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LONDON (Alliance News) - Eden Research PLC Monday said its Kenyan partner, Lachlan Kenya Ltd, has received approval to begin sales of Eden's fungicide 3AEY, to be sold under the trade name Hawk.
Under Eden's licence agreement with Lachlan, it is now due a milestone payment and will receive royalties based on the net sales of 3AEY. It will supply Lachlan from the UK and has received an initial order to provide enough 3AEY to treat an area of around 1,667 hectares.
"The approval in Kenya, the order from Lachlan, and the subsequent sales of 3AEY are all key milestones which represent Eden's progression from being an IP development company to a commercial operation," said Chief Executive Officer Sean Smith in a statement.
"This is the first commercial order for 3AEY which will generate product sales revenue and royalties. We expect this to be the first of many such orders not only from Kenya, but also from our other partners in Europe in due course," Smith added.
Shares in Eden Research were up 13% at 14.88 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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