News Archive
AGM Statement
Eden Research plc ( OFEX: EDE), a leading UK agrochemical company, held its AGM today at 11 am today.
All the resolutions put were passed. Tim Griffiths, the CEO made the following statement:
“I am pleased to report that over the past 12 months, Eden has progressed on a number of very important fronts:
“In Eden’s laboratory facility in Worcester, we have continued to further develop our plant pathogen formulations, which means we can produce a more potent product, allowing us to use less product to get the same result and hence reduce the costs. This opens up new markets for us, including instant kill products or areas where hitherto we believed we might be less competitive on price.”
“Our lead product is a fungicide treatment for Botrytis. This year we have completed our second and final year of efficacy trials (comprising 27 trials in total) and the positive results have given us the necessary data required for our forthcoming submission for European registration. Given this very positive data we have decided to progress on American registrations simultaneously with the previously announced European applications. This is such significant progress, it has provided additional leverage in our commercial partnership discussions.”
“Our second product is a Powdery Mildew treatment, where again we have completed extensive efficacy work. This product is another example of the value added to product efficacy and competitiveness by the new formulation work. We needed to reduce the application rates in order to be price competitive, and using approved agricultural adjuvants, we have achieved both reduced rates and equivalent efficacy to market leaders.”
“From a commercial prospective we have continued to make progress with both product lines and are now in advanced stage negotiations with several multi national companies.”
“As previously announced, the company has two agreements already in place. Over the past year we have continued negotiations with a further 13 companies, ranging from global to dominant single territory players. Six companies have tested our products independently, and the positive data is now playing a large part in these negotiations. We believe we will be able to report positive news very shortly.”
“We are also working on wider and varied fungicidal treatments worldwide.”
“As we said last year, nematodes and plant bacteria products are a further major part of our development process. Our nematode field studies in Greece, S.Africa and US have all given positive results and we have an extensive programme to continue next year. A potential partner in the Far East has been assisting with Bactericidal development, which has also shown positive results. Again, we look forward to delivering further good news as these products enter the commercial stage.”
“As announced of 11 September 2006, we raised further working capital to ensure that our ambitious programme for product development and registration can be continued apace.”
“I would like to thank, in particular, Professor Gary Ostroff for being here today and for all his enormous help over the last twelve months and also to thank all our partners and consultants. I feel that this coming year will see our positive trial results produce significant commercial results.”
For further information:
| Tim Griffiths, Chief Executive | Eden Research plc | Tel: 01993 868844 |
| Jonathon Brill /Caroline Stewart | Financial Dynamics | Tel: 020 7831 3113 |