Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) said its seed treatment tie-up with Corteva, the world’s fourth-largest agri-business, made “good progress” last year.
Specifically, the pair moved into the next stage of development, triggering a milestone payment.
Last May, Eden signed an exclusive commercialisation, supply and distribution agreement with Corteva covering the former’s seed treatment product which uses Sustaine plastic-free encapsulation technology.
“Good progress is being made with Corteva and with every few months that pass, we become increasingly confident in that project, the outcome of which could be meaningful sales initially in the EU alone,” said chief executive Sean Smith.
“EPA approval in the US should also provide further, significant product sales opportunities which we are well prepared to fulfil.”
The update was provided as part of a trading statement in which investors were told that sales from Eden's Cedroz and Mevalone products are set to have increased by 6% in value to €1.3mln.
The cash position at the year-end was £3.9mln – in line with management’s expectations.
"Given the particularly difficult backdrop created by the global pandemic and adverse growing conditions in many of our operating territories, I am pleased to report good commercial, regulatory and development progress,” said CEO Smith.
“Product sales volumes have increased and this trend is set to accelerate in 2022, based upon our expanded list of authorisations, anticipated authorisations and a return to market conditions that are more in-line with the pre-pandemic environment.
“We continue to carefully manage our costs and cash position, with sufficient funding in place for the foreseeable future.”