Provexis Regulatory News (PXS)

4 October 2010

Provexis plc ("Provexis" or the "Company")

Draw Down of Funds and Issue of Equity

Provexis plc (PXS.L), which focuses on the discovery, development and licensing of scientifically-proven functional food, medical food and dietary supplement technologies, has raised net proceeds of £2,394,825 by drawing down on its Equity Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"). The EFF agreement was arranged by Darwin and it was announced by Provexis on 31 March 2010.

Following the draw down, the Company has net cash of £8.7 million. The Board believes this will allow the Company to accelerate its strategy of developing and/or acquiring new functional and medical food technologies. By strengthening the technology pipeline of the Company, the Board believes significant long term shareholder value can be created.

Under the terms of the EFF agreement the Company has allotted, conditional on admission to trading on AIM, 86,300,000 new ordinary shares of 0.1p each to Darwin (the "New Provexis Shares"). The New Provexis Shares have been issued at a net 2.775p per share and rank pari passu in all respects with the existing ordinary shares of 0.1p each in Provexis.

The draw down is the second undertaken by the Company since the announcement of the EFF and it represents a discount of 7.2 per cent to the closing mid-market price per Ordinary Share on 1 October 2010, being the latest practicable date prior to this announcement. The net proceeds raised by the draw down were linked to the floor price set by the Directors at the time of draw down.

Application will be made to the London Stock Exchange for the 86,300,000 New Provexis Shares to be admitted to trading on AIM. It is expected that the admission will become effective and that trading in the New Provexis Shares will commence on 8 October ("Admission").

Following Admission, the Company's enlarged issued share capital will comprise 1,196,516,929 ordinary shares with voting rights. The Company does not hold any shares in treasury. This figure of 1,196,516,929 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

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About Darwin:

Darwin, a majority owned subsidiary of The Evolution Group, provides funding solutions for UK listed PLCs, including Equity Financing Facilities. Darwin's team has extensive experience in both corporate finance and secondary market trading, and can create bespoke funding solutions for companies beyond traditional debt and equity funding.