The company, which has published its interim results for the six months ended June 30, reported revenues for the period of £0.75 million (up from £0.58 million in the same period last year).
Product sales were also up at £0.73 million. In March the company successfully raised £10.4 million, adding a number of new institutional investors and the company has secured approval for a number of products from across Europe.
However, overheads were higher than last year at £0.97 million (H1 2019: £0.68 million) and loss before tax for the period increased to £1.02 million from £0.65 million during the same period last year.
Chairman Lykele van der Broek said: “As a result of our successful fundraise in March we have begun work expanding into new product categories, with a focus on new insecticide formulations and seed treatments. Throughout the period we have made several commitments to further our ambitions in these areas.
“In particular, our exclusive one-year evaluation agreement with Corteva Agrisciences represents the first use of Eden’s products and technology in the treatment of seeds and is an initial step into this area across a range of functional uses and seed types.
“We have entered into new markets with our three EU-registered active ingredients (geraniol, eugenol and thymol) receiving approval for use in organic farming in the EU earlier this year, leading to our entry into two of the biggest European organic markets of Italy and Spain in conjunction with Eden’s partner, Sipcam Oxon S.p.A.
“Our presence in Europe also continues to grow through new authorisations for both CedrozTM and Mevalone®, and we anticipate further approvals in Europe and further abroad will follow in due course.
“Despite the uncertainty created by the Covid-19 pandemic, we have made continued progress in expanding our business resources. Most pleasing has been the establishment of new product development capabilities in-house, which will save significant time and money compared to out-sourcing, and we have been able to attract high-calibre talent to our team, who will play an integral role in capitalising on the opportunities in our pipeline going forward.”
The Board said it remains confident in the market opportunity for biopesticides, which is growing at a compound annual growth rate of approximately 15% per annum and is projected to be worth more than $10 billion by 2025.
While the use of conventional pesticides has been fundamental to the farming revolution over the last 100 years, governments and consumers have increasingly begun to acknowledge the potential risks posed by conventional pesticides to human health and the environment. This has led to well-publicised bans or severe restrictions on the use of some common pesticides in many countries around the world.
Eden says its technology and products can solve many of the issues associated with the use of conventional pesticides, including reducing or eliminating the use of microplastics in farming.