Eden Research PLC hails progress in expanding its business resources

Crop protection and animal health specialist () is confident it can capitalise on the market opportunity for biopesticides following its fundraising in March.

The first half of 2020 saw the company make progress with its new, effective insecticide products and pursue other key opportunities in its pipeline.

Half-year revenue nudged up to £746,000 from £581,000 in the first half of 2019.

Loss before tax widened to £1.02mln from £645,000 the previous year, largely as a result of overheads increasing to £970,000 from £680,000.

At the end of June, cash and cash equivalents stood at £8.7mln, up from £1.4mln a year earlier.

Since the end of the reporting period, Eden Research has opened its new laboratory facilities at Milton Park, which will allow it to do more in-house work.

In the second half of the year, the company aims to continue to make positive steps towards the development and commercialisation of its products, bolstered by its new in-house capabilities and resources.

The group has already expanded its presence in Europe through new authorisations of its Cedroz and Mevalone products, and it expects further approvals in Europe and elsewhere will follow.

“As a result of our successful fundraise in March we have begun work expanding into new product categories, with a focus on new insecticide formulations and seed treatments. Throughout the period we have made several commitments to further our ambitions in these areas,” said Lykele van der Broek, the chairman of Eden Research.

“In particular, our exclusive one-year evaluation agreement with Corteva Agrisciences represents the first use of Eden’s products and technology in the treatment of seeds and is an initial step into this area across a range of functional uses and seed types,” he added.

WATCH Full interview: Eden Research hails agreement with US giant Corteva

“Despite the uncertainty created by the COVID-19 pandemic, we have made continued progress in expanding our business resources. Most pleasing has been the establishment of new product development capabilities in-house, which will save significant time and money compared to out-sourcing, and we have been able to attract high-calibre talent to our team, who will play an integral role in capitalising on the opportunities in our pipeline going forward,” the Eden Research chairman declared.