Eden Research PLC (AIM:EDEN, OTCQB:EDNSF), the sustainable biopesticides group that uses plastic-free technology, said it is looking to capitalise on new approvals and partnerships garnered last year as it looks to build commercial momentum in 2022.
In an update alongside its prelims, it also said expansion into the US will be a "major milestone" given the market's size. However, it is still awaiting approval of its active ingredients, as well as its products, Cedroz and Mevalone, from the Environmental Protection Agency.
“Due to the nature of the process and a schedule heavily impacted by the Covid pandemic, it is hard to predict exactly when new approvals will be achieved,” the company said.
“However, we are in continual contact with regulators to progress the process as quickly as possible, and we expect to be able to update shareholders with updates on EPA approval in the coming months.”
It also told investors that its seed treatment project with agriscience giant Corteva “continues this year with further field trials taking place which should ultimately be used in the application for regulatory authorisation in the EU”.
As is common for companies at the formative stages of the commercial cycle, Eden made a loss for the 12 months to 31 December 2021.
On an underlying basis (which excluded share-based payments), the shortfall was £2mln on revenues of £1.2mln. The cash position was in line with expectations at £3.9mln.