2 0 1 8 P R E L I M I N A RY R E S U LT S
LON:EDEN AIM listed since 2012 Market cap £21m Eden Research We have intellectual property provides sustainable and expertise in plant-derived solutions for challenges sustainable chemistry, in three key industries: microencapsulation and formulation technologies. 2
SEAN SMITH CHIEF EXECUTIVE OFFICER Over 25 years experience in the speciality chemicals and industrial biotechnology industries LYKELE VAN DER BROEK NON-EXECUTIVE CHAIRMAN Formerly Board member of Bayer CropScience and President of Bayer Animal Health, both divisions of Bayer AG ALE X ABREY CHIEF FINANCIAL OFFICER Experienced Financial Director to a diverse range of businesses including financial and management consultancy 3
Our vision is to be the leader in sustainable bioactive products enabled or enhanced by our novel encapsulation and delivery technologies. Our strategy is built on the following key pillars: 4
SIGNIFICANT MARKET UNIQUE SKILLED AND EXPERIENCED TRAJECTORY OF 2018 POTENTIAL TECHNOLOGY PROFESSIONALS FINANCIAL GROWTH HIGHLIGHTS for the supporting label extensions regulatory approval of on crops and the active ingredients and authorisation in Central (“Sipcam”) appointed Europe for the as exclusive distributor for Mevalone in as an supporting the first use of early-season treatment contributing to product 5
2018 SIGNIFICANT MARKET UNIQUE CLEAR COMMERCIAL SKILLED AND EXPERIENCED POTENTIAL TECHNOLOGY PROGRESS PROFESSIONALS HIGHLIGHTS TRAJECTORY OF FINANCIAL GROWTH Revenue Upfront and Operating profit* milestone payments (2017: £1.9m) (2017: loss £0.6m) (2017: £1.1m) Product sales Operating loss Net cash increased 112% (2017: £0.6m) (2017: £3.7m) (2017: £0.8m) * before non-cash share based payment charge, amortisation and royalties refund 6
ACTIVE INGREDIENT ENCAPSULATED PAYLOAD Particles are derived from natural yeast cells . STABILISED AQUEOUS EMULSION Sustaine encapsulates active ingredients and provides for the sustained release of these ingredients enabling their safe, more PAYLOAD RELEASE ON CONTACT WITH WATER efficient use . AS PARTICLE DRIES, PORES CLOSE AND TRAP REMAINING ACTIVE INGREDIENT 7
COST EFFECTIVE USEFUL ACROSS A WIDE RANGE OF ACTIVE INGREDIENTS A HIGH CAPACITY DELIVERY SYSTEM Particles are derived from natural yeast cells . VERSATILE AND ROBUST Sustaine encapsulates active ingredients and provides NATURAL AND for the sustained release of these ingredients SUSTAINABLE enabling their safe, more efficient use . SIMPLY PROCESSED Conventional methods of microencapsulation AND USED WITH (“microplastics”) are under increasing regulatory STANDARD EQUIPMENT pressure and may be banned in the EU from 2020. Sustaine will remain free from such restrictions. 8
We work globally through multi-national and local partnerships to develop and launch solutions for challenges facing three key industries . CROP PROTECTION ANIMAL HEALTH CONSUMER PRODUCTS Foliar disease & insect control Shampoos Head-lice treatment Open field & greenhouses Conditioners Deodorants Soil pests Skin disease control Odour neutralisers Post harvest shelf-life Odour control Fragrances extension Flea & tick control 9
Conventional crop protection products face major challenges such as: The global crop protection The biopesticide market is market is valued at approx. projected to reach Conventional crop protection Neonicotinoid insecticides products formulated with were worth $3.1 billion Sustaine and Eden’s active globally but are now facing ingredients can help address withdrawal in Europe and many of these issues. elsewhere. 10 Research and Markets (October 2018): “Crop Protection Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023"
The dominant molluscicide approved for use in the EU is metaldehyde . The UK banned metaldehyde in 2018. The re-registration of copper-based products as fungicides was approved in the EU but a New EU rules have prohibited any substance identified as an Endocrine Disruptor from being used in plant protection products. 11
Our focus is on crop protection, developing products based on sustainable chemistries to protect high-value crops from pests and disease, with equal or better performance when compared with conventional pesticides. FUNGICIDES NEMATICIDES INSECTICIDES MOLLUSCICIDES PRODUCTS Botrytis, powdery Root knot Mites and Slug and snail INCLUDE: mildew, downy nematodes white flies control mildew 12
Our products harness the biocidal activity of naturally occurring molecules produced by plants as part of their defence systems. These active ingredients are known as terpenes . Our biopesticides, formulated with Sustaine, add value compared to conventional pesticides by: Naturally binding to plant and animal Enabling sustained delivery, increasing surfaces improving efficacy and residual efficacy and reducing use rates retention Tackling resistance build-up Providing flexible formulation options Protecting plants from Exemption from maximum residue levels potentially damaging chemicals Low or no pre-harvest intervals giving Allowing solvent-free, stable formulations growers maximum flexibility, security and control with high loadings of active ingredients 13
We now have commercial partners in place across six continents. 14
£ 14 m 11 10 new local invested in IP countries have granted & registrations product authorisation distributorships in 2018 110 29 44 countries with IP granted and countries with pending pending patents registration applications protection 15
Product sales have commenced in key markets where we have authorization to market and sell our first product, Mevalone. 16
Eden Research has regulatory clearance for its first product in multiple countries with approval expected for its second product, Cedroz, in 2019. 17
ACHIEVING OUR VISION 18
UNIQUE CLEAR COMMERCIAL SKILLED AND EXPERIENCED TRAJECTORY OF TECHNOLOGY PROGRESS PROFESSIONALS FINANCIAL GROWTH SIGNIFICANT MARKET POTENTIAL ▪ The global biopesticides market is projected to be worth more than ▪ The biopesticides market is growing at a CAGR of approximately ▪ Animal health market value estimated to exceed 19 Research and Markets (October 2018): “Crop Protection Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” Life Science Leader (July 2016): “Why Animal Health Is The Next Big Growth Area”
UNIQUE CLEAR COMMERCIAL SKILLED AND EXPERIENCED TRAJECTORY OF TECHNOLOGY PROGRESS PROFESSIONALS FINANCIAL GROWTH SIGNIFICANT MARKET POTENTIAL ▪ Ongoing pressure on the conventional ▪ Significantly lower costs of bringing biopesticides pesticides market, which is subject to to market – around increased scrutiny and regulatory pressures ▪ Significant barriers to entry ▪ across all segments ▪ Increasing time and cost of bringing new of the conventional crop protection industry are chemical products to market: having a leaving and around them with lower yields and declining productivity 20 Research and Markets (October 2018): “Crop Protection Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” Informa
SIGNIFICANT MARKET CLEAR COMMERCIAL SKILLED AND EXPERIENCED TRAJECTORY OF POTENTIAL PROGRESS PROFESSIONALS FINANCIAL GROWTH UNIQUE TECHNOLOGY ▪ encapsulation technology without ▪ Significant investment in patent limitations such as residue limits, pest protection and the registration of new resistance, pre-harvest intervals, long actives field re-entry periods or increasing restrictions on use. ▪ by farmers and our partners ▪ Scope to and products 21
SIGNIFICANT MARKET UNIQUE SKILLED AND EXPERIENCED TRAJECTORY OF POTENTIAL TECHNOLOGY PROFESSIONALS FINANCIAL GROWTH CLEAR COMMERCIAL PROGRESS ▪ Solid commercial pipeline ▪ ▪ with ▪ applications pending in 29 in new countries the next three years ▪ Commercial ▪ and collaborative relationships with strong in the coming years industry partners 22
SIGNIFICANT MARKET UNIQUE CLEAR COMMERCIAL TRAJECTORY OF POTENTIAL TECHNOLOGY PROGRESS FINANCIAL GROWTH SKILLED AND EXPERIENCED PROFESSIONALS Wealth of experience in the and appointed sectors globally as Non-Executive Director and Chairman – former Board member and COO of Bayer to maintain a flexible, low overheard base CropScience 23
SIGNIFICANT MARKET UNIQUE CLEAR COMMERCIAL SKILLED AND EXPERIENCED POTENTIAL TECHNOLOGY PROGRESS PROFESSIONALS TRAJECTORY OF FINANCIAL GROWTH and from product sales by key partners 24
WHAT NEXT? 25
▪ Regulatory clearance in ▪ Bayer Animal Health commercial new countries launches ▪ Revenue growth ▪ TerpeneTech product launches ▪ Partnerships for Mevalone ▪ Pursue opportunities in the seed in new territories treatments market ▪ Pursue collaboration with majors ▪ Expand crops and diseases treated ▪ Geographic diversification (seasonal and climatic variation) ▪ Supply chain optimisation ▪ Expansion of screening and field trials ▪ Commercial, regulatory and technical roles ▪ Accelerate commercialisation of Sustaine for conventional actives 26
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