Eden Research reports an operating loss of £0.86m for the six months to the end of June (H1 2015: loss of £0.70m), £0.45m excluding the non-cash items, amortisation and share based payments (H1 2015: loss of £0.31m). Administrative expenses totalled £0.55m (H1 2015: £0.47m). Cash and cash equivalents totalled £2.01m (30 June 2015: £0.1m).
Chief executive Sean Smith said: "So far this year, we have seen the first significant commercial sales of 3AEY into the agrochemicals market in Kenya, Greece, Italy and Spain.
"Whilst the botrytis season is not quite over and, as such, we don't have final sales quantities from our commercial partners for this season, Eden and its partners are very pleased with the sales that have been generated so far. Particularly in Italy where our partner, Sipcam Italia SpA, has invested a significant amount of resource into the commercial launch of '3logy', the brand name they have chosen for 3AEY in that region.
"For our nematicide product, negotiations are continuing with a multi-national industry leader, and progress has been made towards a satisfactory conclusion.
"A final agreement is expected this year covering multiple territories around the world, subject to further negotiations. A number of evaluation projects for both Eden's technologies and products are on-going and I am pleased with the progress that is generally being made, as well as with regulatory progress where territories such as the USA are now being actively pursued.
"I am also pleased to welcome two new people to the team at Eden. Michel Villeneuve has joined as Senior Strategic Commercial Advisor. Michel has over thirty years' experience in a variety of senior commercial, regulatory and management roles with major multinational companies involved in plant protection. Peter Watson has been appointed as Regulatory Strategy Advisor. Peter has worked for the UK's Chemicals Regulation Directorate and Dow Chemical in a number of senior regulatory roles.
"Both gentlemen bring tremendous experience, insight and drive to our efforts to accelerate commercialisation of our first products. "I look forward to providing shareholders with a more comprehensive update on 3AEY sales and other commercial progress in due course."
At 9:48am: (LON:EDEN) Eden Research plc share price was +0.5p at 11.75p