11 May 2012
Pharmaceuticals and Biotechnology
- Placing Size:
- Post Deal Mkt Cap:
£21.65 million admission to AIM of Eden Research plc
Manchester and London based Zeus Capital successfully completed the admission of Eden Research plc’s (“Eden” or “the Company”) share capital to trading on AIM, having moved from PLUS.
Zeus Capital Limited acted as Nominated Adviser and Broker in relation to the Admission and the market capitalisation of the Company at Admission was approximately £21.65 million, based on the middle market price of 19.5p at the close of business on 10 May 2012.
The Directors now believe that additional advantages can be achieved through a move to AIM, notably in the areas of share liquidity, visibility of the business within its industry and greater investor interest.
Eden is an early stage company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions to the global agrochemicals industry, the animal health industry and consumer products. With leading consultants in their respective fields, the Company is developing these technologies through innovative research and a series of commercial production, marketing and distribution partnerships.
Eden's encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants and also can be used with hydrophobic compounds both natural and synthetic. Work to date has focussed on the antimicrobial properties of terpenes, which are naturally occurring low-toxicity botanical substances produced by most plants as part of their defence mechanisms. The Company has a number of patents and has a pipeline of products at differing stages of development targeting specific areas of the global agrochemicals industry. To date, the Company has invested in the region of £12 million in developing and protecting its intellectual property. Revenues earned by the Company have been modest (2010: £172,000, 2011: £91,000) while the Company has concentrated on securing patent protection for its intellectual property, identifying suitable industrial partners and entering into licence agreements.
Ross Andrews, Andrew Jones and Brian Stockbridge from Zeus Capital advised on the transaction.
Ross Andrews, Director, commented:
“We were appointed to Eden earlier this year and are delighted to have subsequently advised them on their introduction to AIM. Eden is an early stage company with some exciting IP and has entered into a number of commercial agreements with large corporates.”