Eden Research PLC (AIM:EDEN, OTCQB:EDNSF), a leader in sustainable biopesticides and plastic-free formulation technology, said it is now in a strong position to quickly develop and commercialise its key products.
The assessment of prospects came alongside the release of its interim results, which summarise the significant progress made in the year to date.
This included its first commercial order for Ecovelex, a new seed treatment product, in August 2023.
Regulatory approvals have expanded, most notably in the United States, and authorisations for key products like Cedroz and Mevalone have been granted in California and Poland, respectively. Eden also secured a new distribution agreement for Mevalone in Colombia and ran 140 field trials for its developmental insecticide.
On the financial front, Eden reported a revenue of £1.14 million for the six months ended 30 June, up from £1.04 million in H1 2022. The operating loss was £1.2 million.
More importantly, cash and cash equivalents were £1.73 million at the end of last month, bolstered by a tax refund and proceeds from a share placing.
Eden said it remains on track to meet its 2023 market expectations for revenue and EBITDA.