24th Sep 2013 07:37
LONDON (Alliance News) - Eden Research PLC Tuesday said it reduced losses in the first half, as a number of its products gained European Union approval.
The company, which tries to produce natural solutions to agricultural, medical and industrial problems, posted pretax losses of GBP711,00, reduced from a GBP1.5 million loss a year earlier, while revenue grew to GBP49,000, from GBP8,000 in 2012.
Administrative expenses fell to GBP0.5 million, from GBP0.6 million last year, while cash dipped to GBP0.4 million from GBP0.5 million in 2012.
Eden said it had a successful first half, with three of its agrochemical products gaining EU approval.
"This is particularly noteworthy given that on average around only ten active substances are approved by the EU each year," the firm said.
The company's master encapsulation technology patent was granted in Europe, while steps to supply its plant bacteria formulation patent in the African Regional Intellectual Property Organization (ARIPO) region also moved forward.
In June, Eden signed a licensing agreement with Neo-Pharma Innovations for its head-lice product.
The stock was unchange Tuesday morning at 17.12 pence per share.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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