30th May 2014 10:18
LONDON (Alliance News) - Eden Research PLC Friday expressed optimism for a "pivotal" 2014, after it posted a narrowed pretax loss for 2013, and continued to develop its intellectual property portfolio.
Eden Research develops and markets intellectual property, mostly in the health market.
The company posted a pretax loss of GBP1.6 million, down from GBP2.3 million, as revenue rose to GBP80,000 from GBP40,000, as lower finance costs offset higher administrative expenses.
Eden received approval from the European Commission for three active substances used in its agrochemical product 3AEY, and the company said that with this hurdle out of the way, "national product approvals just around the corner and product sales already underway," give the company confidence in its future.
Whilst the substances were approved, the company will need to provide additional confirmatory data that was requested, which will require it to invest a further GBP500,000 over the next year.
In October 2013 the company applied to have the substances approved in the southern zone of the EU, and expects to have approval in the first country at the end of 2013, with others following in early 2015.
The company intends to re-organise its business to further protect its intellectual property and maximise value from its GO-E encapsulation technology, following the launch of the first product using the technology by its licensee TerpeneTech Ltd.
Additionally, Eden has signed an agreement with NeoPharma Innovations Ltd for head-lice products. Neo has been seeking regulatory approval in the EU and India, and is in talks with distributors, Eden said.
"I think that 2014 will prove to be a pivotal year for Eden and am excited by the prospects that lie ahead," said Chairman Tom Lupton in a statement.
Shares in Eden were trading up 0.8% at 7.56 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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