LONDON (Alliance News) - Provexis PLC on Thursday said it has agreed enhanced financial terms on its long-term agreement with DSM for its Fruitflow heart-health food ingredients.
Under the revised terms of the deal, the fixed level of overhead deduction from sales will decrease with effect from January 1, 2015, backdated, and will therefore increase the share of profit attributable to Provexis.
"We are delighted to announce the revised terms which have been agreed for the Alliance Agreement, which will permanently increase the profit share payable to the company. The revised commercial terms of the Alliance Agreement reflect the continued strength of the long term relationship between Provexis and DSM," said Chairman Dawson Buck.
Provexis also said it expects to report a narrower loss for the financial year to the end of March due to cost-cutting measures flowing through.
The company also said it has joined PrimaryBid.com, the crowdfunding platform, as it considers avenues to raise further funding. As a result of that decision, its existing equity financing deal with Darwin Strategic Ltd has been cancelled.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Provexis (PXS)