Eden Research shares fall after deeper full-year pre-tax loss

Eden Research's shares were sold almost 13% lower after its final results revealed lower revenue and a deeper pre-tax loss.

The company's pre-tax loss was £1.9m, compared with a loss of £1.3m previously. Revenue came in at £0.4m, down from £0.9m, in a 12-month period in which made significant progress towards commercialisation.

"With approvals of 3AEY having been granted in Spain, Italy and France, we expect to see a significant increase in product sales in 2017," the company said.

"The revenue from existing agreements will now be in the form of product sales to existing (and new) partners, following the progression of Eden's business model to include product supply as well as licensing," it added.

The adoption and acceptance of biological products, such as 3AEY, continued to increase throughout the world and Eden said it was well positioned to benefit from this trend.

"We are focussed on exploiting this situation by leveraging the valuable intellectual property, in the form of patents, know-how and regulatory dossiers, that Eden has invested in.

"To that end, Eden will continue to enter into agreements with partners in new territories for 3AEY as well as other products that Eden continues to develop."

At 11:50 BST, shares in AIM-listed Eden were down 12.77% to 10.25p each.