Eden Research plc (AIM: EDEN), the AIM-listed company that provides breakthrough natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, announces that it has raised £2.6 million, before expenses, through a placing with new and existing institutional shareholders by Shore Capital Stockbrokers Limited of 25,365,854 new ordinary shares of 1p each in the Company at a price of 10.25p each.
- The Company intends to use the proceeds of the Placing, inter alia, to:
- Register new products and increase the global reach of existing Eden products
- Commence new R&D trials in both plant protection products and personal care applications
- Pursue commercialisation of animal health products outside of the United States
- Expand business and brand development activities
Eden’s Chief Executive, Sean Smith, commented: “The Placing is an important milestone in Eden’s development, enabling the Company to accelerate its expansion without the funding constraints under which the Company has operated to date. In particular, the Placing will enable us to expand our product portfolio and geographical footprint for both existing and new products. We have worked hard to secure product registrations in Europe and Africa and build a strong base of commercialisation partners in these regions, and we look forward to further leveraging our past investments and relationships in order achieve the full potential of Eden’s technology globally.”