Provexis Regulatory News (PXS)

24 Jul 2006 07:01

Provexis PLC24 July 2006 PROVEXIS PLC ("Provexis" or the "Company") Exclusivity Agreement Provexis, the nutraceutical company that develops scientifically-provenfunctional and medical foods, announces that it has entered into an exclusivityagreement for a period of 12 months with a major global branded food business("Partner"), who, for reasons of confidentiality, cannot be named, for the jointdevelopment and use of its patented Fruitflow(TM)heart-health technology.Fruitflow(TM)is a bioactive food ingredient that reduces blood plateletaggregation, a significant contributing factor to thrombosis, which can causeheart attack or stroke. Under the terms of the agreement, Provexis and its Partner will develop asecond-generation concentrated format of the Fruitflow(TM)product. The newformat will increase its applicability across all food, beverage, supplement andmedical formats. During the 12 month exclusivity period, the companies intend toensure technical and economic targets for the new format are met, and tonegotiate a global licence and supply arrangement for the FruitflowTMtechnology. According to Leatherhead Food International the market for heart benefit foodsis worth $4bn globally. The scope of the exclusivity agreement covers all food and beverage formatsglobally, with some specific exemptions. Provexis retains the right tocommercialise the Fruitflow(TM)technology on a global basis in the areas offruit juice and juice drinks, products marketed for deep vein thrombosis (DVT),dietary supplements and prescribed medical products.Commenting on the signing of the exclusivity agreement, Dawson Buck, Chairman ofProvexis said: "This is an important milestone for Provexis. This agreement with a major globalbrand owner will accelerate the development of our second generationFruitflow(TM) technology. If all goes well, we expect to move to a long-term,global licensing deal with our partner within 12 months. In addition, we willhave a new technology platform to facilitate entry into the substantial consumerand medical categories that fall outside of the agreement, and to this end, wecontinue discussions with further potential licence partners." For further information please contact: Stephen Moon, Commercial Director Tel: 020 8392 6634Provexis plc Emma KentBell Pottinger Corporate & Financial Tel: 020 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange