24th May 2016 10:19
LONDON (Alliance News) - Eden Research PLC Tuesday expressed confidence for 2016 following its fund-raising in March and the approval of its core technology, 3AEY, in the EU, as it reported a narrowed pretax loss for 2015.
3AEY is a fungicidal product for the treatment of botrytis in wine grapes, which was approved last year in Malta, Kenya, Greece and Bulgaria, and in 2016 was also improved in Spain and Italy.
Eden Research said it is working closely with its partners in remaining jurisdictions to gain the necessary approvals as soon as possible.
After getting approval in Kenya Eden secured its first commercial-scale order from Lachlan Kenya Ltd, its sales partner in the country.
The intellectual property company reported a pretax loss of GBP1.2 million, narrowed from a pretax loss of GBP3.0 million in 2014, as revenue rose to GBP883,312 from GBP99,835, mostly helped by lower finance costs.
Following the year end Eden raised GBP2.6 million in a share placing, which it said will help it accelerate its strategy as it works to expand the reach of its existing products and to register new products.
"2015 saw a number of breakthrough moments for the company focused around the financial, commercial and regulatory aspects of the business. Eden is well placed to exploit its patents, know-how, technologies and products and drive commercialisation on apace," said Chairman Tom Lupton in a statement.
"It is satisfying to know that in 2016 Eden products are being used around the world, though we are really only at the start of this journey with further exciting product and market opportunities to come," Lupton said.
Shares in Eden Research were up 4.8% at 10.09 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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