30th Mar 2016 07:24
LONDON (Alliance News) - Eden Research PLC on Wednesday said it has raised GBP2.6 million through a share placing to back its ongoing product development plans.
Eden, which makes natural microencapsulation technologies for the agrochemicals, animal health and consumer products industries, said it has issued 25.4 million shares to new and existing institutional shareholders at 10.25 pence per share.
Eden shares were down 7.1% to 10.8p.
The funding will be used to register new products and increase the presence of existing Eden products and to start new research and development trials for plant protection and personal care applications.
"The placing is an important milestone in Eden's development, enabling the company to accelerate its expansion without the funding constraints under which the company has operated to date," said Chief Executive Sean Smith.
By Sam Unsted; [email protected]; @SamUAtAlliance
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