Provexis Regulatory News (PXS)

7 Nov 2005 07:01

Provexis PLC07 November 2005 7 November 2005 PROVEXIS PLC ("Provexis" or the "Company") Provexis plc is awarded Research Grant for Crohn's Disease Technology from North West Development Agency Provexis, the nutraceutical company that develops scientifically-provenfunctional and medical foods, is delighted to announce that it has been awardeda research grant for its Crohn's disease technology from the North WestDevelopment Agency. The grant is for £180,000 and will assist the funding of theCompany's development of its novel, medical food for the treatment and dietarymanagement of inflammatory bowel disease (IBD). Provexis is currently developing a proprietary bioactive extract from plantain(part of the banana family) which is designed to extend remission in patientssuffering from IBD, which exists in two forms - Crohn's disease and ulcerativecolitis. Collectively, both forms of the disease affect approximately 1 in 400in the western world. According to Decision Resources (2004), for Crohn'sdisease alone, the therapeutic market across the seven major countries in theworld was estimated at £1bn in 2003 with new technologies expected to be thedriver behind significant growth. The proposed medical food contains a patented natural source of soluble fibreextracted from the plantain. If successful, it will be the first medical foodwhich involves treatment of the actual inflammation associated with the disease,unlike existing medical food treatments which only address nutrientinsufficiencies and imbalances in IBD sufferers. Provexis had previously secured financial support for this project from the DTIin 2004 with a £45,000 DTI SMART Feasibility Award. The award from the North West Development Agency was won following a competitivepitch which involved rigorous analysis of the Company's technology, intellectualproperty and commercial capability by a team of independent referees. Commenting on the grant, Provexis' Chief Executive, Dr Stephen Franklin, said: "We are delighted to receive this substantial grant from the North WestDevelopment Agency. Given the strength of the competition in bidding for thisaward, it is a clear testament to the quality of the technology we aredeveloping, the robustness of the intellectual property and the scale of thecommercial opportunity. Crohn's Disease remains an area of significant unmetclinical need in a therapeutic market that now exceeds £1bn. This grant enablesus to extend the scale of the clinical trial which commences next year." For further information please contact: Provexis plcDr Stephen Franklin, CEO 07710 348 774 Bell Pottinger Corporate and FinancialAnn-Marie Wilkinson/Emma Kent 020 7861 3232 Notes to Editors Provexis develops scientifically proven functional and medical foods. Functionalfoods are foods such as Benecol and Flora pro.activ that contain physiologicallyactive food components and provide health benefits beyond basic nutrition.Medical foods are administered to patients by a physician for the dietarymanagement of specific diseases. In June 2005 the Company joined AIM via a reverse takeover of NutrinnovatorHoldings plc. Provexis was formed in December 1999 by the life-science subsidiary of theventure-management company, ANGLE plc. In January 2000, Provexis entered into anew technology option agreement with Rowett Research Services Ltd. (RRS), thecommercial subsidiary of the Aberdeen based Rowett Institute, and this optionwas exercised in November 2001. Provexis' agreements with RRS have provided itwith the intellectual property rights pertaining to its lead product, Fruitflow.Provexis continues to have strong links with the Rowett Institute, whichprovides the company with R&D facilities, human trials and, potentially, newtechnologies. IBD - Technical Researchers at the University of Liverpool have recognised that IBD mayrepresent an altered response to normal intestinal microbes In particular, theybelieve there is a possibility that apparently non-pathogenic "harmless "bacteria can cause inflammation if they penetrate the intestinal mucus andassociate themselves with the lining cells of the intestine. The researchers have characterised the adherence of Inflammatory Bowel Diseaserelated bacteria to carbohydrate structures on the lining of the intestine andfound that the adhesion of such bacteria to cell surfaces can be blocked bysome, but not all, complex carbohydrates. In particular, they found thatspecific types of soluble fibre, extracted from Plantain, were particularlyeffective for preventing bacterial adhesion and accordingly may have efficacyfor preventing or treating IBD. They believe that the soluble fibres may eithermimic or compete with bacterial receptors, thus preventing bacterial recruitmentand subsequent inflammation. This discovery has led Provexis to believe that a Plantain--based formulation(as developed by chemists at Provexis and tested at the University of Liverpool) could underpin a new medical food treatment for extending remission time inpatients with IBD. The medical food product is anticipated to enter a two-site clinical trial onpatients with Crohn's Disease in Summer 2006. This information is provided by RNS The company news service from the London Stock Exchange