terpene-based fungicide that initially targeted Botrytis, a widespread fungal disease that causes grey mould on many fruits and vegetables, leading to the rapid loss of commercially valuable crops. Treatment of apples for post harvest diseases represents an entirely new market for Mevalone.
· Appointment of Rob Cannings as Commercial Director and Felicity Lenyk as Product and Market Manager.
Lykele van der Broek, Chairman, commented:
"To date, Eden's product sales footprint has been based primarily on the southern EU zone, through sales of Mevalone, Eden's fungicide product.
"Following the successful final authorisation of Eden's second product, Cedroz, a bionematicide, in the southern and indoor crop EU regulatory zones, and the emergency approval granted in Italy, it is anticipated that the sales footprint could significantly increase.
"These elements, in addition to the emergency approval received in France for the use of Mevalone for the treatment of storage diseases on apples, mean that the growth prospects for the Company are steadily improving.
"Additionally, Eden has a number of exciting product developments underway internally, and with various commercial partners, which should see the Company build into a global player in the biopesticides industry in the medium term."