29th Sep 2014 10:49
LONDON (Alliance News) - Eden Research PLC Monday posted a widened pretax loss for the half year to end-June, as it continued to develop its natural micro-encapsulation intellectual property.
Eden posted a pretax loss of GBP1.3 million, widened from a loss of GBP713,000 in the previous year, as revenue fell to GBP18,000 from GBP49,000 and administrative expenses and finance costs rose.
During the half year, the first commercial products using Eden's technology were launched. It was granted three further patents, which helped strengthen its intellectual property portfolio.
Since the end of the period Eden signed an evaluation agreement with Belgian speciality chemicals company Taminco BVBA for its nematicide product B2Y. It expects to announce further commercial agreements in the second half of the year, along with news on the first EU approval of its plant protection product 3AEY.
The intellectual property developer said its partner in Greece, Redestos SA, has carried out successful pre-launch trials on grapes using 3AEY to combat the fungus botrytis. The product uses Eden's encapsulation technology GO-E Inside.
The trials were undertaken ahead of the completion of the EU regulatory process, expected in spring 2015.
"We are delighted that our technology has stood up to the rigorous testing that our partners in Greece have subjected it to and that testing is taking place now, ahead of the completion of EU regulatory approval for our product, 3AEY, as this will allow Redestos to move to commercial launch shortly after we receive final approval," said newly appointed Chief Executive Sean Smith in a statement.
Shares in Eden were trading up 0.5% at 7.66 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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