Share Name Share Symbol Market Type Share ISIN Share Description
Eden LSE:EDEN London Ordinary Share GB0001646941 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 11.25p 11.00p 11.50p 11.25p 11.25p 11.25p 114,762 07:32:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 0.4 -1.9 -1.0 - 23.29

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Date Time Title Posts
24/9/201707:00Eden Research2,747
07/3/201713:47Eden Research- The Natural Solution172
27/2/201611:20Eden Research- The Natural Solution3
18/5/201202:24Eden Research6
17/5/201216:00The sterile garden of Eden118

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Eden Daily Update: Eden is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker EDEN. The last closing price for Eden was 11.25p.
Eden has a 4 week average price of 10.25p and a 12 week average price of 10.25p.
The 1 year high share price is 15.63p while the 1 year low share price is currently 9p.
There are currently 207,064,337 shares in issue and the average daily traded volume is 88,925 shares. The market capitalisation of Eden is £23,294,737.91.
investingisatrickygame: I can't see why in the current circumstances and foreseeable future Eden would need to do any more cash calls. I think they have said as much themselves. Any further dilution of retail investors would seem unpalatable. Cash generated from operations should suffice. They are sharing R and D services in collaboration with Sipcam. Furthermore, distributors as RNS'd are absorbing marketing and other costs, thus alleviating the initial cash investment from Eden. The model is now set and proven, so no more cash calls. Fair value of share price should now be Eden's focus in association with shorecap and Powerscourt. Companies come to market via IPO selling investors their vision of capital growth and investment returns. It's about time, isn't it, that some investment returns are put on the table to reward people. New investors can then enter for the next stage of growth, more secure in Eden's future prosperity. Existing investors will likely leave something in the pot too.
investingisatrickygame: How about 1) mobilise the share price towards fair value 2) provide sound and relevant advice in regards to 1) to a bod inexperienced in running an aim company 3) where unable to do so, recognise that their investors are retail and it is they who need to be educated in everything Eden and motivated to buy I haven't seen a broker yet with the wherewithal, time, resources, will or knowledge to do so because they are all city facing. Everyone is waiting for PI's to 'get it' without any help and encouragement so that the broker can bask in their own glory when Eden's mcap hits £50 million+ and their clients will listen to them. Shocking really.
investingisatrickygame: I guess it all depends how you measure fair value. For sure, any broker notes issued will focus on revenues for the next three years. Shore Capital have taken out of the equation 'potential' to focus pretty much on sales of 3AEY and then the deal with Eastman Chemicals too. 1) One could look at what Syngenta and I think, Bayer, publicly declare on their websites for the capital cost of developing a new product to patent stage and therefore ready for commercial sale(Eden has achieved this and is now selling product). Both state this to be in excess of £200 million. Eden spent £12 million. This suggests to me, significant headroom in the share price for where we are today. So, if for example, Eden was capitalised at £50-£100 million, that wouldn't seem unreasonable, would it? So somewhere between 24-48pence today 2) You can then look at sales of 3AEY (as yet unknown for this year as we are too early in the season). Remembering that 3AEY uses 4 litres per hectare and can be applied up to 4 times per season. So everyone can make their own calculation based on assumed sales in litres this year and assumed margin per litre. take away Eden's running costs (around £1.4 million per annum as per the 2016 accounts) and multiply the resulting sum by a P/E ratio of 20/30. With 207 million shares in issue we can all come to a number and it is a lot higher than 11.25pence. Of course, if the Company could be more exact to the market with the missing numbers, we could all be a bit more accurate 3) Another likely early revenue stream from Sipcam, I assume, will be when they blend their active ingredients for one or more of their existing pesticides (maybe one likely going off patent) with our active ingredients to reduce the chemical trace and its ability to stay on patent. The numbers for this, we understandably do not know 4) As well as, for example, 3AEY, you have the value of Sustaine with its slow release benefits and that too must carry immense value and benefit in the field, as well as back to shareholders. Scenario 1) is easy to assimilate now, scenario 2) requires the interims to give us an indication, scenario 3) will possibly take a bit more time and scenario 4) will I imagine, add to the product advantage in the sales process for Sipcam and Sumi-Agro, so that should be reflected in our sales litres this year. Scenario 4) takes no account of the technology applied to other products developed. I know of some who think the shares are worth up to a £1 as we stand today. I doubt Sipcam are in it for 24pence and their own sales will be all important to the share price so they will likely go hell for leather. I would assume fair value is north of 50pence today taking account of the above. As for the separate EU member state approvals, I am not entirely sure. I have been told in the past, but cannot remember. Maybe that is a question you can email to Walbrook and post the answer back here.
investingisatrickygame: Eden has clearly gone commercial and in what we hope is a successful and profitable way. With Sipcam SpA being a major distributor in this sector and product creator, their chosen alliance and investment in Eden with a clause that restricts the selling of their shares for 3 years is a welcome one. Equally, so too will be their board appointment. This all adds commercial weight and gravitas to Eden's development and is very welcome. Eden has clearly developed a niche in both its slow release system and with its management of volatile terpenes, natures own defence mechanism. In fact, the very nature of controlling volatility to enable a product to work defensively against disease is a very creative one and one that evidently the majors hadn't thought to do or were unable to do. Patent protection will now secure Eden's ability to deliver revenue through commercial agreements that should deliver substantial profits. This is one side of Eden Research Plc's business, one collective product area and although some feel it has been slow, it is now here, it is real and management definitely deserve credit for delivering the same. Successful sales of 3AEY now rest, predominately with Sipcam SpA and Sumi-Agro France. In effect this should be a collective effort, one would assume, given their relationship to Sumitomo, whom I assume, are also keeping a keen eye on developments. I imagine they will be looking at Sipcam SpA to monitor how the collaborative elements of the arrangement unfold in regards to new product development, expansive use of Eden's Sustaine technology and extended patent life of existing SpA pesticides. I wouldn't mind betting that internally, they also have a value attached to the same which easily outweighs their £2 million stock investment in Eden. They will also see additional value back to them through an increase in Eden's market capitalisation. What I now hope to see is Eden and Sipcam manage their other product in their portfolio, namely their share price. Given its volatile nature, one could easily draw a line to the management of terpenes to create an easy understanding for the need to reduce negative volatility in their share price. The share price may arguably be stable now, but it is stable at a very low price, to the negative if you will. Some simple time and strategies to complement their operational product areas will be very welcome, especially now that they have some breathing space to do the same with 3AEY over the line and funds in the bank and on the way. Successfully delivering 3AEY gives Eden breathing space to now move on to other product developments, other commercial arrangements and more (notwithstanding Eden wants 3AEY registered in other countries around the globe). If Eden and Sipcam could successfully manage Eden's share price to fair value today, it would be for the benefit of both parties, reward institutional and retail shareholders who will no doubt feel more confident in spreading the word, whilst not necessarily selling up given the greater confidence and visibility they would then have. If they can manage volatile terpenes, I'm confident with all that they have to offer that they can manage a volatile share price. It is after all, one of the fundamental reasons that they, along with others, became a listed Plc.
supersonico: So even if it's £35M that's ~ 20% of what Bayer spend ($200m)on commercialisation. Surely you have to give massive credit to EDEN for that. ?? Some of the costs and delayed income were incurred outside EDEN control ie delayed French approval.. Eden lost a years income from that market because of that alone. The Share price needs to see a road towards profitability to appreciate IMO which we should see this year. Until then we may well 'languish' as you say. I would not be surprised if LivingBridge buy a further stake should the opportunity arise. RE directors buying..I',m seeing the same pattern from a company with what I judge to be similar potential.. SEE although all of us would like to see Director buying I DON'T judge it to be a Negative sign of the companies future performance when they don't. Also none of us really know if there has been any opportunities for Director buying which would not have broken FSA/Securities regulation etc.
jaknife: supersonico "We obviously don't share the same understanding of 'pointless'." It's easy enough to tell the difference. Go to the top of this page and click on "NEWS" then pull up all the "News" for EDEN. You'll see that some of that "News" is labelled as "UK Regulatory" whereas other "News" (of which the three above are included in this group) are labelled "Alliance News". The Regulatory announcements are the market sensitive legally required announcements, the other stuff are pointless puff-pieces designed to advertise the company and to ramp the share price. JakNife
supersonico: Hey Roydyor. Do you think that the fact that Frothy's spoutings about EDEN have no impact on share price is a reflection of..? A.. No one reads Share popets. B.. No one concurs with his view?
the prophet: Beautiful day here and a delight to read the Eden thread without the puerile rubbish on the old one. Here is a good over-view of the Shore Capital note from the Michael Walters site. This is a free article, btw, so I'm it's ok for me to post it, with due recognition. Eden - Worth More, or Much More? - (EDEN) 30/11/15 (119264) Let's face it. None of us knows what Eden Research (EDEN) is really worth, no matter how long we have been watching, wishing, and hoping. When the issued capital was much smaller, ages ago, some of us paid many times the current price of 16.25p (up 1p) today. There are still hopes that we could see those levels, and more, again - but lending logic to that set of sums has always been elusive. The latest, and much the most convincing, attempt to add substance to the dreams comes from new house broker Shore Capital, which has a highly-rated research team in the small company/ food producers area. Signed by analyst Phil Carroll, written with the shares at 15p, this suggests a fair value of 22.5p, backed by a full revenue potential analysis citing fair value at 79p by projecting revenues out to 2019 then discounting. So we have the usual analytical guesswork which sticks a finger into a range of options, and pulls out a nice number. Peer more closely at the assumptions, and you arrive at anything between 63p and 16p (Shore chooses a conservative 22p) on the 'core' Eden business depending on whether you use a discount rate of 8% or 14% and a terminal growth rate of 1% of 4%. Apply the same discount and growth boundaries to the 'full revenue potential', and you come up with anything between 58p and 223p. Shore picks a cautious 79p. Do not assume that pointing to the vast variables in the Shore valuation method is a criticism. It is not. But it is worth emphasising that we are not talking absolutes here. We have a broker doing what brokers do, and attempting to give some measure of what Eden might be worth. We should be grateful for that, especially since predicting what might happen with Eden (or, rather, when it might happen) has never been easy. Rather than attempt to wade through full 31 pages of the Shore report, it is sensible here to assume that subscribers already know the basic Eden story pretty well - it is developing a series of benign products based on using combinations of three natural terpenes, applied via a patented system of encapsulating them in yeast particles which effectively spreads the delivery time when they are sprayed. There have been long delays getting them through the regulatory system, but the first approvals are in. The most immediate applications are in agri-chem, with a vast range of other possible uses, including animal and human healthcare, food ingredients, cosmetics and home and garden products. Five products are in various stages of development, led by 3AEY, which is about to start sales as a fungicide targeting botrytis, a disease which badly damages grapes. Then there is B2Y, a nematicide targeting soil pests and being evaluated by global giant Eastman (option until next March), 2EY, tackling powdery mildew, and GO-E, the encapsulation technology. Shore expects approval for 3AEY from remaining southern EU states either before the year-end or early in 2016, allowing sales in the next growing season. Companies associated with Japanese giant Sumitomo are partners with Eden to sell in the key grape-growing countries of Italy, Spain and France, and one of them (Sipcam) is evaluating two new products - 2EY (to treat powdery mildew) and 1EY (for apple scab). The other Sumitomo company also has rights to develop other Eden plant protection products. In Kenya, at last Lachlan has approval to sell 3AEY. Eden estimates the market for botryticides like 3AEY is $300m a year. B2Y, the nematicide being evaluated by Eastman and about to undergo the registration process adresses an estimated market worth $1.3bn a year (Eastman's market leader nematicide Metam is under significant pressure, says Shore). The powdery mildew product B2Y, going through registration and backed by a Sumitomo company, tackles a market worth about $750m a year, with particularly high value in Africa. There is a pipeline of other earlier stage products, including 1EY. The broker suggests Eden has a significantly reduced risk profile now that 3AEY has reached commercial sales, and other approvals will trigger milestone payments, helping Eden move into profitability in 2016, a major positive for a biotech company. The business model has significant leverage potential, with further deal potential with other companies in the global Sumitomo network. The same applies to the current option deal with Eastman, and Eden can licence GO-E encapsulation technology for use in industries outside agri-chem. It is currently licenced for head lice treatment with TerpeneTech and with Bayer in flea, tick and shampoo animal health products. Disappointingly, the broker does not expect volume Bayer sales to begin until 2017, with some early initial sales in 2016. Intriguingly, looking at GO-E, the broker uses the example cited in earlier Eden material. That points to Trifloxystrobin, one of Bayer's best-selling agrochemicals at $400m a year. That is now off-patent, but as an example could be used with GO-E to add benefits and extend patent life if co-encapsulated. Eden has often touted the potential benefits of such co-encapsulation opportunities for extending the life of chemical products for major companies, but has yet to conclude a deal, and has never formally said there were talks on such a deal with Bayer - but it keeps coming up (we know Bayer moves at the pace of a constipated tortoise). The broker suggests that Bayer Cropscience could be a potential source of deals in the future. It all adds up, sort of, to a set of core revenue assumptions which the broker splits between current agreements and those under evaluation. Current goes from 2015 revenues of £710,000 to £680,000, then to £1.9m for 2017, £2.61m for 2018, and £3.33m for 2019. Deals under evaluation are reckoned to bring in revenue in 2015 of £21,000, rising to £990,000, then to £1.33m, £3.54m, and £5.6m for 2019. It is these core assumptions, discounted cash flow analysis applied, which support the 22.5p fair value estimate. Then we have the 'full revenue potential' model. That takes in the possible revenue streams based on products which are still being developed, such as 2EY for powdery mildew or the application of GO-E for use in animal health outside the USA. And they include products not licensed or under evaluation. This is heavily loaded with revenues from ag-chem in 2019, when they leap from £3.23m to £15.94m, and form the bulk of the projected revenues of £24.83m for 2019 (up from £11.16m). In turn, the vast bulk of these 2019 revenues - £13.78m - would be generated by products still under development. These assumptions are set against a background of an underlying costs base of £1m a year, growing at mid-single digits, so operational gearing is such that revenues quickly fall through to the bottom line with only modest deductions. Research and development spend is capitalised and then amortised through the income statement (£700,000 currently), and the broker assumes a continuing prudent approach to R & D which would allow the company to become self-sustaining on a cash basis by 2017. There are trading losses of £21m, taking out the charge for tax for a while, and the broker assumes any short term cash need would be satisfied by debt rather than equity. Free cash flow turns positive in 2017 on the core model, a year earlier on the full revenue potential basis. What else? The encapsulation process has opened up exciting opportunities in non-agricultural fields, such as medicine and dentistry, where the antimicrobial properties of terpenes can be effectively applied at controlled doses for wound healing and oral health applications. Eden is at an advanced stage in developing a series of competitive antimicrobial and invertebrate-control agents suitable for use in vineyards and greenhouse and on a variety of high value field crops. The potential for finding further applications of terpene formulations in agricultural and health care is 'vast and clearly exciting' says the broker. The collaboration and licence agreement with Intellectual Ventures protects existing patents, expands Eden's intellectual property portfolio, and using the strength of IV to provide new deal opportunities. IV has agreed to use its own capital to support Eden's objectives, and the deal should make Eden a more attractive potential partner to work with. The ag-chem market has seen a reasonable level of merger and acquisition activity in recent years, Shore says. Over the next decade, the use of biological solutions is set to record double-digit growth, and by 2030 could represent up to 10% of the global crop protection market. This is positive for Eden's prospects. Listing several deals, Shore points to Bayer's acquisition of Agraquest for Euros 340m (£230m) plus milestone payments in August 2012. Shore thinks Agraquest had revenue of $7m in 2012, so it is probably the most comparable company in the chosen deals to Eden. At 16.25p, Eden is capitalised at £26m. Shore says it could be a potential target in sector consolidation. That is a summary of the broker comments, and they point up the attractions of Eden to investors who may have been hanging on, grimly believing, while a tight financial position has brought risks galore to an otherwise enormously attractive proposition. Few shareholders would want to see Eden taken out by an early bid, given the modest share price in recent years. Medium to longer term, however, that is a clear prospect. The potential applications of terpenes, coupled with the encapsulation process, appear massively wide-ranging. The Shore note fills in some of the gaps, but must remain vague on just what might accrue from which deal. So far, the numbers have been small. But the markets Eden's products could be addressing are massive, and a big money partner could help move things fast. There is little mention in the report of opportunities in America, where the market must be vast. There appears to be general confidence that Eastman will go ahead and exercise the option next spring, pulling in a decent milestone payment, and covering some of the American opportunities. But the lack of comment about America, north and south, is surprising. Could there be big new opportunities there, and in the Far East, where Sumitomo is an obvious player. If anything, the Shore sweep of potential developments looks on the conservative side, which is where it should be. Eden itself remains constrained by a shortage of cash. It is debt free and ought to have cash in the bank after the recent TerpeneTech deal, while Lachlan will bring what will presumably be a modest milestone payment. No-one would, however, welcome a dilutive fund-raising at close to current prices. Hopefully the Shore note and marketing presence will help bring more institutional investors into Eden, perhaps reducing the volatility of the shares. The problem remains the glacial pace of regulatory approvals, despite the obvious environmental benefits of Eden's products. Even now, we are not completely clear of all of the red tape holding 3AEY back in Europe. Though the process ought to be somewhat faster for subsequent products, no-one can be sure of smooth and timely progress. As it has for so long, Eden still looks an excellent growth opportunity. No guarantees, but much of the risk has gone. Go for it. I have a holding in Eden Research.
redhill9: TW didn't trash Eden share price Agreed, but he tried to, and is still trying. I doubt if he's stupid enough to actually be short but he benefits from making provocative claims as this generates traffic through his website.
monet: TW didn't trash Eden share price, it was the selling of 3.3m shares by a EIS fund. The three year qualifying period for tax relief was up so had to sell.
Eden share price data is direct from the London Stock Exchange
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