Last checked at 9 Sep 2010 07:00
9 September 2010
Provexis plc
AGM Statement
Provexis plc ("Provexis" or the "Company"), the life-science business that discovers, develops and licenses scientifically-proven functional food, medical food and dietary supplement technologies, will hold its Annual General Meeting in Reading later today.
At the meeting Dawson Buck, the non-executive Chairman of the Company, will give the following update on developments:
"I set out three objectives for the Company at the AGM last year: to secure our health claim for Fruitflow from the European Commission; to deliver our first commercial deal for Fruitflow; and to commence the clinical trial for our Crohn's disease technology. I am pleased to say that the management team has delivered all of these objectives, giving us a solid platform for the coming year.
For the year ahead the board has set itself four new targets. Firstly, working with our strategic partner DSM Nutrition ("DSM") we aim to commercialise successfully our Fruitflow heart-health technology. To date, DSM has completed the initial manufacturing trials for the product. The marketing strategy is now being finalised and the technology will feature at some major trade exhibitions later in 2010. In parallel DSM has already entered into commercial discussion with major brand owners.
The Board has extended the Crohn's disease trial into two new centres and these will be fully operational by October 2010. This extension has been undertaken in order to bring a successful conclusion to the trials in 2011. Once the trials have been completed and demonstrate efficacy, our second objective will be to find a commercial partner for the technology.
Our third objective is to commence two further clinical trials in early 2011, one with the Institute of Food Research for reduction of cardiovascular inflammation, the second with the University of Liverpool for treatment of the hospital superbug c.difficile. Both of these trials will be completed in 2011 and this will be the foundation for the longer-term development and commercialisation of these novel technologies.
Our fourth objective is to strengthen the Company's technology pipeline further, through internal developments and potentially through acquisition. The management team are actively seeking new technologies to acquire and continue to screen a range of possible opportunities.
Overall, our strategy for the coming year is to maximise the opportunity for Fruitflow, while continuing to build significant shareholder value in our technology pipeline.
We have a strong cash position of £6.4m and we continue to focus on controlling costs while effectively delivering our strategy.
Provexis is recognised for the quality of its science and regulatory expertise, two areas that we continue to develop as key elements in underpinning the strategy. This has resulted in us recently recruiting three further senior scientists to extend our presence in Liverpool and we intend to recruit another experienced R&D Director.
We have a busy and challenging year ahead, but we have the resources to hand, an expanding and talented management team and a clear action plan, so I am confident of another year of good progress."
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For further information please contact:
Stephen Moon, Chief Executive
Provexis plc Tel: 01753 752290
Bobbie Hilliam Tel: 020 7071 4317
Evolution Securities
Haggie Financial LLP: Tel: 020 7417 8989
Matthew Longbottom/Peter Rigby matthew.longbottom@haggie.co.uk