Eden Research PLC (LON:EDEN) said its licence agreement with Bayer Animal Health has been amended as there will be increased investment in the project, in part financed by Eden's successful March fundraise.
The biopesticides group will also contribute its expertise in bio-active substances to the formulation development process.
The pair are working on an animal shampoo, a conditioner, a spray, and an ear flush using Eden’s encapsulation technology.
“The company has previously communicated that there have been some challenges relating to one important formulation,” investors were told in a statement.
“The amended agreement is designed to overcome these challenges and better meet Bayer's stringent product profile requirements through an expanded collaborative approach.”
Eden, a specialist in biopesticides and plastic-free encapsulation technology as well as animal health, said Bayer remains committed to the commercialisation of up to four products, subject to reformulation and testing.
The amended agreement also specifically references the intention of the two companies to enter into a supply agreement once development work has been successfully completed, the group added.
“If for any reason Bayer does not advance the project, both parties have agreed that all elements of the intellectual property and know-how will transfer to Eden, including formulations, clinical and marketing data, market research, business plans, the associated brands and trademarks, and other information relating to the project,” it explained.