Eden Research plc

September 29, 2009 02:00 ET

Half year report

                              Eden Research plc ("Eden" or "the Company")
                         Interim Results for the six months to 30th June 2009

Eden  Research plc (PLUSMARKETS: EDE), a leading UK agrochemical development company, today  announces
its  interim  results  for  six  months ended 30th June 2009.   Eden's  strategy  is  focused  on  the
development and commercialization of terpene-based technology for agricultural use.

Business Highlights
    *       Option exercised by Cheminova for seventeen additional countries extending the territories for
        its rights to commercialize 3AEY to most of Europe and much of the Americas and the CIS
    *       License signed with Environmental Solutions North Africa Limited (ESNA) for all professional
        crop applications of 3AEY with upfront and milestone payments totaling £170,000 plus subsequent
        royalty payments
*       Highly successful trial data announced for Spider Mites, Whitefly and Nematode products
indicating strong prospects for commercialization of future products
    *       Final submission of 3AEY to the Chemicals Regulation Directorate now complete
Financial Highlights

    *       Loss for the period of £1,002,000 (2008: £1,394,000), in line with the Company's expectations
*       Revenue for the period of £65,000 (2008: £84,000), being the upfront payments for the Lachlan
and ESNA agreements
    *       Administrative expenses £424,000 (2008: £819,000), reflecting the on-going low cost base of
        the Company and the reduction in expenses relating to the registration process of 3AEY due to Eden
        being at the tail-end of that process

Tim Griffiths, Eden's Chief Executive said:

"We  are pleased that licenses have been signed for additional territories for 3AEY and that the final
submission  of 3AEY to the Chemicals Regulation Directorate is now complete. This not only  shows  the
worldwide  interest  in  our lead product but also means that, because the majority  of  the  Botrytis
market  has  now  been  signed  up, we are able to progress the commercialization  of  other  products
targeted at significant markets, such as nematodes, where market size is greater and our positive data
will now enable us to complete new deals."

For further information please contact:

Tim Griffiths, Chief Executive, Eden Research plc
T: 01993 868844
Matthew Robinson/Rose Herbert, FinnCap
T: 020 7600 1658

Eden Research plc
Consolidated Income Statement for the six months ended 30 June 2009

                                                               Six               Six        Year ended   
                                                      months ended      months ended       31 December
                                                      30 June 2009      30 June 2008              2008
                                                             £'000             £'000             £'000
                                                         unaudited         unaudited           audited
GROUP REVENUE                                                   65                84                84   
Cost of sales                                                    -               (2)                 -   
Gross profit                                                    65                82                84   
Administrative expenses                                      (424)             (819)           (1,334)   
Amortisation of intangible assets                            (295)             (240)             (604)   
Share based payments                                         (369)             (368)             (174)
                                                           (1,088)           (1,427)           (2,112)   
Other operating Income                                           -                 -                 -   
OPERATING LOSS                                             (1,023)           (1,345)           (2,028)   
Finance income                                                   -                 3                 3   
Finance costs                                                 (45)              (52)             (123)   
Loss on ordinary activities before taxation                (1,068)           (1,394)           (2,148)   
Tax on loss on ordinary activities                              66                 -                47   
LOSS FOR THE FINANCIAL PERIOD                              (1,002)           (1,394)           (2,101)   
LOSS PER SHARE (PENCE) - BASIC AND DILUTED                  (1.78)            (2.62)            (3.86)   

The above numbers have not been reviewed by the company's auditors.


Contact Information

  • Eden Research plc