Last checked at 26 Apr 2010 07:00
26 April 2010
Provexis PLC
Collaboration Agreement
Strengthened pipeline through tie-up with Institute of Food Research
Provexis plc ("Provexis" or the "Company"), the life-science business that discovers, develops and licenses scientifically-proven functional food, medical food and dietary supplement technologies, announces that it has entered into a long-term research and development collaboration agreement with the Institute of Food Research ("IFR") and Plant Bioscience Limited ("PBL') the technology transfer company for IFR. As part of the agreement, Provexis has been granted exclusive access to a portfolio of potentially high-value intellectual property related to the treatment and reduction of systemic inflammation, from which it intends to develop commercial products.
Professor Richard Mithen of IFR has developed a substantial body of work over twenty years in the area of isothiocyanates for the reduction of risk of certain major cancers. More recent work, some in collaboration with Provexis, has led to the discovery of a broader effect in other areas of systemic inflammation, including cardiovascular inflammation. As a result patents for a novel extract were filed jointly by Provexis, IFR and PBL in 2008.
This new collaboration gives Provexis a broad range of exclusive rights to the background and joint intellectual property. The partners will collaborate to develop the science, with major areas including clinical trials, extract development, further IP development, regulatory clearances and commercialisation. The first phase of the project gives Provexis the exclusive option to license the technology from IFR and PBL and if successful in this phase, Provexis intend to move to fully in-license the technology rights.
Initially the Company, supported by IFR's substantial research, will focus on developing commercial products targeting the reduction of cardiovascular inflammation. A second, longer-term objective is to develop technologies designed to mitigate the risk of certain major cancers.
Stephen Moon, CEO of Provexis said:
"The collaboration with IFR is a further step in the continued expansion of Provexis and its product pipeline. The initial work to develop a cardiovascular claim and product complements our already recognised expertise in the heart health arena and in the longer term we feel we are ideally positioned to develop technologies that work to reduce the risk of some major cancers. This new venture further strengthens our pipeline and is an important element in creating long term shareholder value."
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For further information please contact:
Stephen Moon, Chief Executive
Provexis plc Tel: 01753 752290
Sam Plumptre/Bobbie Hilliam Tel: 020 7071 4317
Evolution Securities
Nicholas Nelson/Alex Parry Tel: 020 7417 8989
Haggie Financial
Notes to Editors
About Provexis plc
AIM-listed Provexis is focused on the discovery, development and licensing of technologies for the functional food, dietary supplement and medical food sectors.
The company was originally spun out of the Rowett Institute (now part of the University of Aberdeen) in 1999 to commercialise their tomato extract discovery using venture capital funding. Provexis Limited was reversed into Nutrinnovator in 2005 and its major investors are DSM Venturing and Rising Stars Growth Fund (part of Enterprise Ventures).
The company has additional biotechnology developments, including a joint venture with the University of Liverpool to develop an extract of plantain which aids the treatment of inflammatory bowel disease.
About the Institute of Food Research
IFR is a world leader in research into harnessing food for health and controlling food-related diseases. It undertakes internationally-ranked fundamental, strategic and applied research that has great socio-economic impact and is making a real difference to quality of life. IFR is addressing the Grand Challenges of obesity and healthy ageing by defining the relationship between food, diet and health. IFR is a key fulcrum that links research in the area of food science, diet and health between the major Universities / Institutes and Research Associations in the UK, Europe and worldwide. For example, IFR has been a partner in more than 30 European Union funded projects, and an initiator of the European Technology Platform Food for Life. IFR serves a number of stakeholders: the science research base, industry, clinical practice via health and preventive medicine and evidence-based policy for government and industry. IFR is a not-for-profit company with charitable status. It is an Institute of the Biotechnology and Biological Sciences Research Council.
About Plant Bioscience Limited
PBL develops innovative technologies from public and private sources worldwide - turning ideas into patented, scientifically validated and licensable technologies. PBL invests in building intellectual property protection, and develops technologies through proof-of-concept and prototype stage and licenses onwards to a wide variety of industry sectors. Its interests cover AgBiotech, Food / Nutrition, Microbiology, Biotechnology and related Life Science industries. We market our technologies internationally and have regular contact with a very wide range of industrial customers, licensees and development partners. PBL was formed in 1994, and is now jointly and equally owned by The John Innes Centre, The Sainsbury Laboratory and the Biotechnology and Biological Sciences Research Council.