Business
Year-end Trading Statement
Year-end Trading Statement.
About this update from Eden Research Plc
[{"type":"text","content":"\n \nRNS Number : 5494B Eden Research plc 11 January 2018 \n\n \nEden Research Plc\n(\"Eden\" or \"Company\")\n \nYear-end trading update\n \nEden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, provides the following trading update for the year ended 31 December 2017. \n \nThe Group has delivered a robust performance for the year with revenue expected to be in the region of £1.9m, significantly up from £0.4m in 2016, with a loss before tax of approximately £0.9m (2016: loss of £1.9m). Cash at bank at 31 December 2017 was c. £3.7m (2016: £1.5m). This was a good performance since the 2017 growing season was challenging for fungicidal products in many southern European countries due to hard frosts in April followed by high heat and drought in the summer. These well-documented conditions resulted in the smallest harvests in 60 years in key markets such as France and Italy.\n \nDuring the year, regulatory approval was granted for Eden's first agrochemical fungicide product, 3AEY, and first commercial sales were achieved in France with further approvals received in Cyprus, Albania and Portugal. The Company extended its 3AEY patent protection in Spain, Greece, Bulgaria and Cyprus and its nematicide patent was granted in the US. Overall, the Company is encouraged by the level of sales of 3AEY and its continued acceptance into the market. \n \nEden's patent portfolio grew to 78 granted patents during the year (2016: 74) with a further 52 pending patents (2016: 38).\n \nMultiple commercial agreements were signed with Sipcam SpA (\"Sipcam\") during the year, including an Evaluation and Option Agreement, for which a fee of €0.6m (£0.5m) was paid to Eden, and a Collaboration Agreement establishing a long-term collaborative partnership.\n \nAs reported on 12 December 2016, Eden's distribution partner, Eastman Chemical, announced the submission of the regulatory dossiers for its new nematicide, CedrozTM, which was developed by Eden. Cedroz will be a new tool for farmers to control a wide range of economically important nematodes with the first sales expected in advanc...