30th Mar 2015 11:27
LONDON (Alliance News) - Eden Research PLC Monday expressed confidence that 2014 will be a "very successful year" as it posted a widened pretax loss for 2014 on higher finance costs.
The biotechnology firm posted a pretax loss of GBP3.0 million, widened from a pretax loss of GBP1.6 million a year before, as a result of higher finance costs and GBP187,621 in share based payments. Revenue was GBP99,855, up from GBP80,223 a year before.
During the year the company made progress getting product approval for its terpene based fungicide 3AEY, and seeing the first products using its GO-E micro-encapsulation technology launched.
In May three active substances used in 3AEY were approved in the US for use in plant protection products, however, some additional confirmatory data was requested. This work is on-going, Eden said, and is due to be completed in November 2015.
The company got a further four patents during the year, and filed two new patents.
It expects to get approval for 3AEY in Malta imminently, it said, which will then lead to other souther EU member states having 120 days in which to grant their approvals.
"The proximity of this key milestone, as well as the other advances we've made with our licensees during the year gives us the confidence to believe that 2015 will be a very successful year for [the] company," said Chairman Tom Lupton in a statement.
Shares in Eden Research are trading up 0.3% at 7.89 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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