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Pre-close trading update

31 Mar 2010 07:00

RNS Number : 4704J
Provexis PLC
31 March 2010
 



Provexis PLC

 

Pre-close trading update

 

A Year of Strong Progress

 

Provexis plc (PXS.L) ("Provexis" or the "Company"), which focuses on the discovery, development and licensing of scientifically-proven functional food, medical food and dietary supplement technologies announces a pre-close trading update for the year ended 31 March 2010.

 

In its preliminary results statement expected mid May, the Company expects to report on a year of strong progress in strengthening its platform for the development and commercialisation of functional food, medical food and dietary supplement technologies within its target sectors. The directors believe that the functional food, medical food and dietary supplements sectors continue to be rich in opportunity given their size and the industry forecasts of growing consumer demand.

 

The principal focus in the past year has been on the delivery of Fruitflow® which resulted in a series of significant announcements being made over the past 11 months demonstrating the product's efficacy and potential market demand.

 

Fruitflow®

 

A series of human trials, most recently this month successfully comparing the anti-thrombotic effects with Aspirin, demonstrate Fruitflow's proven ability to reduce platelet aggregation leading to healthy blood flow. The benefits are seen quickly and last for eighteen hours making it ideal for daily dosage in functional foods or dietary supplements. The technology was, in May, the first product to be substantiated by the European Food Safety Authority under the new Article 13(5) of Regulation 1924/2006 for proprietary and emerging science. Moreover, in December the European Commission authorised the health claim "Helps maintain normal platelet aggregation, which contributes to healthy blood flow". Fruitflow continues to be the only product to receive approval under Article 13(5).

In February 2010, Provexis announced that it had entered into a Letter of Intent ("LOI") with DSM Nutritional Products ("DSM") for the Company's Fruitflow® technology. The LOI, which provides a framework for the parties to develop a long-term Alliance Agreement giving DSM the exclusive global rights to Fruitflow®, is progressing as expected and the Company looks forward to announcing details in due course.

 

DSM Nutritional Products is the world's leading supplier of vitamins, carotenoids and other fine chemicals to the feed, food, pharmaceutical and personal care industries and has collaborated with Provexis on an informal basis for some time before the LOI was entered into.

 

Technology Pipeline

 

The Company's joint venture with the University of Liverpool in relation to its NSP#3G plantain extract for Crohn's disease and Clostridium difficile is proceeding on plan. First patient trials for Crohn's disease have begun and the Directors look forward to updating shareholders on the progress of this trial by the end of 2010.

 

The Company is also assessing a number of other technology candidates, including an extract for reduction of cardiovascular inflammation. The Directors expect to provide greater detail on the progress of these candidates in the full year results.

 

Financial Position

 

The Company raised £7.1 million in 2009 via a subscription in September and a open offer in December. Following receipt of these funds, the Company expects to report net cash of £7.0 million at the year-end. This cash provides the Company with the platform to continue its progress to date and to fund the development of its functional and medical food technology pipeline.

 

The Company is also pleased to announce today in a separate announcement that it has entered into a £25 million Equity Financing Facility. This facility provides the Board with the financial flexibility to accelerate the development of current technologies in order to maximise investment returns and/or acquire new technology opportunities.

 

 

Stephen Moon, CEO of Provexis, commented:

 

"We anticipate continuing news relating to the DSM alliance in the coming financial year, but more than this, with our pipeline of new technologies developing well, we plan to move additional products rapidly up the value chain.

 

"We have stated our acquisition policy in the past and have entered into exploratory talks with a number of targets and look forward, with significant financing now in place, to keeping shareholders abreast of developments"

31 March 2010

 

Enquiries:

 

Provexis Plc

Stephen Moon, Chief Executive

Ian Ford, Finance Director

 

Tel: 01753 752290

Evolution Securities Ltd

Sam Plumptre/Bobbie Hilliam

 

Tel: 020 7071 4317

Haggie Financial LLP

Nicholas Nelson/Alex Parry

Tel: 020 7417 8989

Nicholas.nelson@haggie.co.uk

 

 

 

Notes to Editors

 

About Fruitflow®

 

Provexis' development of Fruitflow®, a water-soluble tomato concentrate, is a breakthrough in anti-thrombotic food technology. In human trials, consumption of the Fruitflow® extract has been proven to reduce platelet aggregation in 97% of subjects. The effect takes place within three hours of consumption and lasts for up to eighteen hours, making it ideal for daily dosage in functional foods or dietary supplements. Provexis has developed a syrup format for use in food & beverages and a concentrated powder format for tablets and capsules.

 

Fruitflow® syrup is GRAS (Generally Regarded as Safe) by the US FDA and is not regarded as a Novel Food in the EU, clearing it for wide use in foods, beverages and supplements. In May 2009, the Fruitflow® technology was the first to be substantiated by the European Food Safety Authority ("EFSA") under the new Article 13(5) for proprietary and emerging science. In December 2009 the European Commission authorised the health claim "Helps maintain normal platelet aggregation, which contributes to healthy blood flow", which was the first wording to be authorised under Article 13(5).

 

The technology has been granted patents in the EU, US, Australia, Canada and Mexico, with Japan pending. Further patents have been filed for the bioactive components of Fruitflow® and for other developmental areas such as deep vein thrombosis and triglyceride lowering.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTBRGDXXUXBGGG
Date   Source Headline
7th Sep 20104:35 pmRNSPrice Monitoring Extension
6th Sep 20104:35 pmRNSPrice Monitoring Extension
13th Aug 20107:00 amRNSAnnual report & accounts and notice of AGM
28th Jul 20104:40 pmRNSSecond Price Monitoring Extn
28th Jul 20104:35 pmRNSPrice Monitoring Extension
26th Jul 201011:35 amRNSNOTIFICATION OF MAJOR INTEREST IN SHARES
26th Jul 20107:00 amRNSProduct Update
23rd Jul 20104:40 pmRNSSecond Price Monitoring Extn
23rd Jul 20104:35 pmRNSPrice Monitoring Extension
22nd Jul 20104:40 pmRNSSecond Price Monitoring Extn
22nd Jul 20104:35 pmRNSPrice Monitoring Extension
14th Jul 20104:40 pmRNSSecond Price Monitoring Extn
14th Jul 20104:35 pmRNSPrice Monitoring Extension
8th Jul 20104:40 pmRNSSecond Price Monitoring Extn
8th Jul 20104:35 pmRNSPrice Monitoring Extension
28th Jun 20104:40 pmRNSSecond Price Monitoring Extn
28th Jun 20104:35 pmRNSPrice Monitoring Extension
22nd Jun 20107:00 amRNSDraw Down of Funds and Issue of Equity
15th Jun 20104:40 pmRNSSecond Price Monitoring Extn
15th Jun 20104:35 pmRNSPrice Monitoring Extension
10th Jun 20104:40 pmRNSSecond Price Monitoring Extn
10th Jun 20104:35 pmRNSPrice Monitoring Extension
1st Jun 20107:00 amRNSFinal Results
1st Jun 20107:00 amRNSAlliance agreement with DSM Nutritional Products
28th May 20103:20 pmRNSNotice of Results
26th Apr 20107:00 amRNSRe Agreement
21st Apr 20107:00 amRNSChange in major shareholding
21st Apr 20107:00 amRNSNotification of Major Interest in Shares
13th Apr 201012:01 pmRNSHolding(s) in Company
31st Mar 20104:35 pmRNSTotal Voting Rights
31st Mar 20107:00 amRNSCompletion of ?25m Equity Financing Facility
31st Mar 20107:00 amRNSPre-close trading update
9th Mar 20107:00 amRNSTrial Results
18th Feb 201011:30 amRNSHolding(s) in Company
12th Feb 20103:20 pmRNSDirector Shareholdings and Additional Listing
12th Feb 20107:00 amRNSLetter of Intent for Fruitflow
28th Jan 20107:00 amRNSHolding(s) in Company
25th Jan 201010:36 amRNSHolding(s) in Company
13th Jan 20109:00 amRNSHolding(s) in Company
7th Jan 20105:06 pmRNSHolding(s) in Company
7th Jan 20104:22 pmRNSHolding(s) in Company
6th Jan 20102:53 pmRNSHolding(s) in Company
4th Jan 201011:10 amRNSTotal Voting Rights
22nd Dec 20097:00 amRNSResults of Open Offer
17th Dec 20098:15 amRNSEuropean Commission adoption of claim of Fruitflow
15th Dec 20094:40 pmRNSSecond Price Monitoring Extn
15th Dec 20094:35 pmRNSPrice Monitoring Extension
3rd Dec 20097:00 amRNSOpen Offer
3rd Dec 20097:00 amRNSHalf Yearly Report
3rd Nov 20097:00 amRNSFruitflow European Health Claim Update

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