Provexis Regulatory News (PXS)

30 Mar 2007 07:02

Provexis PLC30 March 2007 30 March 2007 PROVEXIS PLC ("Provexis" or the "Company") Provexis and Unilever to co-develop Fruitflow(R) technology for application in food products that benefit healthy blood flow Provexis, developer of scientifically-proven functional and medical foods,announces that it has entered into a long-term collaboration agreement withUnilever plc to develop a new format of its patented Fruitflow(R) heart-healthtechnology for application in Unilever's Food product portfolio. Fruitflow(R) is a patented natural extract from tomato which has been shown inhuman trials to reduce the propensity for aberrant blood clotting, typicallyassociated with cardiovascular disease, which can lead to heart attack orstroke. Unilever has substantial global brands in the heart-health market,primarily its Flora/Becel spreads and drinking yoghurts. In 2005 the market forheart benefit foods was worth $4bn globally. Under the terms of the agreement, Provexis and Unilever (the "Partners") willdevelop a second-generation concentrated format of the Fruitflow(R) product forinclusion in Unilever branded products. Subject to clearance of varioustechnical, regulatory and economic issues, the Partners plan to enter into aglobal licence arrangement for the Fruitflow(R) technology. In addition to thedevelopment of the new format, the Partners will also seek to develop other newintellectual property in further related products and processes during thecourse of the collaboration. In the event of a Fruitflow(R) technology licenceagreement not being concluded for any technical, regulatory or economic reason,the collaboration on new intellectual property will continue for a further threeyears. Under the scope of the collaboration agreement and any subsequent licenceagreement, Provexis will grant exclusive rights for certain food and beveragecategories to Unilever, while retaining exclusive global rights to commercialiseFruitflow(R) in drinks (excluding mini-drinks) containing fruit juice; productsmarketed for deep vein thrombosis (DVT), over the counter medicines, medicalfoods, dietary supplements and prescribed medical products. Categories outsideof the exclusive rights granted are available to Unilever on a non-exclusivebasis. Commenting on the signing of the collaboration agreement, Stephen Moon, CEO ofProvexis, said: "This collaboration agreement represents very significant progress in ourextensive joint development work with our partner, Unilever. The joint projectteam is fully engaged in the process of developing the new format and theassociated supply chain, and is making good progress. Given Unilever's strongglobal heart-health brands and the potential licensing revenues flowing from asuccessful collaboration, this is a very important development for Provexis andone which underpins our long-term strategy of discovering, developing andlicensing world-class functional and medical food technologies." Jim Busby, Vice President Unilever Foods R&D (Spreads & Cooking ProductCategory), commented: "Heart-health is and always has been a strong focus area for Unilever. Throughopen innovation agreements like this, Unilever ensures access to the latestscientific and technological advances in heart health. Once we have performedour standard safety and efficacy tests for the application of the tomato extractin our products and we have set up a cost-effective supply chain, we will seekto use this natural heart healthy ingredient in our global Foods portfolio." For further information please contact: Stephen Moon, CEOProvexis plc Tel: 020 8392 6631 Tom Griffiths / Alasdair YounieArbuthnot Securities Tel: 020 7012 2000 END Notes: About Unilever Unilever's mission is to add vitality to life. We meet everyday needs fornutrition, hygiene and personal care with brands that help people feel good,look good and get more out of life. Unilever is one of the world's leading suppliers of fast moving consumer goodswith strong local roots in more than 100 countries across the globe. Itsportfolio includes some of the world's best known and most loved brandsincluding twelve €1 billion brands and global leadership in many categories inwhich the company operates. The portfolio features brand icons such as Flora,Bertolli, Dove, Lux, Pond's, Lynx, Sunsilk, Persil, Cif and Domestos. Unilever has around 179,000 employees in approaching 100 countries and generatedannual sales of €40 billion in 2006. For more information about Unilever and itsbrands, visit www.unilever.com. This information is provided by RNS The company news service from the London Stock Exchange